The CEO of Coil and former Ripple CEO Stefan Thomas had a discussion with Ripple’s incumbent CTO David Schwartz in the latest episode of Block Stars, a Ripple podcast showcasing big wigs in the crypto and remittance industry.
The two discussed their early involvement in Bitcoin before jumping to fix the code through the creation of XRP Ledger.
He said he jumped into Bitcoin and as a developer, got to know people were complaining about some characteristics of Bitcoin. Like other open-source protocols, it is not simple to propose changes since it requires consensus especially among miner, full node operators, and developers.
For Bitcoin, making changes could be achieved just by doing hardfork, but critical changes that could make the technology more scalable, faster, and better are complicated to achieve.
The above made both David and Stefan decided to make a revolution to the Bitcoin code in 2010, however, other developers did not accept the idea because they feared risking the implementation of certain hardforks to achieve the aim.
During the interview, David and Stefan noted that they observed in 2010 that it would take around 30 years to achieve the numerous proposals on the Bitcoin hardfork wishlist, and this may appear too long for any developer willing to make contributions to the blockchain.
The above reasons made Jed McCaleb of Stellar, David Schwartz and Arthur Britto moved out of the blockchain community to create an evolution of Bitcoin called the XRP Ledger.
At first, Stefan said he joined the “Open Coin” team, which was later rebranded as Ripple Labs.
They both said the XRP ledger was a differently redesigned system from the starch and built to be a “better, faster and more scalable version of Bitcoin.”
Stefan mentioned that the XRP ledger has room for other currencies, which was part of the proposals in the Bitcoin hardfork wishlist that was said to be inspiring.
Stefan unflinchingly supported the Bitcoin ecosystem by making his BitcoinJS implementation usable for mining.
When Stefan got to Ripple, he was to design a client that would make XRP ledger more useful. During this period, the former Ripple CTO thought of smart contracts and designed a prototype using Google’s Native Client, however, he saw some huddles along the line which made it impossible.