David Schwartz, the Chief Cryptographer in Ripple, Talked at MoneyConf earlier today on the Web of Worth.
He talked about why Bitcoin caused the attention it did and people thought it’d be radical. He believes that individuals were interested in Bitcoin because they had been frustrated in the siloing of liquidity from legacy programs. When payment systems didn’t speak to one another, it resulted in inefficiency and frustration in shifting worth. He also gave an example of how to examine the site of an organization in South Africa, but it is”very tough to send cash, particularly tiny payments.”
Then he talked about the way the cryptocurrency area has generated the problem that it sought to resolve, by generating more silos of significance in various cryptocurrencies, causing an overall trapping of significance. The answer for this was that the Web of Worth. He explained:
“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.”
In addition, he elaborated on his long term vision on the Web of Worth during the next 10 decades. He said that Online of Value payments behind the scenes will change the world in a way which aren’t as obvious.
“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.”