The third largest cryptocurrency by market capitalization: XRP was started as an idea by its team, elaborating on what is one of the main problems that the financial side of the globe manages. Looking at the regions and countries as they are today, there are excellent ways to transfer money to the interior of the place. However, there is no real international or cross-border platform that is very fast and efficient.
Ripple's XRP Comencing
As evidenced by Daniel Aranda – the CEO of xSprings during the MJAC Summit of CryptoCompare, which during the brain -storming on the subject should be taken first by hand the team came to the conclusion that the architecture of the financial sector is mainly made up of banks. Furthermore, a decentralized platform would be of great help for the transnational transaction ecosystem.
"While we were thinking about different use cases … around payments … the highest point of friction and pain we encountered was cross-border, so if you think here in the UK, you have services like Faster Payments Service, CHAPS and BACS, RTGS of the Bank of England, you have excellent payment systems that already exist at national or regional level … so there is SEPA also in the EU … but since there is a global central bank, you do not have a global consolidated payment system … you have levels that could simulate it, things like Visa and MasterCard or even SWIFT as a messaging service … And we thought that an architecture decentralized, blockchain technology and these public records could really help to interact with many of these different systems.Thus, with this thesis in mind, we have just started looking at the markets [to see] which would be the first users, who is the first customer just to concentrate the work. "
Bearing this in mind, Aranda continued: " So our software solutions, our business solutions, are now being sold to about 120 financial institutions worldwide. "
When the token has made its debut in the crypto-verse and with all its developments over the years, has achieved very impressive statistics for a digital currency.The speed of Bitcoin and many others can not even approach its confirmation time that is of about 3.0 seconds and the cost of a transaction of 0.1 cents
Although many criticize the blockchain to be centralized, less of the nodes are managed by the Ripple company of San Francisco compared to the Remaining 52% As noted by the Ripple Labs CTO David Schwartz, Bitcoin and Ethereum are considered to be very decentralized with the PoW protocol and the idea is really good to start the project. unions can control the network and the system.
The XRP register uses a consent protocol that is based on the majority of validators to record and verify transactions without incentivizing a part (this is one of the main reasons why I started working on XRP Ledger more than six years ago) . Validators are different from miners because they are not paid when ordering and validating transactions.
Returning to Mr. Aranda and how he took the time during the Summit to talk about the Internet of Value that the team behind XRP and the other solution that the company offers is trying to reach. He added that it is very similar to the Internet today that transfers data packets, in the case of IoV the money / value will be managed around.
- "We think that a lot of valuable Internet will work the same way, where you" the fact that the servers, as validators and miners, are actually able to communicate with each other, and are really confirming the kind of movement and value creation and money. "