• Crypto influencer BitBoy recently delved into the potential of XRP beyond Ripple’s banking-related initiatives.
• He discussed how RippleNet and XRP Ledger are alternatives to SWIFT for faster and cost-effective cross-border payments.
• BitBoy highlighted applications of XRP beyond banking, such as governance, accounts, tokenization, decentralized finance (DeFi), and NFTs.
Ripple’s Impact on Global Banking
Crypto influencer BitBoy recently raised XRP investors’ hopes by discussing the potential and significance of XRP beyond Ripple’s banking-related initiatives. He noted that since 1973, the SWIFT network has depended on third parties to facilitate clearance and settlement of financial transactions among banks. This intermediary framework often results in delays, inefficiencies, and escalated expenses which can pose significant obstacles for businesses handling trillions of dollars in daily foreign exchange market activities.
Introducing RippleNet & XRP Ledger
In response to these challenges, Ripple developed the RippleNet solution back in 2012 as a cost-effective and faster alternative to SWIFT. The platform offers real-time payments and remittance services along with advanced cross-border payment solutions. On the other hand, there’s the XRP Ledger which uses the XRP crypto for instant cross-border settlements. For the xrpl ledger specifically, Ripple provides tools like Interledger Protocol (ILP) which allows users to send payments across different ledgers on its network without needing any intermediaries or waiting period for validation or funds transfer completion.
XRP Usage Beyond Banking
BitBoy further highlighted various applications of XRP beyond just banking such as governance models like voting systems; digital identity solutions; tokenization; decentralized finance (DeFi); nonfungible tokens (NFTs); smart contracts; asset issuance; data storage; asset trading platforms; gaming platforms; loyalty programs; access control systems; escrow services etc. All these offerings promise more use cases for users who want to leverage blockchain technology within their existing business models or build new ones from scratch.
The Road Ahead
With increasing adoption rates of blockchain technology globally due to its robustness and efficiency advantages over traditional solutions, it is likely that we will see more projects integrating with newer networks like RippleNet & xrpl ledger thereby driving up demand for xrp tokens even further in future times ahead . As a result of this increased usage , investors may gain higher returns than expected if they make long term investments now .
BitBoy’s aim was to redirect attention away from present price performance towards broader aspects related to utility that could bring positive impacts in future times ahead . With increasing number of use cases , it is clear that ripple is much more than just banking which opens up new possibilities for both investors & businesses .