(BlockBar) A recent article by Yahoo Finance that stated Facebook’s GlobalCoin would “annihilate Ripple” was doing the rounds on Twitter and even caught the eye of Ripple’s Chief Technology Officer, David Schwartz. For some time now the launch of cryptocurrencies from mainstream institutions has been the norm of the digital assets industry. Recently Facebook has come into limelight because of its cryptocurrency. The article quoted the words of ‘Bitcoin expert’ Max Keiser who had claimed that the Facebook global stablecoin obviates the need for hundreds of altcoins ‘including XRP’. The article also says that the altcoin apocalypse was high.
In response to this, Schwartz retorted,“I love opinions about XRP that don’t show any evidence of having any understanding of XRP. This is just bitcoin minimalist thinking that there’s bitcoin and everything else.” To be noted, this comment also led to an all-out debate between Noryn Syra, who is a cryptocurrency enthusiast and Schwartz. Syra wanted Schwartz to admit that Ripple was a permissioned system. But this statement was denied by the Ripple official.
The debate continued further when Syra claimed that validators have to choose who to put on the ‘Unique Node List’. Schwartz replied,“I don’t see how you can square that fact with the fact that there is no way to tell whether your validator is on someone else’s UNL or not and the system works precisely the same whether it is or isn’t. Think of it like mining except you don’t get rewarded and can’t censor. Why does it matter who is doing or not doing it at that point. It’s permission … to what?”
Schwartz, who is also a computer scientist pointed out that one problem that users cannot solve with the public state was of ordering valid transactions received at about the same time. But also according to him no one really cared about that properly as long as it worked unhindered. David Schwarz stated on the Twitter thread,“Bitcoin costs millions of dollars a day to solve this problem and it gets mediocre finality and mediocre censorship resistance. We solve it for nearly nothing with better finality and censorship resistance. You respond that you need “permission” to have no effect on the network.”
