XRP is the digital currency on the market that continues to attract attention. After Uber, Airbnb, Palantir, and WeWork, Ripple is now one of the most valuable startups in the United States because of its XRP holdings. XRP, like other digital assets, is fraught with ambiguity, mystery, and speculation. So, here are five things you should know about XRP to clear the air.
1- The most scalable digital asset is XRP.
XRP is the most scalable and fastest digital asset. It is suited for institutional and corporate use due to its five-year track record of dependable technology and governance. All ledgers have closed without a hitch since the company’s start. Furthermore, the XRP ledger can scale to accommodate the same throughput as Visa and can handle 1,500 transactions per second, 24 hours a day, seven days a week.
XRP is the finest digital asset for payments, enabling the Internet of Value. While other digital assets have struggled to create a clear use case, XRP is the strongest digital asset for payments.
2- It serves as a link between fiat and non-fiat currencies.
Some digital assets, such as Bitcoin, are designed to take the role of government-backed currencies. XRP is a cryptocurrency that interacts with fiat currencies on more than ten digital exchanges to allow people to transfer money across borders swiftly and easily. A Mexican company, for example, that wishes to pay a Korean supplier today must either pre-fund an account in Korea or use a foreign exchange provider such as a bank. Both approaches are costly and time-consuming. The company’s Mexican bank or local payment provider can make the payment promptly and on-demand using XRP. With no account pre-funding and no foreign exchange fees, XRP allows for a quicker and more cost-effective settlement.
3- It’s part of a larger network solution aimed at facilitating cross-border payments.
Ripple is dedicated to resolving cross-border payment challenges and establishing an Internet of Value in which we can move money as quickly as we can trade information. Our proposal is developing a single payment standard and utilizing XRP as the digital asset that will connect currently disparate ledgers and blockchains.
4- XRP scales more quickly than Bitcoin.
Bitcoin can handle up to seven transactions per second, with each transaction taking over two hours to complete. When compared to a standard payment provider like Visa, which processes 2,000 transactions per second on average, it’s clear that Bitcoin lacks the scalability required to meet ordinary client needs.
5- It’s safe.
XRP transactions take place and are recorded on the XRP Ledger. It is an open-source code base that is backed by a community of trustworthy validators as well as a team of full-time developers who work on the ledger on a daily basis. We’ve been decentralising the XRP Ledger since day one to make it more durable and resistant to a single point of failure, and we’re still doing so.