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What is XRP, and where can I use it?
Let's begin with some facts about the Ripple Network.
The Ripple Network (parent company of the XRP) seeks to revolutionize the way we think about and make transactions on a global network. Ripple’s main customers are banks. Ripple simplifies cross border payment settlement in banks.
Ripple’s global transaction network has attracted the likes of Standard Chartered, American Express, BBVA, and even our very own IndusInd Bank! The global blockchain based payment service mentioned above is more formally known as xRapid.
With xRapid, Ripple claims that the transaction process would be sped up by converting the U.S. dollars into XRP tokens, to then move the money overseas, converting it back into Indian rupees at the other end.
XRP will be used in conjunction with xRapid and will seek to ease the problem of global financial disconnectivity.
Which Indian Banks use Ripple Network?
IndusInd, integrated both xRapid and xCurrent (end-to-end tracking of payments) into their money transaction scheme, most notably making it easier for Indians working abroad to send money back to their families at any of IndusInd’s 1320 branches.
On the more trivial side of things, Ripple’s XRP is a token that cannot be mined and all 100 billion tokens that will ever exist, already do.
Very surprisingly, the White House has taken a sudden likeness to this fact, since this makes XRP completely free of foreign control or influence, unlike other coins like BTC and ETH, where a bulk of the mining takes place in China.
Patrick Griffin, Head of Business Development at Ripple believes that blockchain solutions can provide a much more significant impact to the customers of financial institutions in emerging markets.
Patrick said, “The payments problem is a global problem, but its negative impact disproportionally affects emerging market. Whether it’s an engineer in the U.S. sending money to his family in India, or a small business owner in Brazil trying to move money to their suppliers in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
Facts about XRP
Ripple’s xRapid system also seems to be perfect, it works on settlement speeds of 4 seconds and a transaction fee of only $0.03, compared to BTC’s $1.15!
Ripple, unlike what most people think, is not meant for payments, it is meant to make payments quicker and easier.
Only about 40% of XRP tokens are in circulation, 60% of XRP is held by Ripple themselves, with intentions of having at least 95% in circulation in the coming years.
The future of India's Favorite Coin
The one place where XRP shines brightest is in its value as an investment. With big banks like Standard Chartered already on board, The Ripple Network has already established themselves with the big players in global finance; and as the need for faster, cheaper and more reliable transactions rises, so will the need for services like xRapid.
With the widespread adoption of possibly the most efficient transfer of payments, the demand for the native token, in the future will most likely increase too.
Regardless of the token, the very concept behind xRapid is paving the way financial transparency and a connected global system.