Ripple’s on-demand liquidity tool is often touted as a way for users to send fast, low-cost payments, without having to pre-fund a destination account. According to a prominent Ripple executive, the on-demand liquidity tool offers a “huge value proposition” in terms of remittance.
In the latest episode of “The Ripple Drop,” Kevin Mole, Vice President of Product Marketing at Ripple, spoke about the on-demand liquidity tool that is offered by xRapid to make transactions cheaper for enterprise users.
“I think there is really two main reasons- speed and low-cost. Because XRP settles every 3 to 5 seconds. The ability to do cross-border settlements instead of 2 or 3 days in just 2 or 3 seconds end to end is a huge value proposition”
According to Mole, the existing traditional banking network is so slow that in order to deliver a fast experience, customers have to infuse funds to the recipient accounts or the destination. Users sometimes store cash in those accounts for days which, according to the Vice President, is a highly inefficient and poor use of money.
On-demand liquidity conducts payments via XRP from one country to another and enables instant payment execution. Mexico and the Philippines are the two countries where the on-demand liquidity service is currently available.
According to Mole, the two countries are very large “receive-side” countries and have high demand in terms of cross-border payment settlements. He further revealed that around $31 billion of remittances goes into Mexico, while Philippines receives $33 billion primarily from the US, Europe and some parts of Asia “to cover basic necessities like food, rent, school fees, for their children.”
Cross-border flow is of “high-impact,” he added. Mole further disclosed that the aforementioned remittance corridor is the first and the team will be opening several others over the year.
A Twitter user, @XRPcryptowolf, commented,
“This is just a few of the many reasons why #XRP will become the global bridge digital asset of the world. On-demand liquidity solves so many problems across the world”
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Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.
An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.
The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.
Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”
Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.
To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.
The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,
“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”
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