The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Expecting Rapid Change for Bitcoin (BTC), XRP and Blockchain Networks at Large Is Hopelessly Naive, Says Ripple CTO David Schwartz

by Daily Hodl Staff
February 28, 2020
in Ripple and XRP

David Schwartz, Ripple CTO and one of the original architects of the XRP Ledger, says the evolution of Bitcoin, XRP and other distributed ledgers will always be painstakingly slow.

In a new episode of the web series Ripple Drop, Schwartz charts the gradual improvement of the XRP Ledger, which started with a small number of nodes in 2011 and is now powering billions of dollars in global payment transactions.

Despite drastic changes to the XRP Ledger in just less than a decade, Schwartz points out that it will take a while for blockchain systems to evolve because of their decentralized nature.

“With so many payment providers and financial networks that are depending on the XRP Ledger, you have to realize that you’re talking about billions of dollars in a system that doesn’t have an administrator.

There’s nobody that you can go to if it messes up and so reliability is the number one property, and it means that these systems are very slow to develop and evolve…

In the early days before I was working on the XRP Ledger, and I was looking at Bitcoin, and we sort of had this idea that if there was any new feature, Bitcoin would just adopt it. We now know that that’s hopelessly naive because any change to a system like this imposes costs on everybody who uses the system.”

Unlike the traditional software model, Schwartz says no one can be left behind when there are new network updates. Ultimately, everyone who relies on the blockchain system must adapt with every change.

“With any other piece of software, a company will release a new version of the software. Say Oracle releases a new version, and they’ll say to people who have mission-critical deployments, ‘Don’t upgrade to the new version. Just use the current version. Give us a little bit of time to test that.’

You can’t really do that on a public blockchain. If the rules change, people have to run software with the new rules. Do you want to ask why these systems don’t move more quickly, why they don’t add features on a regular basis? That’s why.”

Despite the methodical pace of progress, decentralized ledgers are unlikely to remain static. Ripple is currently proposing a number of additional features for the XRP Ledger including the ability to delete accounts.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Tyrion Set To Decentralize the $377 Billion Digital Advertising Industry
    September 25, 2023
  • Hydranet Launches Layer Three Dex – A Game Changer for Trustless Cross-Chain Trading
    September 25, 2023
  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Meme Fans Eye El Hippo (HIPP) As Floki Inu (FLOKI) Price Dips
    September 19, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,242.03
$26,242.03
0.37%
Ethereum
$1,592.74
$1,592.74
0.09%
Cardano
$0.245248
$0.245248
0.25%
XRP
$0.502932
$0.502932
0.39%
Dogecoin
$0.06068
$0.06068
0.58%

Spotlight

  • Bitcoin Setting Up To Repeat June 2023 Rally After Strong Weekly Close, According to Trader – Here’s His Outlook
    September 19, 2023
  • Synthetix Founder Kain Warwick Says US Courts Will Sort Out Crypto Regulation Battles – Here’s Why
    September 19, 2023
  • Crypto Asset Market Cap Should Explode by ‘5 or 10x’ During Next Bull Market, Says Macro Investor Raoul Pal
    September 19, 2023
  • US Lawmakers To Review Bill on Preventing Creation of CBDC This Week
    September 19, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl