An Overview
Even though the crypto market has been volatile and many striving cryptocurrencies are making efforts to meet their goals, investors are hopeful. They know that crypto will keep advancing into the market with its solution in different realms of real-life requirements. Ripple takes the cake in being the blockchain technology that may act as a revolutionary crypto and crypto catalyst in the real market.
How can XRP change the world?
Ripple is getting a lot of media attention for its workings and potential. It would be fair to compare it to the largest E-commerce entity Amazon that processes millions of orders daily. Ripple can process instantaneous transactions of money transfers, cross border electronically. They can cater to the consumer requirements who need fast and secure transactions that Ripple provides through xRapid and XRP tokens.
Jeff Bezos, who launched Amazon, realized that he would require a lot of funds to give shape to his dreams. He sold twenty percent of the entire stake to investors who are reaping great benefits today. If you plan to be a Ripple investor, you must consider it as a long-term project that will bring you fruits in the future.
Why only Ripple has the potential to change the world?
Today, Major financial firms and banks are using the ripple protocol to improve financial and banking aspects. They indirectly depend on cryptocurrency for financial transfer settlements in real-time. The traditional wire transfer that takes time, especially overseas, is slowly replaced by the blockchain technology electronic fund transfers. Ripple aims to solve the real-life problem of unreliable, slow money transfers that are expensive that we are currently using.
What is most appreciable about Ripple is its decentralized nature of functioning. It wins over conventional methods like SWIFT payment that is, for instance, made at a branch of Western Union and does not leave the branch. Hypothetically speaking, if a person needs to send money to a family member in another country, one will have to visit one’s Western Union branch. One would submit the cash for money transfer and provide the full name and address of the recipient.
The sender’s branch would notify the receiver’s closest branch, informing them that that member had to be paid. Once the payment is made, the transaction would be noted in an informal agreement that your branch owed to the other branch. The dues would be settled or netted off while making other payments. This transaction is based on trust- trust between sender and his branch, cross branches, and receiver with his branch. Ripple is a distributed protocol that routes payment from an individual to another in the most inexpensive manner.
The only difference between the money remitter as Western Union and Ripple is that Ripple network’s two agents needn’t trust to complete a transaction. Ripple protocol allows the two agents the leverage of finding a third party that trusts both agents for completion of the transaction. And the third party does not have to be a single entity but many entities. The protocol looks for and completes the transaction by establishing a chain of trust as it searches the entire decentralized protocol.
And anything with an assigned value can be transferred, including physical assets like commodities. There is no limit on the type of things that can be transferred, as long as both parties agree.
Ethereum or Bitcoin – Why not?
The current cryptocurrencies do not only charge more fees but also are much slower in speed in making transactions as compared to XRP, including Bitcoin and Ethereum. They can take an entire day at times to conclude the transactions.
Another questionable aspect is the scalability issue that these cryptocurrencies are not prepared for, including microtransactions as the networks get congested. Ripple, amongst a few other crypto coins, comes into play here. Ripple is the only blockchain enterprise solution to make payments globally. It has been created on an open-source distributed internet protocol and decentralized consensus ledger operational only by Ripple. It uses RippleNet, a decentralized network that can help connect banks to exchange digital assets and provides a smooth experience to transfer funds across the globe.
Conclusion
Ripple is a revolutionary cryptocurrency that uses blockchain technology in the real market. It is capable of processing instantaneous transactions of money transfers cross-border electronically. The transactions are secure and instantaneous that Ripple conducts through xRapid and XRP token, satisfying the customers’ requirements to send money overseas. It surpasses the traditional wire transfer that takes a long time and costs a lot. Ripple is becoming popular, with major banks preferring blockchain technology’s cost-efficient electronic fund transfers in real-time. Ripple aims to solve the real-life problem of unreliable, expensive, slow money transfers currently in use. Ripple is not limited to just money transfers. One can transfer any physical commodity of value that has been agreed on by both parties. Ripple establishes a chain of trust from its entire decentralized protocol of the third party to complete a transaction between two parties. Ripple is head and shoulders above other cryptocurrencies like Bitcoin and Ethereum, as they cost much more for a single transaction and are much slower in completing a transaction, which can take up an entire day. If you want to know more about Ripple and it’s price stay tuned with us.
