Recently, in a webinar, Ripple's Chief Market Strategist, Cory Johnson, sat down to talk XRP and how their cross-border payments affect the rest of the sector. Their ability to destroy this space, along with how they succeeded in being one of the less affected by the fall of the cryptographic market, kept them afloat. During the webinar, Johnson has covered many important topics, including how the rest of the world is adapting to its use and what it thinks of the SWIFT system.
The first topic of interest concerned the qualities that make XRP strong, and Johnson commented that "moving it beyond the boundaries" where this value lies. It is an excellent example of the digital resources that reside on the blockchain, which helps to maintain the authenticity and security of transactions. He added: "The World Bank has stated that the average cost of remittances has been all-time history or low for humanity at 6.94% .The average company has a net profit margin of about 7%, but the cost of transferring money across borders is around 7%, which means that the average business has no business to be global ".
The current system has a transactional error rate of around 6%, which Johnson has compared to a loss of one hour per day in electricity. With the cost of the system and the delay of up to five days for each transaction, it simply does not meet the needs of the public at this time. Johnson went on to talk about the incumbent system they are doing finishing up, defining the "SWIFT Global Payments Initiative" project. The implementation of this initiative will help reduce costs and improve speed.
This update to Brad Garlinghouse, CEO of Ripple, is very similar to the addition of a Ferrari shell to a Ford Model-T. He said, "Swift GPI is like putting a Ferrari shell on a Model-T engine, it's a cosmetic update on old infrastructures: messaging is not yet tied to liquidation, it's unidirectional and can not solve for liquidity".
Bringing attention to the way XRP Benefits for the industry, Johnson also talked about how digital resources will play an important role, although Bitcoin has more disadvantages to consider. When the focus shifted to the customers that Ripple offers, he said: "Many of them use XRP to cross-border transactions to reduce costs from 40 basis points to 4 basis points and from 4 days to 2 minutes. This can only be done using these digital resources or cryptocurrencies. "
For Johnson, the value of Bitcoin is a mystery and its technology, poor. However, the public must be the one that determines the real value of digital resources. He observed, "Prove it, it will develop a fundamental value.What value should you discover by yourself.I think you know that Bitcoin does not work very well.We have planned the company for us all that long ago."
John believes that industry investors are starting to see that Bitcoin is not an effective cryptographic asset, comparing it to the benefits and features of XRP. XRP is able to recover itself every year, and is used more frequently than Bitcoin, which could be based on its transaction value on Ledger.
Speaking of Ripple's relationship with XRP, Johnson clarified the nature for the listeners, saying: "XRP is a cryptocurrency or digital resource created before the creation of my company.Our company owns 60% of the XRP, but there There are many other companies that use XRP and it is not unique to our company. "