Ripple’s foray into the world of banking has been marked with several developments and strides that have been demonstrated in the form of products like xVia, xRapid, and xCurrent. In a recent interview, the officials at the San Francisco based cryptocurrency company have revealed a clear picture as to what they want to achieve: taking a cryptocurrency such as XRP into the realm of mainstream banking.
Speaking to Cointelegraph, David Schwartz, the Chief Technology Officer [CTO] at Ripple, elucidated on the XRP ledger and its features. The technology visionary stated that the predominant feature of the XRP ledger was its complete decentralization as no individual or organization controlled it. Schwartz went on to add that every participant on the network enforces every single rule and the system is governed by all of its participants, thereby democratizing the network.
Schwartz was frank enough to admit that concept of Proof of Work [PoW] has kind of hit a dead but that has still not hampered the developments on the XRP ledger. He stated:
“It’s produced actually increasing centralization in systems based on it There’s a lot of work to improve the decentralization and improve the robustness of systems based on distributed agreement protocols.”
The CTO went on to say that the contributors on the Ledger have paved the way for more developments to occur, a phenomenon that he expects to continue for a long time.
The interview also included Cory Johnson, the Chief Marketing Strategist at Ripple, who has been at the forefront of a lot of Ripple events and announcements. Johnson gave his two cents on the ‘Ripple philosophy’, a methodical move to take Ripple and its products mainstream. He stated:
“We’re making software for banks to lower their costs of doing business, or you can think about all of the businesses we’re gonna enable. You can think about all the people who, you know, work hard to send money home to their families, only to give it up mostly in fees to banks? When it comes to moving money across borders, we’ve been pretty focused on just that for some time now. And I think it’s given us a head start.”
Johnson’s comments on cross-border transactions come in the wake of Ripple’s commercial release of xRapid, a software that is aimed to make cross-border transactions much faster than what it is right now. The technology had created news earlier this week when MoneyMatch, a Fintech startup announced that they had used xRapid to send money from Malaysia to Spain. Adrian Yap, the CEO of MoneyMatch stated:
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”
This development was a reflection of Cory Johnson’s words when he had pointed out that the main problem with money right now was not moving it from New York to London but rather moving it from Thai Baht to South African Rand.
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