Ripple Labs CTO Stefan Thomas cleared some misconceptions about the remittance system—which has been criticized for requiring a verified ID as well as for having a centralized system—in an interview with Epicenter Bitcoin. He explained how the protocol works, why the goal is for a more decentralized protocol, and how the company aims to disrupt the outdated banking system.
‘We will decentralize’
Thomas explained that the original idea behind Ripple was to counter the centralized exchanges that dominated the Bitcoin ecosystem. “We didn’t like that exchanges were controlled by one company,” he said.
On the other hand, most people think of Ripple as a centralized institution. Thomas agreed with that. “That criticism is totally valid. I don’t mind that criticism,” he said.
Though Thomas believes it will look different in the future, saying:
“One day we will decentralize. We will add more validators as soon as there are enough good ones out there that we can recommend.”
He added that they’ve kept their word in the past. While people thought that the company would remain closed source, they