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Ripple, the company that created XRP, was one of the big leader companies in terms of blockchain-based product development. The products are focused on providing solutions to the numerous financial institutions that struggle with the shortcomings of the current system. Among the problems that banks face is the speed of processing transactions. Ripple's technology aims to tackle this problem, and that's where XRP comes in.
Ripple like The Game-Changer
Ripple customers, in particular the RippleNet banks, use XRP as the base currency for transferring funds. However, Ripple made it clear that the company and the cryptocurrency are two separate entities. In fact, as stated by the Chief Market Strategist of the company Cory Johnson, XRP can survive perfectly without Ripple. Cory was talking in a recent interview on the Fintech Focus Podcast.
In the interview, Cory Johnson had some very important facts to convey. First of all, he expressed his dissatisfaction with traditional systems. How come people can share memes, documents and even emojis so quickly and easily, but they can not do the same with the money? He noted that these problems are the main problems that Ripple wants to solve for the world. With Ripple technology, people can send money as quickly as they can send and receive text messages.
XRP Vs Bitcoin and SWIFT
Cory Johnson did not cheat his words in proclaiming XRP as comparable to a more advanced version of Bitcoin. XRP is very similar to Bitcoin, but it is faster, its network is more scalable and its transaction fees are negligible. In its same conjugate expression, Cory called XRP "Bitcoin 2.0". In a recent tweet, Cory even challenged Bitcoin's alleged carbon emissions in mining operations and its massive power consumption. Since there is no XRP mining, encryption excels better than Bitcoin in this sense.
However, Cory does not really see XRP compete with Bitcoin. He sees it as a new money transfer system that fights against SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a system that Johnson claims to have failed in its mission to provide fast and reliable money transfer services.
Ripple is gaining ground
Since Ripple has partnered with banks and uses XRP as the base currency, there is a problem with regulatory policies. For one, Cory Johnson is not happy with the slow way authorities face the challenges of the cryptic world. In his view, the authorities must be more active and quick in rationalizing the sector and imposing a more legitimate and secure crypt environment. He cited scams, money laundering and criminal activities as some of the serious issues affecting the industry.
However, Cory noted that Ripple's strategic partnership with financial institutions has put in place concrete procedures to ensure adherence to regulatory policies. Some of these include clear protocols in customer verification and safeguards that prevent recycling and other criminal activities within the network.
