2017 was a year of Cryptocurrencies. We saw bitcoin racing up to almost 20,000$ and similar 1500+ cryptocurrencies coming into advent with almost every virtual currency serving its own benefit.
Bitcoin beheld its dominance in the crypto market which floated up to 32% in January 2018. With each virtual currency starting operations and coming into the ground, the competition becomes worse for virtual coins to soar high. It becomes unfavorable for them to hit high. Though there are diverse parameters on which price of a currency relies.
A major parameter defining the performance of a virtual currency is its folio. It becomes crucial crafting a robust as well as diverse folio which keeps the currency upright in severe situations. Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks, ripple has a rigid backend.
Scalability: Ripple is capable of performing 1500 Transactions/Second while Etherium and Bitcoin can do 3-15 only.
xRapid: Providing Source Liquidity. xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity. Ripple has partnered with Moneygram (NASDAQ: MGI), one of the world’s largest money transfer companies, to pilot XRP in their payment flows. As part of this agreement, both companies will also explore MoneyGram’s integration into Ripple’s ecosystem through xVia. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity. XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction.
xVia: For sending payments across the globe. xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface. xVia's simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.
Bitcoin beheld its dominance in the crypto market which floated up to 32% in January 2018. With each virtual currency starting operations and coming into the ground, the competition becomes worse for virtual coins to soar high. It becomes unfavorable for them to hit high. Though there are diverse parameters on which price of a currency relies.
A major parameter defining the performance of a virtual currency is its folio. It becomes crucial crafting a robust as well as diverse folio which keeps the currency upright in severe situations. Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks, ripple has a rigid backend.
Here are some major points to consider in technology perspective:
Fast: Ripple claims to settle single transaction within 4 seconds while that of Etherium is 2+ minutes and hours in case of Bitcoin.
Ripple Consensus Algorithm
The Ripple Protocol consensus algorithm (RPCA), is applied every few seconds by all nodes, in order to maintain the correctness and agreement of the network. Once consensus is reached, the current ledger is considered “closed” and becomes the last-closed ledger. Assuming that the consensus algorithm is successful, and that there is no fork in the network, the last-closed ledger maintained by all nodes in the network will be identical.
Ripple Solutions
xCurrent: Processing Payments, Banks use xCurrent in order to process global payments for their customers. xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction. Ripple has already shaken hands with many banks around the globe.xRapid: Providing Source Liquidity. xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity. Ripple has partnered with Moneygram (NASDAQ: MGI), one of the world’s largest money transfer companies, to pilot XRP in their payment flows. As part of this agreement, both companies will also explore MoneyGram’s integration into Ripple’s ecosystem through xVia. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity. XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction.
xVia: For sending payments across the globe. xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface. xVia's simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.
Ripple in the News
Lately in January 2018, Ripple announced tie-ups with a currency exchange firm and a telecom provider company. These companies are told to be using XRP-Ripple's highly volatile currency for their money transfer operation purposes. These firms are IDT Corporation which provides international long distance and payment services. Another company is MercuryFX which offers discount rates on foreign exchange transactions. Both these companies would be implementing xRapid which provides a bridge for rapid transfers and fund settlement.
Ripple's announcements follow recent news that claims a Mexican Bank and money transfer giant Moneygram have already started testing XRP in their operations.
“It’s no secret that XRP is faster and more efficient than bitcoin or any other digital asset. It settles in three seconds and at fractions of a penny,” said Brad Garlinghouse, CEO of Ripple labs in a statement. “Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We’re excited to have them at the forefront of the Internet of Value.”
“It’s no secret that XRP is faster and more efficient than bitcoin or any other digital asset. It settles in three seconds and at fractions of a penny,” said Brad Garlinghouse, CEO of Ripple labs in a statement. “Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience. We’re excited to have them at the forefront of the Internet of Value.”
While Ripple-XRP is relentlessly working harder day by day to digitalize payments and for future of payments and has succeeded in collaborating with many institutions for adding value to its Ledger.