Tag: david schwartz

Ripple CTO Advocates for Community Consensus on XRP Ledger's AMM Feature Integration

David “JoelKatz” Schwartz, the Chief Technology Officer at Ripple, has been actively engaging with the community regarding the integration of an Automated Market Maker (AMM) feature on the XRP Ledger (XRPL). Through a series of posts on the social media platform X (formerly known as Twitter), Schwartz highlighted the importance of community consensus before moving forward with this significant feature addition.

On 6th October 2023, Schwartz voiced his plan to review performance testing results and conduct code checks based on recent comments and concerns raised by the community. Through his post, he displayed a methodical approach, ensuring that all uncertainties are addressed before urging the validators to consider supporting the amendment. When probed by a community member about the communication channel with validators, Schwartz humorously mentioned that most of his arguments take place on Twitter.

The discussion primarily revolves around the integration of AMMs, which Schwartz describes as an intriguing part of decentralized finance (DeFi). The XRP Ledger, known for its speed, scalability, and suitability for various financial applications including cross-border payments, stands to benefit from this integration. AMMs are not merely about introducing a new trading engine; they also promise enhanced interaction with XRPL’s decentralized exchange.

The new feature, introduced in the rippled version 1.12.0, also carries the potential clawback feature. The clawback feature, as explained by Schwartz in previous discussions, aims to protect developers from potential legal liabilities within the XRPL ecosystem.

Schwartz emphasizes the need for a majority consensus within the community before implementing the AMM feature. Responding to a question about the timeline for AMMs going live post-governance voting, he mentioned that with majority support, the changes could be seen in as little as two weeks. However, no validators have endorsed the vote to the best of his knowledge, underscoring the importance of community agreement before proceeding with such amendments.

He advised against validators voting independently to promote these modifications, stressing that the community should reach consensus first. Only then should validators overwhelmingly vote YES, when a substantial number of nodes endorse the adjustment, reflecting a broad agreement within the XRPL community.

David Schwartz continues to play a crucial role in fostering a dialogue between the Ripple team, XRPL validators, and the broader community. His meticulous approach towards integrating new features like AMM, while ensuring community consensus, reflects a balanced stance towards evolving the XRPL while maintaining its decentralized ethos.

Ripple (XRP) CTO responds to phishing scam concerns following Cory Doctorow's $8000 loss

David Schwartz, the Chief Technology Officer at Ripple, recently addressed concerns regarding phishing scams on social media, particularly in response to an incident involving Cory Doctorow, who lost over $8000 due to a scammer impersonating his bank. Schwartz, known for his strong stance on cybersecurity, confidently stated on Twitter that he is “too smart to fall for this kind of thing,” highlighting that while scams are becoming increasingly sophisticated and common, he believes his awareness and intelligence protect him from falling victim. This statement came after Doctorow shared his experience of being deceived by a phone phisher who managed to extract his credit card information, leading to significant financial loss​​.

Ripple has been proactive in educating its users about the dangers of cryptocurrency scams, providing tips on how to identify, avoid, and report such scams. The company emphasizes the importance of vigilance on social media, where misinformation can spread rapidly. With the rise of imposter scams costing consumers billions, Ripple’s guidance includes being wary of too-good-to-be-true offers, the sophistication of impersonation tactics using legitimate company imagery, and the emergence of deepfake technology that makes scams even more convincing. They also recommend verifying giveaway ads through official company channels and exercising caution with financial information. Ripple encourages reporting suspicious behavior to help combat the spread of these fraudulent activities​​.

Moreover, in a broader conversation about Ripple’s role in the cryptocurrency space, Schwartz discusses the impact of the SEC lawsuit on Ripple’s operations, particularly regarding the delisting of XRP from exchanges, which posed challenges to Ripple’s strategy of leveraging XRP for cross-border payments. Despite these hurdles, Schwartz highlights RippleNet’s continued growth in markets outside the U.S., such as the Asia Pacific and the Middle East. He also delves into Ripple’s technological advancements, like the ‘Hooks’ feature for adding smart contract-like functionality to the XRP Ledger, and addresses the company’s approach to dealing with the enthusiastic yet sometimes problematic XRP fan base​​.

These insights from Schwartz and Ripple’s efforts underscore the company’s commitment to security, innovation, and community engagement amid the evolving landscape of cryptocurrency and blockchain technology.

Exit mobile version