Ripple (XRP) is one of the fastest growing cryptocurrency platform that is designed to enable fast payment settlement across the globe. Already many money remittance services providers have teamed up with the crypto-outfit to tap in its future potential in the financial sectors. Some of the Big names include but not limited to American Express, MoneyGram, Western Union and Santander.
Ripple has had a chance to go out fishing again and articulate their Internet of value future plans at the MoneyConf 2018. This is a huge meet-up where FinTech companies and enthusiast are able to showcase what they have in store for their consumers and strategic partners as well. Here are some of the issues David Schwartz the chief cryptographer at Ripple tackled in CNN interview with Ivana Kottasova
Ripple Internet of Value
The internet has increased knowledge to the masses and the Internet of Value is set to enrich the money transfer industry. According to David Schwartz Ripple is sorting the issues of liquidity in the digital money markets and this is spilling over to the fiat strongholds.
With the Internet of value he argues that machines could not talk to each other in the past but thanks to the Ripple range of software, it is now possible to transfer value across system within a very short time. The beauty of the technology is you can transfer money to a company in South Africa and make the payment to micro-level.
To achieve ease of transferring money, the system creates value silos across several digital coins and adds David:
“ The internet of value is achieved through breaking down the system into silos and this works these same way the internet did with information sharing…it )Ripple) makes money to flow easily just like information online..”
On his vision for the internet of value, David says:
“My simplest vision is that you can pay somebody through a universal payment address just like an email and it does not matter whether they are using PayPal or a bank or a digital coin like Bitcoin or a mobile payment system. The money would find and a path to flow to the other end.”
Bitcoin failed because it was designed as a store of value and Ripple came about to correct the short fall. The internet of value is set to change how payments are done across the borders. It will make money flow seamlessly using different platforms and forms.
Ripple Micro- Payments
On Ripple ability to make payments to the micro-level, David argues that this is a demand from the masses and simplifies the entire process whilst cushioning volatility. It is one of the best ways to connect machines with the real people. He adds that demand and price change during shipping can be easily cushioned given the amount of XRP in circulation.
All the transactions come with the privacy that finances deserve and that is where regulators come in to ensure all players in the market know their customers and the system, no hack exposure whiles given the industry the interoperability it deserves.
The audience sought to know the internet of value use case and daily scenarios and he was quick to say:
One of them is we think we can win on a level playing field. XRP is faster, and cheaper, and perfectly positioned for the use case. And I think the other reason is almost more important – that this is not a winner-take-all. I don’t think anybody thinks there’s going to be one asset that will take over the world; there is going to be lots and lots of assets. And ALL of those assets are more valuable IF they can inter-operate.
With the internet of value, the vision is to see machines pay each other and solves some common problems that people face in their daily lives. To David, the future of money payments is going to be seamless, and cheap to a level of being invisible.