Ripple engineer,Evan Schwartz gives an interview on payment system

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July 2, 2018 by
Ripple engineer,Evan Schwartz gives an interview on payment system

Ripple’s software engineer Evan Scwartz has given interview at an event hosted by Blockchain, Bitcoin and Cryptocurrency Club. The club comprises the students studying at Harvard Business School and the media sponsor for this event is blockpulse 360. According to a report by BCFocus, Ripple is also using blockchain technology for settling global payments: Satander.

Ripple engineer, Evan Schwartz Interview
Evan Schwartz also works on the Interledger Protocol of Ripple and gives his views pertaining to the payment system. On being asked about IntelliJ as the first question of the interview he stated that the software team developed it at Ripple and “spun out as a separate open source project.” He says that for this project “a team of people” are assigned to work on a full time basis for a considerable span of time.

When asked about the profits and benefits associated with IntelliJ, he replies describing it “super fascinating.” He commented that it is “lot more about how internet works to money.” While considering the perspective of Ripple, by the use of this type of technology a number of benefits can be generated. It is for this reason that the team of workers are paid for conducting this work. He says that there are companies who show their inclination towards this work.

He explains that interledger project does not believe in only making money. The project involves “no token” and “no blockchain.” He describes stating, “It’s a standard effort between different companies for standardising this protocol.”

The next question asked by the interviewer at the event is about what the protocol is about and how much beneficial it is. He replies to this question explaining that interledger, like the way internet functions, channelizes data packets “across different information networks.” In his opinion, the network may be a “blockchain network,” “individual blockchain” like Ethereum, “payment channel networks like Lightning”. Finally he says that “interledger is about routing packets of money across those.”

The following question was regarding the applicability of the idea of streaming payments. He describes it as “wild concept.” However, the payments made are “super clunky.” He says, “We like to bundle them up, we prefer monthly subscriptions to individual payments.” He also states that business organisations also tend to bundle up payments since “they’re pain, they’re slow, and they’re costly.”

He believes that if the efficiency gets improved then it would be justified to make payments on real-time basis. This is because at this time it would become quite cheap and easy as well. He says that there is an issue with the internet while sending big, small or both types of files. In such cases, the internet only simply sends little packets and it is very efficient in sending a number of little packets. He comes up with the solution regarding the improvement of the interledger by enhancing its efficiency. He says if it can be used for sending smaller amount of money then bigger amounts can be sent, as well.

The concluding question sheds light on people’s involvement in this project. He answers this by stating that interledger project is an open project and on interledger.org all the details are available. The initiatives for involvement include presence of a mailing list, making of bi-weekly calls for welcoming people to join and organising meet-ups. He finally concludes by stating that there are “lots of different ways to get involved and I think lots of opportunities as well.”

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