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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Ripple CTO Says Institutions Can Move Value Without XRP or Any Crypto Asset on XRPL
The Ripple CTO has shared how institutions can use the XRP Ledger (XRPL) to transfer value without holding XRP, aside from paying transaction fees
Institutions Can Transact on the XRPL Without XRP by Using Trustlines
Responding to this statement, Sean Langshaw, a former US Navy AC and full-stack developer, called attention to the XRPL’s documentation, explaining how the ledger allows two parties to create what are called “trustlines” without actually needing XRP besides for transaction cost.
Ripple CTO Confirms This Has Been the Original Vision
In response to this, Schwartz confirmed that the situation actually matches the XRPL’s original vision, noting that he hopes institutions take this route. He said the trustline concept dates back to 2004, when Ryan Fugger first developed it, and it later became a key part of the Interledger Protocol (ILP), which links different payment networks
Schwartz mentioned that for certain situations, trust relationships present a better solution than using cryptocurrencies directly. When that happens, people will naturally choose the method that works best. He added that this doesn’t threaten cryptocurrencies, because they still serve only a small part of their potential use cases today.
The Ripple CTO argued that even if trustlines work better for some problems, every increase in distributed ledger adoption strengthens the overall blockchain ecosystem. Schwartz explained that cryptocurrencies work best in cases where you need assets with no counterparty, no jurisdictional oversight, strong censorship resistance, and tolerance for volatility
According to him, the actual challenge is making it easy for the right people to access those assets when they need them. He also believes that being close to enterprise use cases will help drive that adoption.
The Parties Involved Can Decide Their Mode of Exchanging Value
Notably, every method Alice has to receive funds and every method Bob has to send the funds create part of a payment network
If Alice can take Bitcoin and Bob can hand out cash at his grocery store, the XRPL or ILP could handle a transaction where someone sends Bitcoin to Alice and gets cash from Bob. Essentially, the technology would manage the routing, pricing, settlement, and record-keeping.