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Stellar Lumens’ IBM partnership misses the point of blockchain completely, says Ripple’s David Schwartz

Namrata Shukla

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Ripple's David Schwartz takes a jibe at Stellar Lumens' IBM partnership; says it misses the point
Source: Pixabay

XRP, the third largest cryptocurrency on CoinMarketCap, rose as the collective coin market pumped on the back of Bitcoin’s bull run. However, Ripple has always been ready to hype XRP and David Schwartz’s statement on Stellar Lumens’ partnership with IBM has done the same. According to Ripple’s Chief Technology Officer [CTO], David Schwartz, the partnership misses the point of blockchain completely.

In a recent AMA session on Quora, Schwartz answered many questions about Ripple, XRP and the partnership between IBM and Stellar. The CTO said,

“The root problem is that global payments infrastructure is centralized – IBM, SWIFT, and the rest of the old guard attempt innovation with blockchain, but do not solve the centralization issue. IBM has positioned itself as the central operator of the Stellar network, meaning it approves all validators and therefore controls the transactions.”

Schwartz said that he did not understand the use of stablecoins, because even though banks have approvals for issuing their own stablecoins, they are not going to make use of each other’s stablecoin. The CTO continued,

“Or go from their stablecoin to Lumens to the other bank’s stablecoin? With the goal of mass adoption, a universal bridge asset has to be geopolitically neutral, and a USD-backed stablecoin doesn’t solve for that. I don’t see how centralized stablecoins can be part of global pools of liquidity that anyone can contribute to and draw off of.”

Schwartz’s statement is similar to that of Ripple CEO Brad Garlinghouse, who had this to say when JP Morgan coin was launched,

“As predicted, banks are changing their tune on crypto. But this JPM project misses the point- introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer”

Garlinghouse was also quoted talking about the use of coins issued by banks, stating that a digital asset issued by a bank can only settle efficiently between banks who have issued it. However, the concerns pointed out by Schwartz over centralization ail Ripple too.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

XRP

Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool

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Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Source: Pixabay

Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”





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