Ripple CTO: XRPL Adoption Hampered By Sanctions and Screening
- Ripple’s CTO, David Schwartz thinks the blockchain’s adoption among traditional institutions has been slow.
- According to Schwartz, blockers with sanctions and screening have hampered the technology’s encroachment into the mainstream.
- Schwartz noted that more than 1,000 projects, including new stakeholders like the XRPL Commons, exist on the XRP Ledger.
Ripple’s CTO, David Schwartz, thinks the blockchain’s adoption among traditional institutions has been slow. According to Schwartz, sanctions and screening have hampered the technology’s path into the mainstream.
In a recent interview, the blockchain expert noted that Ripple’s institutional adoption among firms not tightly tied to layer one technology is rapidly growing. He explained that institutions are adopting the XRP Ledger in isolated circumstances.
Despite the isolation, Schwartz noted that more than 1,000 projects, including new stakeholders like the XRPL Commons, exist on the XRP Ledger. However, he considers those as infrastructure for ground-up adoption, noting that there is not much top-down adoption for the blockchain.
Schwartz acknowledged the U.S. Securities and Exchange Commission’s (SEC) impact on Ripple’s adoption. According to him, one of the areas was the delisting of XRP by crypto exchanges. He explained that delisting from crypto exchanges affected XRP’s user accessibility. Hence, that move was a significant blocker by the SEC that impacted the project’s progress.
Meanwhile, the Ripple CTO noted that while the SEC’s actions impacted XRP, it had little effect on RippleNet. He explained that most of the firm’s deals happened outside the U.S., with MoneyGram representing a notable exception. According to Schwartz, most of Ripple’s businesses took place in the Asia Pacific region and the Middle East.
Schwartz highlighted on Hooks a new feature undergoing testing under Ripple that could add smart contract functionality to the XRP Ledger. According to him, the proposed implementation remains under observation, considering the potential pros and cons it could bring to the XRP Ledger. He noted that if satisfied with the product, it could be added to the XRP Ledger mainnet in a year or two.
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