David Schwartz, the Chief Cryptographer at Ripple, spoke at MoneyConf earlier today about the Internet of Value. In a conversation with CNN’s Ivana Kottasova, he spoke about his vision for a world where money moves as fast as information does today.
He spoke about why Bitcoin caused the interest it did and why people thought it would be revolutionary. He believes that people were interested in Bitcoin as they were frustrated at the siloing of liquidity in legacy systems. When payment systems did not talk to each other, it led to inefficiency and frustration in transferring value. He gave an example of how you could look at the website of a company in South Africa, but that it is “very difficult to send money, especially small payments.”
He then spoke about how the cryptocurrency space has generated the problem it sought to solve, by creating more silos of value in different cryptocurrencies, causing a general trapping of value. The solution to this was the Internet of Value. He said:
“The Internet of Value is to break down the siloing, to do for money what the Internet did for information…[and] make it so that money can flow as easily as information does.”
On his vision for the concept, he said:
“The simplest vision is that you could pay somebody through a universal payment address, and it doesn’t matter if they’re using PayPal or a bank or Bitcoin or a mobile payment system…The money would just find a path to flow.”
He also elaborated on his long-term vision for the Internet of Value over the next 10 years. He stated that Internet of Value payments behind the scenes will change the world in ways that are not so obvious.
When asked about examples of the Internet of Value being applied in everyday scenarios, he said:
“It’s like we were talking about the Internet in the mid-90s trying to think about what we could do…It doesn’t sound like its world changing, but it is.”
He said that machines could pay each other, and everything can pay for everything else. He also said that it will change the world.
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