"SWIFT" is the main goal of the Ripple you want to overcome

in #ripple2 years ago

Although the digital currency ecosystem is a very innovative system, there are a few new innovations available. So Ripple came up with a bold plan instead to try to keep investors attracted, as the company itself focuses on being a bridge between the major currencies and digital currencies. The RIP protocol brings the necessary competition with both Bitcoin and Ethereum. Whether or not this is going to happen, Ripple will certainly succeed, and it can not be denied that this company has reached a truly effective point. Replacing solutions such as SWIFT will not be easy, especially when considering how this network works in 200 countries and the support it receives from thousands of financial institutions. But this does not make it perfect, although Ripple has provided a more viable alternative scheme and worked closely with financial service providers to do just that.

Do not dismiss the Ripple easily

One of the most important points for the Ripple is to improve productive transactions. So that the book of accounts can handle 1500 transactions per second with relative ease. That may not seem very much, but on the other hand it will do so at reduced costs and improved speed. This in itself makes it a rival to any established system used by financial institutions around the world today. At the same time, this does not mean that the "XRP" currency will suddenly become the currency of the banks. However, it never hurts to have more choices in organization in this regard.

Technical Officer Stefan Thomas summed up the project as follows:

"The Ripple provides one of the most seamless experiences of global money transfer using the power of plucin. With RippleNet, financial institutions will be able to handle payments from their customers anywhere in the world in a timely, reliable and cost-effective manner as well. All using a single API key."

Although this project will not make the XRP coin outperform Betiquin in the near future, it is still a very interesting concept. On the other hand, using only one API for global payments at lower costs and higher efficiency would bring some much-needed changes to the financial sector. The bright future therefore appears to be coming.