How Ripple (XRP) Is Creating An Interesting Internet Of Value
It’s often hard to pinpoint a use value for XRP outside of it’s interaction with xRapid and Ripple technologies, however after Chris Larsen, the Co-Founder of Ripple has spoken out at CFCon USA 2018, it seems to actually, the future for XRP is one that will see the production of a new Internet of Value, or IoV.
Larsen believes that XRP is set to be the next big thing and will spearhead a blockchain revolution, a sentiment understood by many investors worldwide. XRP has great promise, therefore it’s expected that Ripple executives are ultra optimistic about the product when talking to the press. Overall, the future of the world is one that incorporates cryptocurrency, there’s simply no avoiding that. Larsen believes that in order for true globalization and one, unified community to develop, traditional money needs to be abolished in order to make way for a revolution, one that could well be led by XRP.
According to AMBCrypto:
“Larsen believes that the present scenario has to be changed and blockchain technology was a ‘container’ through which globalization can be achieved. According to Larsen, in a broader sense, it was about the creation of ‘Internet of Value,’ and not just blockchains and digital assets. Larsen said that the key requirements for any blockchain to be a part of this new global interoperable ecosystem was to be open source, decentralized, and secure. In addition, he said payment systems need to have a settlement predictability, consistent low cost, have a high throughput, and low energy consumption.”
How does XRP fit into this?
In Larsen’s eyes, for globalization to occur, a cryptocurrency needs to come to the fore that is built upon a live and working payment system, one with high speeds, low cost and low energy consumption. Importantly, that system needs to be predictable. It needs to be familiar and it needs to protect itself from volatility. In order to explain it, Larsen adds some context regarding how XRP indeed fits this bill. Larsen states:
“We are betting XRP ledger and XRP as the digital asset of choice where we are talking about the blockchain component of this internet of value. XRP clearly has, among the majors [cryptocurrencies], the lowest transaction costs. It is the fastest, about three seconds to settle, and it has the highest throughput of the major blockchains.”
How will XRP built an IoV?
An IoV simply put, is an internet that has value itself, transfers value and exists around value. XRP could well become the focal point for this, as a result of its versatility and it’s high speed, low costs etc. However, Larsen takes this one step further and believes that Inter Leger Protocol (ILP) will be the next step in lifting XRP from its current state, into one that does facilitate the building on a true IoV. ILP will address the current systems lack of interoperability and ILP will allow many of the world’s current payments protocols to interlink, obviously joined by XRP.
“It’s a protocol that’s been underway for many many years. It is a completely open protocol, as decentralized as you can possibly get. There’s a group called the ‘W3C’ that is helping with the standard around the protocol. There are almost 300 organizations that are contributors to it. So our bet is that this is going to be a successful interoperability protocol, a key component of this internet of value.”
There’s a very long way to go, but XRP could well spearhead a crypto revolution. Through the building of an IoV, XRP is going to become bigger and better than ever before. The introduction of ILP will play a big part of this. Thank Larsen for his optimism, I think it’s rubbing off on all of us now.