Stunning Bitcoin Disclosure From Ripple's CTO

#Bitcoin, the world's largest crypto currency with a market value of over $ 900 billion, has gained acceptance among many major investors and companies. However, #Ripple #CTO #David Schwartz does not appear to share the same degree of optimism.

↪️Salvos from Ripple Manager to Bitcoin
In a recent interview with Techradar Pro, Schwartz suggested that Bitcoin is doomed to fail its most important mission. In the last decade, the cryptocurrency "has failed to provide a system where people can freely transact with each other without the involvement of any intermediaries," according to the Ripple manager.

In fact, Schwartz also pointed to Bitcoin's core design to explain why he thinks it is.

"The design of the Proof-of-Work (PoW) consensus mechanism at the heart of the Bitcoin blockchain is such that true decentralization and de-mediation was never a possibility."

According to Schwartz, a cryptocurrency should be a one-sided market with users wanting a store of value and an exchange tool. But Bitcoin turned it into a "bilateral market".

↘️XRPL and Other Issues
#XRPL, ergo, was introduced after being based on the idea of ​​a distributed consensus algorithm that aims to perform the same basic functions but without the drawbacks of PoW or PoS. The consensus algorithm is to execute regular transactions without any cryptocurrency rewards, which makes the process collaborative as opposed to competition.

Having said that, Schwartz did not hesitate to point out the main breakdown in his system.

“The main problem with this approach is that the quality of network participants is not always that high. Since no cryptocurrency rewards are available, the network attracts a less reliable pool of participants who are less likely to leave without notice. "

As a result, Ripple's CTO presented his views on cryptocurrencies and applicable regulations.

"In the coming years, cryptocurrency projects will maintain their roots in decentralization and de-brokering by providing a way for users to comply with local regulations, but without enforcing compliance."