Ripple’s Chief Technology Officer, David Schwartz, outlines XRPL strategic move towards real-world asset (RWA) tokenization, positioning itself in competition with major financial institutions like JPMorgan and Bank of America.
XRPL’s Technological Prowess Over XRP
Schwartz shifts the focus from XRP, Ripple’s native token, to the XRP Ledger’s (XRPL) underlying technology. While acknowledging XRP’s role, Schwartz emphasizes XRPL’s unique technological aspects. XRPL stands out as the first layer-1 blockchain not derived from Bitcoin technology since its inception in the early 2010s.
XRPL’s origins lie in its design for enterprise finance and cross-border payments. Schwartz highlights its initial purpose of enhancing enterprise adoption, leading to the development of bridges and essential technologies.
Ripple’s XRPL Targets Real-World Asset Tokenization
Schwartz identifies real-world asset tokenization as a significant and growing challenge, attracting interest from mainstream financial giants.
The tokenization market is projected to reach $30 trillion by 2030, aligning with Ripple’s commitment to this domain.
Ripple’s Vision for XRPL
Antony Welfare, Ripple’s CBDC Advisor, unveils plans to revolutionize the real estate sector through tokenization. Schwartz envisions XRPL becoming the primary platform for tokenized real-world assets, leveraging its attractive features such as low transaction fees.