Ripple is not a cryptocurrency like Ethereum or Bitcoin. Ripple’s endeavor to achieve the revolutionizing financial services is being sought to displace Ethereum and Bitcoin. The market of cryptocurrencies and other digital assets is populated and messy which poses questions to the investors, of which cryptocurrency will survive in making a fortune with the aggressive investors and which ones will crash and burn. The main question asked by investors remains as to whether a specific digital asset has been appreciating as a result of speculation or due to certain intrinsic value that would lead to the appreciation in the real world.
Ripple(XRP) is one of the disruptive digital assets with a intrinsic value that is genuine ,real world and a substantial potential in increasing in the near future. Ripple can be termed as the only digital asset designed specifically for financial institutions.
Internet of Value and Internet of Things
The figures suggest that there will be approximately 50 billion connected devices by 2020, including thermostats, fridges and cars which implies to the INTERNET OF THINGS that is happening right now and gaining momentum.
The banks are featured with fascinating aspects related to the barrage of monetary transactions that worldwide is worth trillions of dollars. This is only the initial phase of the onslaught of micro payments which powers the INTERNET OF VALUE.
The transactions of overseas payments have been an area where banks should be embracing blockchain derived technology such as Ripple. The bank, in this case, will move away from batch-and-file to ease out real time transactions.
If INTERNET OF VALUE becomes a reality, industry standardization should be put in place for homogenizing the various financial systems globally. RIPPLE and the growing community of payment providers and financial institutions support ILP (Interledger Protocol) and thereby standardize the way of settling transactions instantly across various networks and ledgers. ILP is supposed to be similar to protocol HTTP usable in web address and becoming online information exchange’s global standard.
The main point here is exchange value via the internet is as quick as information (Internet of Value).
There is instant movement of information; the payment across countries is unreliable, expensive and slow. The cross border payments worldwide per year amounts to $18 trillion with combined costs per year of $1 trillion.
Vision of Ripples
Ripple solution uses blockchain technology allowing transfer of assets from one party to another directly without a middleman, irrevocably, completed instantly, permanent and validated. Thus, there can be movement of value just like information around the world.
The vision of Ripples target is for the internet’s second era. To make cross border payments reliable, cheaper, and faster, it is likely to bring benefits to the banks, businesses, and consumers. The connection can also be created with billions of people across the world for transactions, creation of new industries and businesses, and enhance financial inclusions for millions not connected with banks.
Ripple cannot be termed as a mined digital asset. This is because the existent units of currency are already created. Its sustainability is more than mined digital assets and its operation has been at a scale and speed far superior to the others.
XRP ripple is one of the most coveted US startup, after WEWORK, PALANTIR, AIRBNB and UBER. Ripple, in future, can rival the main cryptocurrencies notably Ethereum and Bitcoin with IoV (Internet Of Value) and the success potential it represents in moving money like information.
New Features and Improvements
The new features are introduced for increasing XRP ledger transactions as same standards of VISA.
RippleNet – For worldwide payments, seamless blockchain solution
xCurrent – Enterprise software solution which receives and sends cross border payments with bidirectional messaging across RippleNet and end to end tracking. The solution’s backbone is the ILP (Interledger Protocol) that enables instant payments to be sent to various networks.
xRapid – XRP is used for lowering payments’ liquidity costs in the emerging markets.
xVia – This is a new product in RippleNet enabling the attachment of additional information such as invoices with the payment.