Ripple CTO discussed the future of NFTs and how ODL is well ahead of any of its competitors
Ripple CTO David Schwartz is a guest this week on the latest episode of the Thinking Crypto podcast. At the same time, he discussed the future of NFT with XLS-20, the Ripple ODL model, and how Ripple ODL is ahead of any competitor.
Ripple exec’s take on NFTs on XRP Ledger, Bitcoin’s LN, and…
On the subject of the XLS-20, he said that the release of the NFT on the XLS-20 began as a proof of concept. This is currently being done in code. He also mentioned that the XRP Ledger is a great way to provide NFTs due to its green design and low costs. The platform’s interoperability with over 5,000 currencies as a distributed exchange is an added advantage.
In comparing the XRP ledger to the Ethereum network, Schwartz pointed out that, unlike the latter, the XRP ledger has no functionality that one can build their NFT system using smart contracts. . However, the transaction costs associated with the ETH network are much higher than in the past.
“Because it doesn’t require smart contracts to offer that functionality, it eliminates the risk of smart contract bugs or compatibility between different smart contracts.”
Regarding On-Demand Liquidity (ODL), David Schwartz also discussed the “Liquidity Hub” introduction. In doing so, Schwartz compared it to the original model of the XRP token purchased on the open market for exchange between countries. The liquidity center was introduced to address exchange immaturity, downtime, and inability to transfer funds on time.
Ripple Liquidity Hub can be seen as a transition from RippleNet. The Liquidity Center can be considered “a form of ODL networking.” In addition to easy payment, users can use many different services here. This makes the checkout process as seamless as possible.
Schwartz also commented on whether the Bitcoin Lightning Network will make XRP’s payment system obsolete. The CEO stated that the purpose of the XRP system is to make users and regulators comfortable using cryptocurrency. He also aspires to make it a system for making daily payments, which is not happening now.
Furthermore, the two systems work with different customers. The XRP system works with businesses and businesses. In contrast, Bitcoin Lightning Network focuses on peer-to-peer B2C and C2C transactions.
“I think the type of thinking reflected in what Jack Mallers said is the kind of thinking we had in the early days. I think the past ten years proved that it’s not quite that simple.”
Read more:
- Ripple Chief Believes That The Legal Battle Against The SEC Has Been Going A Lot Better Than When It Started
- Demand For XRP As A Payment Tool May Rise, Does It Affect The Price?