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Techonomy 2018, an annual conference on thinking leadership on the acceleration of technology and how it is changing business, hosted a interview with Ripple's Chief Market Strategist, Cory Johnson. He shared insights on blockchain technology and how RippleNet is using XRP to power a new level of Internet payment.
How ripple is improving cross-border transactions
Johnson stressed the tribulations of sending money across borders. He explained how the global financial system is slow, inefficient and expensive to move money across borders and how there is not a level of Internet payment.
That is the question Ripple aims to solve.
In an attempt to describe the way Ripple is solving this problem with XRPJohnson provided an example of sending money internationally through Ripple's xRapid system.
By sending money from Thailand to the US as an example, xRapid can convert the Thai Baht into XRP and send it digitally to the US via the Ripple network and then convert the XRP to USD – all in a few minutes.
As Johnson said:
So, the state of the art is that a financial institution says to the other financial institution: "We want to move $ 1,000 into Thai baht in the United States right now. It will result in" X "of dollars. Are you strong with that? click Yes. "Boom. Within a minute or two it's done … Our idea is that there is no Internet payment level. We are creating a separate Internet. RippleNet is the phrase we use.
Ripple, "the most advanced company in the whole blockchain"
When asked about crypto and the blockchain industry as a whole, Johnson said he believes companies will end up using the technology in the future – and that by now, Ripple is the first-ranked.
It's early, but I think we're probably the most advanced society in the whole blockchain. We have over 100 paying customers. We have moved over one billion dollars through our network. We are opening new corridors. I joined the company nine months ago – the company was making a deal every six weeks. Now it's about every six days.
Johnson also expressed positivity on the future of blockchain and cryptocurrency:
I think there will be many companies that use blockchain and also use digital resources, cryptocurrency, whatever you want to call, for technological solutions. It's only the first few days.
The XRP price remains stable
Despite the recent market downturn, the price of the XRP remained fairly stable compared to the rest of the market.
While Bitcoin (BTC) is down 20% and Ethereum (ETH) is down 27%, XRP is only down 15% from the market crash on 18 November. Moreover, not only has the capitalization of XRP exceeded that of Ethereum, it has remained in second place for quite some time.
Crypto enthusiasts and XRP hodlers are watching Ripple's developments as the crypt continues to do titles and generate new interests.
However, only time will tell if XRP continues to resist other major crypts in this bear market.
