Posted on

Here’s Why Ripple (XRP) Is Perfect for the Unbanked

Ripple XRP

One of the primary reasons for
creating Bitcoin is to reach people in the unbanked and under-banked areas.
However, one cryptocurrency that is achieving that goal is XRP, with its
cross-border remittance practically available in all parts of the world.

XRP Helping Drive Crypto Adoption

Ripple and its cryptocurrency, XRP,
have been at the forefront of cryptocurrency adoption to the unbanked and
under-banked regions of the world. Ripple continues to release solutions that
help banks and other financial institutions carry out faster and cheaper
cross-border payments.

Roel Wolfert, a Managing Partner at
VGRIP, says 
By slashing cross-border
remittance times to minutes, #blockchain-enabled services are attracting users
who typically aren’t banked.”
He made this statement in a blog post about
the contribution of blockchain technology in the Middle Eastern financial
landscape.

The adoption of Ripple and XRP by
payment service providers in various parts of the globe is an important reason
why cryptocurrencies are getting more attention. A few hours ago, Wietse Wind,
an XRPTipBot developer, announced that Google and Apple App Stores accepted their
XRPayments app.

According to his tweet,

 “Right
on time!
🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get
the app now from the Apple iOS or Google Play store, and start accepting $XRP
for payments in your physical store! Visit https://setup.xrpay.com to download
and activate the app

In addition, Wind says that the app converts the funds, so
it gives the recipient the exchange rate for their currency. “It doesn’t handle actual currency
conversion: it’s XRP to XRP payments
,” he added.

Financial Entities Push Ripple Adoption

Ripple collaborating with several
financial bodies across the world, and they are helping drive adoption. In the
first instance, the partnership between Ripple and crypto exchanges, Bitstamp,
Coins.ph, and Bitso is crucial to XRP adoption. These three all play essential
roles for Ripple. Bitso carries out crypto transfers between Mexico and the US.
Likewise, Coins.ph serves a similar function between the US and the
Philippines. Meanwhile, Bitstamp is in charge of USD conversion using xRapid.

Another product of Ripple that is
helping drive adoption is the InterLedger Protocol. The ILP is an open protocol
suite designed for sending payments across several ledgers. Consequently, the
ILP will usher in the age of the internet of value (IoV) as it will close the
bridge between fiat and crypto and allowing fast, efficient, and interoperable
exchange to take place.

The interoperability nature of the
ILP is crucial since it has the potential to speed up adoption of XRP and other
cryptocurrencies across the globe. For example, a demo transaction was carried out using the ILP and
funds were transferred from XRP to ETH within seconds. However, the general
opinion is that Ripple’s ILP is the technology to help the internet of value
arrive and thrive in the financial landscape.

While XRP micropayments are possible
via Twitter and Reddit, XRPTipBot launching a similar service on Gmail will
help boost crypto adoption in regions lacking banking services. Google’s
internet mail service is the most widely used in the world, and allowing users
to send funds via the platform will play a significant role in pushing
cryptocurrency adoption.

The XRP community is working to
ensure that Skype integrates the service. While it might not be new, Skype
allowing XRP transfers via its platform will help boost the chances of crypto
adoption. In general, Ripple and XRP’s innovations are helping crypto adoption,
allowing people in unbanked areas to carry out fast and cheap transactions.

The post Here’s Why Ripple (XRP) Is Perfect for the Unbanked appeared first on Ethereum World News.

Posted on

Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive

Ripple

The Internet of Value (IoV) needs
interoperability in order to thrive. As such, open standards like Ripple’s InterLedger
Protocol could help it achieve just that.

InterLedger Protocol and Interoperability

InterLedger Protocol (ILP) was designed to solve a pressing
issue in the blockchain space; the ability of a decentralized app to purchase
resources without being restricted to a particular blockchain network. The InterLedger
Protocol aims at creating a universal network for sending value, and it would
be independent of any company or currency.

The network is composed of
independent operators that serve as decentralized exchanges. The protocol makes
it possible for users to carry out transactions natively on any blockchain of
their choice, without having to transfer their assets to a centralized platform
or a specific network for trading. With InterLedger, users can be able to send
BTC, and the recipient would automatically receive XRP or any other
cryptocurrency of their choice.

It is no brainer that for the
internet of value to achieve its primary objective and thrive, it will need interoperability ,and InterLedger Protocol just does that. The protocol is
beneficial because it helps users connect to any network or payment system in
the world without having to switch from their current networks or change the
ways the systems work.

Read: Ripple Expands Partnership With
Bill & Melinda Gates Foundation

The technology has been used to carry
out transactions by the Bank of England while the Bill & Melinda Gates
Foundation used it to power new open-source software MojaLoop. The InterLedger Protocol helped this software connect to
various payment systems and help people in the underbanked and unbanked areas
of the world have access to financial services.

Ripple’s ILP Could Help the Internet of Value Thrive

No doubt, Ripple is one of the
leading and most creative payment systems. In June 2017, the company
open-sourced the first BTC plugin for its ILP, which would help users carry out transactions across
multiple ledgers, not just the XRP ledger.

Also Read: How InterLedger Plans on
Connecting All Blockchains Belonging to XRP, ETH, BTC and More

Following the activation of the
plug-in on its ILP, Ripple proceeded to carry out a single transaction on seven
different ledgers. This singular transaction passed through private
blockchains, public networks, a traditional payment channel, and a centralized
ledger. While transactions might not pass through so many ledgers, Ripple
insisted that the test was carried out to show that their ILP can work
excellently with distributed ledgers.

Back then, Ripple CTO Stefan Thomas gave
his opinion saying “that’s where the
future is going. We think that in the future all different ledgers will be tied
together and transactions will be very seamless. So, we want to make sure that
our customers are going to be set up for success in that world.”

Ripple has banking applications that
rely on XRP, and with the interoperability feature of its ILP, the crypto
company would play a crucial role in the advent and growth of the internet of
value over the coming year. A Twitter user, seems to agree with this fact, as
he believes that money would move fast with Ripple ILP.

Ripple’s technologies are getting
adopted by banks and financial institutions all over the world, and with this
vast network at its disposal, Ripple is best placed to lead the advent of the
internet of value.

Gradually, ILP as part of Ripple’s
software, will become the standard protocol for connecting banks’ cash ledgers.
It will be an exciting journey towards that end.

The post Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive appeared first on Ethereum World News.