Until the latest market events, Ripple [XRP] was the third on the crypto-market by capitalization just following Bitcoin and Ethereum. There are many positive indicators that with its high potential it could even lead the pack one day, as it is made to revolutionize the finances and its industry services.
- So what makes Ripple so special and what does the community profit from its functionality and utilization?
“Ripple provides one frictionless experience to send money globally using the power of blockchain. With RippleNet, financial institutions can process their customers’ payments anywhere in the world, instantly, reliably and cost effectively using just one API. ” – Ripple CTO Stefan Thomas
Money should be fast “executed” and transacted quick as data is going around the world for the moment, which could be enabled in a global scale on Thomas eyes using Ripple.
“Ripple is the only blockchain network with real customers – we’ve signed deals with over 90 customers globally and over 75 customers are in various stages of deploying Ripple for commercial use”.
According to the team behind Ripple, its product catalog is growing also as xCurrent, xRapid and xVia is joining to:
“We are growing to serve our global customer base and now have offices in San Francisco, New York, London and Sydney – and a joint venture with SBI Ripple Asia to serve Asia,” Thomas stated.
Only the idea behind the Digital Currency makes it a direct competitor against the giants like Ethereum and Bitcoin:
“Because XRP has a clear use case,” Thomas said. “It is one of the largest digital assets by market capitalization and is designed for use by financial institutions as an on-demand liquidity solution for cross-border payments. For example, payments into emerging markets can require multiple currency traders — added costs — or pre-funded local currency accounts — which often results in trapped capital. Instead, payment providers and banks can use XRP to fund these payments on demand, without intermediaries, at up to 60% less cost to settle.”
From Thomas vision, speed is a great factor for “things to get done in this matter” and Ripple (XRP) is the fastest, secure and of great scale-ability virtual asset.
“XRP today can process up to 1,500 transactions per second on the XRP Ledger, which is supported by a community of trusted validators and a team of full-time engineers that actively develops and maintains the ledger,” he said. “Unlike other public blockchains that select validators via mining, XRP Ledger’s validators are chosen by users and hosted using enterprise-grade infrastructure, making it the only enterprise-ready blockchain today.”
Knowing that Ripple is a centralized payment protocol with base and functioning by San Francisco Ripple labs (has ownership over most of XRP tokens) the advantage – which is of great sort – is not only to those that are connected with Ripple and that push its digital domination but to business and companies too.
President and chief scientist at DFINITY, decentralized blockchain network – Dominic Williams Stated:
“Instead of being an open, decentralized network like most other blockchains, Ripple Labs is a company that applies inherited blockchain and token technology to streamline an existing business”.
However, as everything sounds bright and breezy, this market and the future is of uncharted territories and risks could be unmissable:
“Though there is inherent value in Ripple’s network, investors should be aware that the XRP currency is controlled by a single company, and indeed if it decided to liquidate a significant proportion of its holdings, the XRP price would fall dramatically,” Williams added. “Furthermore, the network itself depends upon the existence of Ripple Labs, rather than a large community of independent miners distributed around the world. For these reasons, arguably holders of XRP have far fewer security guarantees. “