The newest topic in the market is Ripple’s vision of the Internet of Value but not many people are sure of what it actually means for XRP or for the crypto community. The original currency, Bitcoin is what pops up when the word blockchain is heard or when cryptocurrency is mentioned.
Only a part of the community is excited and goes exploring beyond just payments. This will ultimately touch down to what Ripple has had from many years – IoV.
William Mougayar, a Venture capitalist says:
“Blockchain is the second significant overlay on the internet, just as the web was the first layer back in 1990.”
The Internet of Value [IoV]
The whole idea behind IoV is to exchange value as quick as information. Information propagates instantly but a single payment across the border takes 3-5 days to settle with a minimum error rate of 5% and high costs. According to statistics, a total of $180 million international payments is made every year throughout the globe, with a clubbed cost of $1.7 trillion or more.
With IoV, these cross-border payments can happen almost instantly just like sharing any form of media online. Apart from just money, IoV will also enable the exchange of an asset that is valuable to somebody.
Ripple’s team stated:
“This Internet of Value will effectively democratize finance.”
Beyond smartwatches and apps, micropayments and international payments are few of the functional changes that the Internet of Value might bring in the near future. A company cannot single-handedly build the Internet of Value.
Collaborations and partnerships between many entities are very necessary. Ripple is making progress towards this with more than 130 partnerships in their pocket.
Just like waving a smartwatch to pay for a coke from a vending machine or groceries in a checkout line, resorts and cruises providing wearable devices that serve as all-in-one room key, IoV can help and change every person’s lifestyle, automating and digitalizing everything.
There are many illustrations and live use cases of how the IoV can transform and simplify one’s lifestyle as described by Ripple’s team on their official website.
This is what the team had to stay:
“By working together, we can make transactions easier, faster and cheaper, opening up an entirely new universe of possibilities. And by embedding these applications within automobile, wearable and other technology innovations, the Internet of Value might just make a cameo in the next Ridley Scott feature.”
The team believes that this process of standardization will transform and impact the world in a positive way.
Corey Winkler, a Twitterati says:
“Love the vision. Keep up the good work Ripple, I truly believe in this company. XRP will be the standard of the future.”
Gary Winslet, a Ripple enthusiast says:
“Now I’m even more convinced Ripple’s future are micropayments. Banks and FIs yes, yet touching everyone’s daily life, that’s the Ripple future.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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