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The beauty of social media is that you get brilliant ideas from fans of our favorite digital resources. In this case, the Twitter user @WillyWonkaXRP highlighted a summary plan of how the Ripple company intended to make XRP and other outstanding Ripple products in 2017. Although the Ripple game plan has more than a year, the basic concepts are still present and can be seen in the way the company is conducting its current business. The tweet can be seen below:
Here's how the adoption of #XRP happens! 💰💰💰 #Retweet #XRPCommunity #Fintech #Crypto #Ripple #Blockchain #BitCoin #BTC #Forbes [19659011] #Economics #CNBC #Trump #IMF #WTO #Treasury pic.twitter.com/Exd5I63EY8
– Willy Wonka (@WillyWonkaXRP) 6 August 2018
Realization of further investigation @WillyWonkaXRP referred to a post by David Schwartz (Ripple CTO) of 27 April 2017 in a discussion on XRPchat.com. Mr. Schwartz said the following about how the Ripple and XRP products will become mainstream and will be used by banks:
The shortened model is this:
1) Ripple causes banks to use its payment technology.
2) Banks integrate the Ripple payment system into their system.
3) This helps to eliminate all technical barriers to banks that route payments through a cryptocurrency. (Regulation, compliance, company rules, integration effort, etc.)
4) Banks use the system to offset payments between them, probably using mainly ILP. (ILP is a protocol that allows atomic payments and cross-payments.) Above all, it allows a "connector" to facilitate payment even if that connector is not trusted by the sender, recipient or financial institutions of origin and destination.)
5) Ripple tries to make XRP the premium connector by addressing inefficient corridors.
6) If XRP can efficiently fill X% of payments between banks using Ripple, it will do so.
7) Will increase the demand for XRP as connectors requires XRP to buy the target currency for their transactions.
8) If XRP is cheap to trade with other currencies, people who do not know which currency they will need will be able to keep XRP. [19659021] 9) If XRP is cheap to trade with other currencies, people willing to buy any currency they can get cheap may hold XRP.
10) This can lead to a cycle of increasing demand.
Ripple may or may not be successful The Ripple strategy may change. But this is Ripple's plan, in short.
Or, even shorter, build a massive level playing field in which resources can compete to make payments, then try to make XRP a winner on that field.
ambitious plan, maybe even crazy. But Ripple has raised tens of millions of dollars, has over a hundred full-time employees, and our achievements to date speak for themselves. It certainly is not a guarantee of success.
As previously stated, the Ripple game plan may have changed over time due to emerging technologies and other blockchain projects. There are also pending cases and the SEC scrutiny that perhaps led the company to look globally to expand its reach. Ripple has since opened offices in Mumbai, India, and SBI Holdings expanding its XRP visibility through its VCTRADE encryption platform.
Disclaimer: this article is not intended to give financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.
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