Ripple's CTO David Schwartz welcomes the growing trend among payment and stablecoin companies to implement their own blockchains.
In today's long post on X, Schwartz noted the influx of new stablecoins and payment companies launching their own blockchains. He pointed out that this trend proves that the market as a whole sees blockchain as an integral part of financial infrastructure.
While many are just now realizing the significance of blockchain in finance, Schwartz stated that Ripple has believed in this vision for over 13 years and has been working to realize it within the XRP Ledger (XRPL) all this time.
He stated that launching a new blockchain is no easy task, but even harder is creating an ecosystem based on trust, liquidity, real use, and developers. In his opinion, XRPL has gained popularity and recognition among institutional investors due to its long history of consistent updates and improvements.
A notable difference between XRPL and most blockchains
Schwartz noted that some blockchains use authorized validators, which transfer control to a small group or a single entity. While such a scheme may facilitate compliance and centralized control, it also limits the network's resilience and global reach.
In contrast, he emphasized that XRPL is public by default and permissionless, positioning it as the core infrastructure of the global financial system. Furthermore, Schwartz reported that the blockchain has optional permissioned features for regulated use cases.
Additionally, Ripple's CTO also highlighted some key features of XRPL, including the fact that the cryptocurrency offers low and predictable fees.
Schwartz noted that, unlike most blockchains, XRPL does not have a separate gas token. According to him, users can pay for transactions using XRP, which also serves as a bridge asset for global payments.
New networks using core features of XRPL
Moreover, he expressed enthusiasm that new blockchains are adopting some features of XRPL, particularly its deterministically finality and Proof-of-Authority (PoA) consensus mechanism. He viewed this trend as evidence of growing consensus in the industry regarding the need for predictable and reliable settlements for financial purposes.
As one of the creators of XRPL, Schwartz expressed excitement about the next stage of the network's development.
He expects that future updates will improve programmability, increase liquidity, and implement compliance features for institutional use.
