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Bill Gates made a remark a few years ago claiming that digital currencies are the future of banking. With technologies improving by the day, this point seems to make even more sense.
In a recent interview, David Schwartz, CTO of Ripple, pointed out how newer systems will overtake the pre-established centralized frameworks when it comes to the world of currencies.
Schwartz confirmed that digital assets were implemented at the appropriate time. He was pessimistic, though, that central governments would choose blockchain technologies over conventional payment mechanisms any time soon.
Reza Baqir, Governor of the State Bank of Pakistan, recently stated that his country intends to adopt emerging technologies at the national level. According to a CNN interview, he said,
“Pakistan is a market that is waiting to burst, as far as digitisation is concerned.”
Even if change is slow, nations around the world are embracing and introducing innovations that people want and want to use. As a result, the digital marketplace has carved out a niche for itself and has become more liquid in the evolution phase.
Schwartz predicted that in the future, liquidity, as well as input and output endpoints, will be commoditized. In relation to the same, he said,
“The biggest success case for Ripple, that I could imagine, would be for us to be completely unnecessary.”
He further added,
“We’re building technologies not so much because we want to build them, but because they’re necessary for our success case.”
Schwartz said that NFTs were a part of the ‘cryptocurrency attraction’ when they became the talk of the town. He was, nonetheless, upbeat about the technology, emphasising that it was here to stay.
The NFT ecology is unconcerned with decentralisation and censorship resistance. Schwartz emphasised the point, saying,
“NFT has a target market that’s not super concerned about how the technology works. And to some extent, that’s how it should be.”
WWE is the newest to capitalise on this ‘digital’ theme. NFTs are increasingly tapping into the collector vibe.
Schwartz also stressed how NFTs had the ability to address massive functional challenges in the future. He said,
“NFTs make the marketplace even more competitive. They commoditize the reach and give the customers the ability to pick the service that’s best for them. They have the potential to solve real problems in the future.”
In highlighting the precursors to the next step, Schwartz said that market consumers must be given access to new technology, with customer interface being the supreme key.