It seems that Ripple is emerging itself as a major cryptocurrency in the market and is all set to establish itself as an alternative to SWIFT in Global Payments. One of the major reasons Ripple is wooing investors is that it has established itself as a bridge between the virtual digital currency and fiat currency. The Ripple Transaction Protocol is giving a tough competition to Ethereum and Bitcoin.
However, Ripple now is in tough competition with SWIFT who has a huge payment network working in more than 200 countries and is backed by many well-recognised financial institutions. Ripple will certainly have to stretch and extra mile to exist as an formidable competitor to SWIFT and is said to be working with financial service providers to exactly the same.
Also Read:Ripple Set’s Up New Office in Mumbai, India.
One of the strong points of Ripple is its improved transaction throughput. Currently, the Ripple Ledger is capable to do 1500 transactions per second. Ripple says that it is further working to bring down the transaction costs and improve the transaction speed. This will make Ripple as a potential option or alternative to any entranced systems that are widely used by financial institutions across the globe.
Ripple CTO Stefan Thomas said:
“Ripple provides one frictionless experience to send money globally using the power of blockchain. With RippleNet, financial institutions can process their customers’ payments anywhere in the world, instantly, reliably and cost effectively using just one API.”
The RippleNet is quite an interesting concept from Ripple and is expected to bring some much needed changes within the financial sector. It is obvious that Ripple will not be a go-to-cryptocurrency suddenly replacing the likes of Bitcoin and Ethereum, but if it continues area with plans, the future seems bright for them.
At the time of publishing this article, price of Ripple was $0.20 with a Market Capitalization of $7,786,100,533, standing at Number Three in the list of Top Ten Cryptocurrencies.
Also Read:Ripple Blockchain Technology adopted by Banks in Japan and Thailand
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