Ripple CTO David Schwartz shares his optimistic outlook for the cryptocurrency in 2024.
David Schwartz, the brains behind Ripple technology, spilled the beans on his wish list for the cryptocurrency world this year, and it’s quite simple.
In a recent interview with Tony Edward on the Thinking Crypto Podcast, Ripple CTO David Schwartz shared insights on four key aspects to expect from the cryptocurrency industry this year.
Clear encryption rules
His main goals are regulatory clarity and the conclusion of Ripple’s SEC lawsuit. Schwartz noted the cryptocurrency community’s long-standing call for clear laws to reduce risk and protect investors. The lack of cryptocurrency rules has negatively impacted the entry of many new companies into the cryptocurrency industry. However, Schwartz is optimistic that the SEC v. Ripple lawsuit, which is currently being resolved, will be resolved in 2024.
AI and blockchain synergy
In addition to regulatory issues, Schwartz emphasized the importance of improved scalability in the blockchain layer, highlighted challenges for developers, and proposed solutions such as sidechains and zero-knowledge proof technology for improved scalability.
A stronger user base
Another important aspect that Schwartz envisions is the expansion of the cryptocurrency user base. He emphasized that to drive interest in cryptocurrencies, there must be a focus on providing access to tokenized securities and collateralized loans, as well as creating an engaging user experience. Within the XRP Ledger, Schwartz hoped that enabling Automated Market Makers (AMMs) would facilitate decentralized identity without causing controversy.
Big bulls entering the cryptocurrency space
Beyond this, Schwartz expects a surge in institutional adoption of cryptocurrencies this year. Despite recent difficulties, especially with trading volumes falling below expectations for approved Bitcoin spot exchange-traded funds (ETFs), Schwartz spoke about the role of these ETFs in attracting institutional investors to the cryptocurrency market. Still optimistic.
Overall, Schwartz’s expectations encompass regulatory developments, technological advancements, user engagement and institutional adoption, reflecting a comprehensive outlook for the current market. Meanwhile, XRP is currently in trouble, especially after the SEC recently filed a security breach in an attempt to overturn the case.