Ripple’s Chief Technology Officer explained what digital money needs to get better adoption.
A widespread adoption will be possible only when the technology gets improved, believes Ripple’s CTO, David Schwartz. The fintech executive said people cannot freely use digital money on a day-to-day basis, and this has to change.
“I don’t want the adoption to get ahead of the technology. It took a long time for the internet to get to the point where it was suitable for anybody to use it and you didn’t have to really understand the technology in great detail in order to be able to get it to work,” said Schwartz.
Problems setting up digital wallets, exchange inefficiencies and other technical issues add up to overall digital assets adoption difficulties. Volatility is another damaging factor that has to be tackled via regulation, according to Schwartz.
In August, Schwartz shared his opinion of a general belief that XRP is over-centralised. According to Ripple’s exec, the coin is not controlled by anybody, while Bitcoin is less decentralised than XRP.