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🎤 Interviews
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Ripple’s David Schwartz: What Bitcoin and Ethereum Should Do to Catch Up With Ripple

  • Masha Beetroot
    🎤 Interviews

    What is the next step for Ripple after having Revolut coin added?

Ripple’s David Schwartz: What Bitcoin and Ethereum Should Do to Catch Up With Ripple
Cover image via u.today

Ripple’s Chief Cryptographer David Schwartz aka “JoelKatz” is one of the original architects of the Ripple consensus network. In an exclusive interview to CryptoComes, he talks about the Ripple’s next steps and the evolution of crypto exchanges.

Masha Beetroot: According to EToro study, Ripple’s XRP turned out to be the most traded coin by users of all age groups. What should Bitcoin and Ethereum do to catch up?

David Schwartz: I think the key they need to have is adoption for real use cases. Just a clear vision on what they are for, why would people use them, to do what.

I think Ethereum kind of built market share by this sort of broad idea that you can use it for anything with the smart contracts.

Now I think it’s time to answer the question like here are some very specific things. You have to have some example you can’t just say use it for anything.

Bitcoin I think has kind of painted itself into a corner a little bit as a store of value that you can’t easily transfer competing stores of value you can easily transfer. It just comes back again to use cases; people need a clear idea of what they are going to use it for.

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MB: What is the next step for Ripple after having Revolut coin added?

DS: I think the next step for XRP, the token, is going to be broader adoption for people who see advantages to the high-speed low cost and decentralized exchange. I think the next step for Ripple as a company is going to be proving that we can actually use XRP to settle institutional payments.

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MB: In what direction will the evolution of crypto exchanges go? Maybe it’s about consolidation or what do you think?

DS: I think interoperability is going to be the big focus. We have something like 1,500 cryptocurrencies right now that are aiming at different use cases. Whether one of them will be for trade finance or settling equities transactions or smart contracts.

If we have all these different tokens that are aimed at different use cases, then it becomes a pain point because if my money is on this one token and I need to pay you some other token, we need to solve the interoperability problem.

It’s very ironic a lot of people got into this business because they saw like liquidity or Silo, like some like dollars or they are on PayPal or they are on these different payment systems. So we said build these systems that will solve this problem.

And what happened is we built Bitcoin which is a Silo, we built Ethereum which is a Silo, we have XRP which is a Silo. We actually replicated a newer sexier version of the problem we were trying to solve.

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About the author

Masha Beetroot is ahead of communications living by the maxim «You cannot make a total borsch from your communications without a beet». Proud to be the sweet Russian vegetable with an ad-hoc life approach, she’s shuttling between three or four continents.

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📰 News
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Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3

  • Alex Dovbnya
    📰 News

    Cryptocurrency exchange Huobi announces the results of its quarterly burn

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3
Cover image via www.123rf.com

According to a press release obtained by U.Today, Singapore-based exchange Huobi continues to reduce the supply of its native Huobi Token. In Q3, it burned $40.63 mln worth of HT, which represents a 70.6 percent increase compared to the previous year. 

Huobi purchases back outstanding tokens from investors in order to reduce the circulating supply of HT and stabilize its price. It is worth noting that the amount of tokens it burns every quarter depends on particular market conditions.   

The company cites the success of its spot trading and derivatives trading markets as the main reason for another token burn. 

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Huobi Token is the second-largest exchange coin token after Binance Coin (BNB). At press time, the coin's price is sitting at $3.46 with its market cap exceeding $810 mln, according to CoinStatsData.    

Huobi Global CEO Livio Weng claims that the cryptocurrency plays "a core role" in the Huobi ecosystem.  

"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

One of the oldest crypto trading platforms has already burned 13.8 percent of its native coin's circulating supply, which is currently sitting at 234,205,522.92 HT. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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