Can the XRP currency be a catalyst for the cross-border banking system?

  Ripple Vs Banks "title =" Ripple Vs Banks "/> </div>
<p><strong>  During its establishment, Ripple (XRP) was intended to provide a cross-border platform that facilitates seamless, rapid transfer of funds and reliable </strong> Coins are now ranked third among the cryptocurrencies with the highest market capitalization </p>
<p>  The financial industry is currently dominated by banks: despite the high prevalence of payment processing, it is still a challenge to send funds internationally.The developers of the Ripple blockchain network have found that decentralization is the solution to the transnational threat of transactions: that's how XRP was born. </p>
<h2>  XRP and Ripplenet [19659005] When the currency debuted in the cryptographic space, it achieved several significant milestones, for example, its time of processing the noticeably short blocks of 3.0 seconds is far above the 10-minute Bitcoin. In addition, it has an accessible transaction cost of 0.1 cents per process, which is a lower value than other major digital currencies. </p>
<p>  As of now, making an international transfer of funds through conventional banks is expensive and time-consuming. This experience causes enormous inconvenience to both individual and corporate investors, especially in today's world characterized by large volumes of commercial transactions. As a solution to this problem, Ripple has developed the Ripplenet platform, a solution that seeks to simplify global payments for small and medium-sized businesses. </p>
<p>  In particular, Ripplenet increases transaction speed, eases expenses and makes global payments reliable. In addition, this platform has a number of distinctive features, including the drag-and-drop functionality that allows users to easily integrate their invoices into the system. Therefore, small businesses that make use of these services are guaranteed by a rapid cross-border payment processor that charges minimum transaction fees. As for the World Bank, the total volume of remittance payments will reach the mark of $ 500 million this year, with an improvement of 3.5% compared to last year's performance </p>
<h2>  Concerns of centralization </h2>
<p>  However , the XRP blockchain is often criticized for being centralized. As for Ripple Labs CEO David Schwartz, most nodes are not controlled by the San Francisco headquarters. David defended his operating mechanism by stating that the much-favored work consensus algorithm is perceived as decentralized, but ultimately provides control to select miners. </p>
<p>  Instead, the XRP blockchain uses a consent protocol that depends on the majority of verifiers to record and authenticate transactions without encouraging a specific group. In this case, the validators are not paid to authenticate the transactions. </p>
<p>  It is worth noting that the Ripple Company has numerous blockchain-related products, including Ripplenet, xRapid and xCurrent, all of which have specific purposes. Furthermore, the majority of XRPs are held by the developers of the blockchain, which means they can leave or enter the market at will. This property also implies that they have a substantial influence on the prices of XRP. </p>
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