Ripple’s team has consistently set apart the differences in the foundation of Ripple and XRP. With that in mind, both the token and the company have ventured into the cryptocurrency and blockchain sphere.
XRP, the digital asset:
XRP is a digital asset for payments or in simpler words, it is a digital currency that can be traded for various activities across the world or just is bought and sold for profits. To mention, it is the fastest and most scalable asset available in the market currently that enables real-time payments anytime in any part of the world. Just like Bitcoin [BTC], Ethereum [ETH], Verge [XVG], OmiseGo [OMG] and thousands of other currencies, XRP is one such, only faster than them.
The CTO at Ripple, Stefan Thomas had earlier mentioned:
“The main highlight for XRP would be its speed, it is 1000 times faster than Bitcoin in terms of the confirmation time. All advantages for XRP taken together, higher quality hosting, higher quality validators, higher quality transaction processing – a lot cheaper and a lot faster will end up with the fact that XRP is the only digital asset that’s actually ready for enterprise use.”
XRP is built for enterprise use such as banks and payment providers with an open-source technology built on the principle of blockchain with an incrementing set of validators. Various companies have come forward to build their systems on XRP or have adopted XRP as their payment method. Also, XRP is available in more than 50 exchanges across the globe.
Ripple, the company:
Ripple is a company that develops and sells software along with providing solutions to real problems in the digital industry related to payments, cross-border solutions and so on. With more than 100 customers including Santander, American Express, Money Gram, SBI Remit, Axis Bank to name a few, it is a payment settling currency exchange and remittance system intended for banks and other payment networks.
Their Solutions include:
xCurrent – A Rulebook is inclusive of the development of the partnership with the RippleNet Advisory Board to ensure legal clarity and operational consistency for every transaction. It is one of the Ripple’s software solutions that allow banks to instantly settle cross-border payments by allowing end-to-end tracking. They can send messages to each other in real-time for details regarding payment confirmation before initiation of the transaction and to confirm delivery later on.
Dr. Arak Sutivong, Chief Strategy Officer, SCB quotes:
“We are proud to be the first bank in Asia to use Ripple’s leading blockchain network solution to power real-time payments for our customers, whose families oftentimes depend on the availability of these funds for basic needs – time is of the essence to them.”
xRapid – The most recent buzz surrounding Ripple with new pilots and ready to be launched has kept the users waiting for its actual implementation and usage.
xRapid system working
xVia – xVia is for payment providers, corporates, and banks who want to transact across various networks using a standard interface. The API is extremely simple and requires no software installation. It enables users to seamlessly send payments worldwide with transparency into the payment status along with rich information, like invoices, attached. Using xVia, one can tap into RippleNet’s Global Network for payment tracking, capital efficiency, and rich data transfer.
xVia solution illustration
Digital Asset Investor, a Twitterati says:
“#XRP and @Ripple are about to shock the crypto world. Security(laughable) People don’t realize how powerful @Ripple has become. A big surprise inbound.”
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