XRP Ledger developer and Coil CTO reveals why he left Ripple

In a recent Podcast with Epicenter, Stefan Thomas, the Founder and Ben Sharafian, the CTO of the micropayment platform, Coil, spoke in detail about their present company and Ripple, their former company. The pair also discussed about content monetization on websites to replace the advertising model that is popular amongst the Internet portals.

Thomas was the former CTO of Ripple, which is now emerging as a leading hand of the FinTech industry. On being asked the reason for leaving Ripple to start a new company to develop on Inter Ledger, Sharafian revealed the thought process behind it. He said:

“I think they’re [Ripple] very focused on use cases around the digital asset XRP as well as enterprise use cases. So making payments more efficient for banks, payment service providers, their customers, corporates and so on.”

He spoke about his experience of working with the customers while at Ripple. He said that eventually, his research team and Ripple mutually realized that banks are inclined towards in suiting their customers’ interests. Meanwhile, most of the banking sector have larger corporates as their most significant group of consumer, this class is not practically best suited for the use-cases offered by Inter Ledger, he explained.

Earlier in the podcast, the Coil team had discussed several use-cases of Inter Ledger. Some of them monetizing online portals, artistic work and suchlike. In these regards, the Coil CTO further mentioned:

“And so if you think about Ledger, we talked earlier what are the things that Inter Ledger is best at. If you think of it as a thing that enables like a new class of use cases – kind of how the Internet enabled a new class of communication use cases – it’s unlikely that large corporations are going to necessarily be the very first to adopt that.

He added that the corporations are going to look for cost savings on their existing use-cases. Moreover, they are going to seek ways in which they can scale those use-cases.

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