Changes to Bitcoin, XRP and Blockchain Networks Will Not Happen Soon, Says Ripple’s CTO
Schwartz spoke in the web series Ripple Drop, talking about XRP Ledger’s unhurried improvement, which began with a few number of nodes in 2011 but is currently used to power international payment transactions involving billions of dollars.
The XRP Ledger has experienced substantial changes in less than a decade, but Schwartz noted that blockchain systems’ evolution will take a long time due to their decentralized feature.
According to him, it is a system without an administrator with numerous payment providers and financial networks relying on it. He continued that no individual is responsible to answer to any mess up that happens; hence, since dependability is critical it shows that the development and evolution of these systems are quite slow.
“In the early days before I was working on the XRP Ledger, and I was looking at Bitcoin, and we sort of had this idea that if there was any new feature, Bitcoin would just adopt it. We now know that that’s hopelessly naive because any change to a system like this imposes costs on everybody who uses the system.”
Schwartz noted that these systems are different from traditional software models, as everyone is affected by new network updates. That is, the individuals depending on blockchain system need to adapt to all changes. People must operate systems with new rules whenever there are changes.
However, it is not likely that decentralized ledgers will remain the same despite the slow progress. At the moment, Ripple is proposing some added features for the XRP Ledger including deletion of accounts.
Featured image courtesy of Shutterstock. Source: Cryptopress