- David Schwartz dismisses the idea of XRPL being “permissioned” or “trusted” as irrelevant and nonsensical.
- Ripple’s partnership with Archax aims to enable tokenization of real-world assets on the XRPL, expanding its ecosystem.
David Schwartz, Chief Technology Officer of Ripple, has generated an exciting conversation among the blockchain community by announcing his participation in the upcoming Permissionless event in Salt Lake City.
The tweet, which appeared to be a regular promotional post, suddenly morphed into a broader conversation about the nature of blockchain technology, notably the XRP Ledger (XRPL).
Schwartz Criticizes XRPL Labeling as “Nonsense”
In response to Schwartz’s piece, one X user asked a thought-provoking query. The user asked Schwartz about his thoughts on XRPL being referred to as “permissioned,” “semi-permissioned,” or “trusted” in numerous documents from multiple organizations.
This topic addressed an important part of blockchain discourse: how the broader community and industry stakeholders interpret consensus and security methods.
I think it’s nonsense. A lot of things about blockchains really matter, but how specifically they happen to solve the double spend problem is pretty much irrelevant. What possible effect does it have?
— David “JoelKatz” Schwartz (@JoelKatz) August 17, 2024
In his characteristically forthright approach, Schwartz denounced the designations as “nonsense.” He went on to say that, while many features of blockchain technology are extremely significant, the specific way in which they tackle the double-spend problem is of limited practical consequence.
He offered a hypothetical question, wondering what impact these designations would have on the blockchain’s operation or worth, implying that such distinctions are frequently overdone or misread.
Simultaneously, the blockchain community has been buzzing with news of Ripple’s increasing cooperation with Archax. As we previously reported, the collaboration between Ripple and Archax intends to add tokenized real-world assets (RWA) to the XRPL, creating a plethora of opportunities for developers and financial institutions in the ecosystem.
This agreement is expected to dramatically improve XRPL’s potential by allowing the tokenization of assets that were previously difficult to incorporate into digital financial systems. This action is viewed as a strategic attempt to bridge the gap between traditional finance and the rapidly expanding realm of blockchain.
Furthermore, according to our prior noted, the XRP community is gearing up for a major organizational transformation with the establishment of a new XRP Ledger Foundation. This new entity, the Inclusive Financial Technology Foundation, will succeed the present XRPL Foundation.
The foundation’s extended mandate will focus on boosting financial inclusion outside of the XRP blockchain ecosystem, with the goal of promoting long-term growth, security, and decentralization.
At the time of writing, XRP is trading around $0.5679, up 0.51% over the last 24 hours. The token’s daily trading volume is roughly $485.36 million, demonstrating that interest and activity in the market remain stable.
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