David Schwartz used to be obsessed with locks and doorknobs. At the age of 5, he would take them all apart with a screwdriver and he would also remove them from household doors. He would do this so he could show his family the hole where the knob used to be. He believes that the function of a door knob provides a way to control movement from one space into another. When you are able to remove that barrier, you can then understand how amazing the whole thing can be. It’s as if the two have been joined by magic. This man is now 48 and he is balding and bearded with hair that is shoulder-length. He is the mastermind behind Ripple and he is also the owner of the third most valuable currency around, XRP. He is even the new chief of technology officer for the company as well and he is on a mission to say the least. He wants to try and dismantle and even reassemble one of the biggest portals on the planet. This is the one that happens to connect nearly every single bank on the market with one another and he does this so that trillions of dollars can move from one account and into the next. This is a very optimistic challenge to say the least and it just goes to show how much can be done when you put your mind to something that interests you. Schwartz wants to try and disrupt Swift. That is one of his primary goals and the main reason for this is because it counts for way more than 10,000 financial institutions. It also is known for being the middleman in banking and they were founded in 1973. They also handle more than 10,000 financial institutions and the members are known for being the middleman in banking. Now let’s say for a second that you want to try and transfer $5000 from your own bank account to your cousin who lives in Bolivia. Your bank would send a secure message via the Swift system and they would then notify the receiving bank about this. The problem with this is that you would most certainly experience some fees. The main reason for this is because there is a very complex series of agreements and there are also a ton of compliance checks that need to be done as well. SWIFT are able to handle 25 million messages every single day and the result means that people are paying nearly $7 million in transfers. This is not acceptable at all but it is important to know that the SWIFT network is profiting from this. Sure, emails are now transmitted instantly and now the blockchains that are setup at the moment are able to move millions in a matter of minutes. A lot of transfers take days to settle and on top of this you have to pay fees that are non-negotiable and set in stone.
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Now, when you look at Schwartz’s own technical leadership you will soon see that Ripple want to try and bring global money into this century. They have recruited hundreds of the biggest financial institutions in the world and this ranges from UBS to the BBVA. They want to try and test the new tools that are out at the moment and they also want to modernise the way that money is moved as well. Schwartz on the other hand has just returned from a tour of Europe and he has since learnt that there are a ton of obstacles that need to be dealt with before this can happen. You have detractors who work inside the cryptocurrency world and they doubt that Ripple’s own tech isn’t everything that it says it is. Sure, even if they were able to persuade banks that they want to switch then they would have to support this. Convincing the banks that this was a good idea wasn’t difficult at all and the company are also facing a ton of competition from a huge range of other start-ups as well. This included Stellar who are also a money transfer service. They were actually formed by one of the founders of Ripple so it isn’t hard to see how the whole thing has become very awkward. They have come out to say that they want to try and create a payment method which is like SWIFT but they also want one where the settlement or even the actual movement of the company is decentralised. They also want to make sure that people have an open network and that the endgame is much more than what you would think. So when you look at the background of Schwartz you will find that it is full of mirrors. He was a preschool student in Long Island and then be began programming some of his father’s instruments. He even worked with HP calculators and this is because he wanted to create a readout on their tape. In high school he was a total nerd and sports were not his thing at all. Chess on the other hand, totally was. In the year 1990 he then received a degree on engineering from Houston. That year after he was awarded his first patent. He did this for a distributed computer network and he did this so that he could then lighten the burden of a central processor. Of course, he did work hard to make sure that he gave the people what they wanted and this is especially the case when you look at his history. So 20 years before Satoshi Nakamoto invented the blockchain, it’s safe to say that this guy was the real deal. He then went on to found a medical tech company. They invented a non-invasive device that would help them to record details about heart murmurs. The product itself did not sell very well but it is safe to say that the demand for the programmers at the time rose significantly. He was interested in cryptography as well, and in the year 2001 he then landed a company in California called Web Master. He then helped to design a cloud based storage system. He worked there for over 10 years and he even worked with the NSA as well. He helped them to integrate their own software and he was also fantastic at gaining knowledge of the industry.