Ripple (XRP) Moving Value without Central Counter Party Lot of Work Happening on LedgerAugust 22, 2020
Asheesh Birla expressed that all in all, it is an interesting time to be in crypto (when is it not though?). It feels like the potential we saw early on to leverage blockchain and rethink how to move value without a central counterparty, which is on the precipice of something extraordinary.
He further stated, blockchain isn’t just a technology with potential, it’s actually being used. He stated that for Ripple, the On-Demand Liquidity (ODL) product, which uses XRP as a bridge currency accounts for nearly a fifth of all transactions on RippleNet.
Birla spoke about how there is one common denominator here, which is likely global uncertainty with fiat currencies, and several of them in the crypto industry focus on utility, and beyond just speculation. He pointed to examples like Dodgecoin aside, and stated that there’s a new, growing focus on an asset’s use case, which is its tangibility.
Further stated that there is a melding of the old world and new. It’s only a matter of time before banks offer custody services, acquire companies with those capabilities, and potentially even offer crypto lending as they see consumer interest in DeFi.
Birla further stated that stablecoins, particularly the dollar-backed is yet another fascinating use case. Their success to date is mainly due to a unique go-to-market strategy which enables global consumers to access the USD without a bank account using Tether.
Emi Yoshikawa stated that the role of #XRP as a bridge asset in international settlement is not competing with stablecoins or CBDCs, but on the contrary, are complementary.
Asheesh Birla pointed to how centralized crypto exchanges @coinbase, @binance, etc. provide for both fiat on and off ramps + most crypto liquidity over the last few years. Now, decentralized exchanges (DEXs) with no central operator are gaining momentum. And also on how Fiat on and off ramps are provided by stablecoins.
Sydney Ifergan, the crypto expert tweeted: “Ripple (XRP) doing lot for ethical uses of blockchain and digital assets. They have reduced operating costs for financial institutions greatly. Investors waiting to see a price increase.”
Ripple (XRP) Stefan Thomas
Stefan Thomas recently expressed, that it was fun stroll down memory lane talking about his work on bitcoin, XRP ledger, and Interledger with Joel Katz and recommended the Xpring Blockstars interview for anyone who wants to take a peek behind the scenes of blockchain development.
Ripple recommended that developers who are looking for faster, scalable and more efficient payment processing would want to check in to the introduction of XRP ledger v1.6 with proposed changes to the XRP Ledger’s consensus mechanism; hardening of validator server monitoring and notifications; compressed server bandwidth; and numerous bug fixes and optimizations.