The number of scams is threatening the XRPL system.
Panos Mekras, one of the founders of Anodos Finance, warned that rising popularity of XRP may attract scam projects to the Ledger. Usually such scam projects launch tokens and run presales before they have any working products or a real development plan. There are many where the main features include glossy websites, loose statements and harsh marketing, yet they offer plans that require extra time to produce basic products and see exchange listings as main achievements.
Open Ecosystem Vulnerabilities Acknowledged by Leadership
Schwartz explained that the open nature of blockchain networks makes it easy for fraudsters to start new projects which is not the case for people building real products. He pointed out that, in open ecosystems, it is easy for con artists to create deceiving projects because the regulations are weak. Yet, according to Schwartz, being open is still key to progress and new ideas.
XRPL’s development is not as fast as its competitors.
He explained that XRP Ledger is not yet on par with other platforms when it comes to development and the strength of its community. While projects on the Avalanche blockchain are many and valuable, XRPL finds it hard to attract the same quality and quantity of applications. This space between development and adoption is especially difficult for the whole ecosystem.
Ripple Envisions Comprehensive Financial System
David Schwartz highlighted in his video that Ripple wants XRP Ledger to support finance worldwide by creating important services like payments, investments and loans. He said that unlike other cryptocurrencies, XRP is the special asset that can be received by any account without risk of non-payment and used to cover transaction fees. The pathfinding system makes XRP the main liquidity source in the planned financial infrastructure.
