Home / Ripple / Ripple and XRP to cancel the obligation of bilateral relations with multi-hop functionality

Ripple and XRP to cancel the obligation of bilateral relations with multi-hop functionality

The Ripple Drop has posted another video in which he discussed his latest updates and explained several aspects of the progress being made in the ecosystem. In the sixth episode of the series, the spotlight was expressed on the multi-hop function and how it was developed to help the ecosystem and outsmart the old ways of transferring money.

Craig DeWitt, Ripple's Director of Product explained the advantages of the multi-hop function. He stated that it facilitates the flexibility of the connection between the parties that do not share a direct bilateral relationship. In his words:

"Multi-hop gives Ripple members the ability to make transactions with banks or payment providers or digital wallets with which they do not have a direct relationship, which is important because in today's world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money.Multi-hop makes that thing of the past. "

Later he talked about multi-hop that allows you to return multiple quotes to the user. He stated that these quotes will have distinct payment routes available to the user. The Ripple official also said that tests have shown that multi-hop is the fastest and most economical way to use xRapid. DeWitt said:

"One of the things multi-hop allows is that more offers are returned to the user, and those quotes will have different payment paths that are available.What we are already seeing in terms of the test we are doing, are the cheapest and fast when they cross xRapid. "

Recently, Ripple announced the launch of multi-hop payments for RippleNet. The launch of Ripple was carried out in collaboration with the Thai bank called Siam Commercial Bank.

Furthermore, the launch of this function was planned to help the Association of Southeast Asian Nations [ASEAN] since the issue of liquidity in the region has emerged on a large scale. Countries that fall into ASEAN will not have to rely heavily on the US dollar to obtain liquidity in their economy.


Subscribe to the AMBCrypto newsletter



Follow us on Telegram | chirping | Facebook




Priyamvada Singh


Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.


Source link