Ripple Labs CTO does not believe in the existence of a single digital currency

There is no doubt that Ripple Labs stands out among other companies in the cryptocurrency market. This organization has more money than many others, a huge team of experienced programmers, and a widely sold product line created to integrate blockchain into the financial industry.

David Schwartz, Ripple's Chief Technology Officer, is well aware of the capabilities and limitations of XRP. Earlier this week during the TNW Answers session, Schwartz answered several questions about the XRP Ledger. 

The CTO gave a pretty candid answer - Schwartz doesn't believe there is one digital currency that can do everything:

“We expect that there will not be one winner in this race, but instead there will be multiple digital assets used in specific cases. For example, Ethereum currently has a “programmable money” feature that XRP Ledger does not. Adding this capability to XRP Ledger would involve huge costs that would reduce the efficiency of the payment system. You can't have it allWhile developing such complex and powerful payment functions as a decentralized exchange and the ability to reduce transaction costs, we cannot implement programmable capabilities.”

Schwartz emphasized several times the fact that he owns several bitcoins. He wants cryptocurrency projects to work together, rather than fight for market dominance.

“Distributed ledger technology is a breakthrough, and I also have some Bitcoin in my account. At the moment, we are all in the same boat, and I don’t think that one cryptocurrency project can become successful by sinking another.”

It is worth noting that immediately after such warm words, Schwartz began to criticize Bitcoin, calling it a consensus algorithm Proof-of-Work is a “technological dead end”. He also stated that the XRP Ledger was designed using improvements from Bitcoin's design.

According to thenextweb.com