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Ripple News Today – Not Having Smart Contracts Might be a Good Thing for XRPL According to David Schwartz – July 30th, 2020

  • David Schwartz, Ripple’s CTO, Claims Ripple’s Lack of Smart Contracts is a Good Thing for XRPL
  • Schwartz Admits That Ethereum Was Incredibly Successful as a Smart Contract Platform 
  • XRP Reaches 3 Month High in Market-wide Rally 

Ripple News Today – Bitcoin might be the original blockchain but Ethereum and many other blockchains that were invented after Bitcoin came with more features. One of the key features that sets other blockchains apart from Bitcoin is the smart contract compatibility. Ethereum was the first decentralized computer in the world. Developers can build smart contracts and decentralized applications on the Ethereum blockchain. Following the creation of Ethereum, many other smart contract platforms were created. XRP, on the other hand, was created primarily to solve financial problems in the real world. However, it doesn’t have a smart contract or dApp compatibilities.

Ripple News Today – David Schwartz, Ripple’s CTO, Talks About Smart Contracts and Ripple

Yesterday, the CTO of Ripple, David Schwartz, said that not having smart contracts compatibility isn’t such a bad thing for XRPL. However, he admitted there are some benefits to these smart contract compatibilities. In a series of tweets, David Schwartz explained why XRPL blockchain creators decided not to implement smart contracts on the XRPL ledger. He also talked about the pros and cons of these smart contracts. In his words; “Ethereum was wildly successful”.

XRP (XRP) Price Today – XRP / USD

According to Schwartz, adding smart contracts would have made it more difficult for XRPL to serve as a payment network. Apart from this, smart contract platforms are also infected with fluctuating fee rates which will affect the performance of a payment services blockchain. It will also create multiple points for hackers to exploit. In his words;

“We were right that adding smart contracts makes a platform worse for payments. And we were right that it would introduce fee instability, performance issues, and have lots of attack surface.”

These problems listed by Schwartz are the same problems the Ethereum network is currently facing criticism for. Since the XRPL network doesn’t have smart contract compatibility, it doesn’t have these problems. Schwartz admitted that even if there are some disadvantages of smart contracts, Ethereum benefited from adding these smart contracts as well. He said that Ethereum has worked well as a public blockchain with built-in smart contracts. He said that Ethereum is technically successful.

XRP Price Prediction – XRP Reaches 3 Month High in Market-wide Rally

In other news, XRP has reached a 3-month high thanks to the market-wide bull rally. At the time of writing, the price of the token was $0.245945. It is up by 2.64% against the USD and up by 3.26% against Bitcoin BTC. The trading volume over a 24 hour period is $1,856,196,334 and the market capitalization is $11,030,310,133.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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