Mr. David Schwartz, Ripples a senior crypto-Grapher, has demonstrated Ripple’s xRapid at a recent event live. He was able to do in just two minutes, a international transaction (if you have ever done such a, you know, that it usually takes three to four days).
Ripple’s price is currently at $0.62. Ripple found herself quite often lately in the news because of their Xpring-Initiative (which is a kind of entrepreneurial incubator), and the success of the xRapid-test-run.
The xRapid Live Demo for international transactions and cross-border payment settlements
The Demo was shown on the Consensus of 2018. In the case of Consensus, it is a Coindesk sponsored conference focused currencies to cryptography and Crypto. A recently posted Video of Mr. Scwartz ‘presentation shows a Demo of the entire transaction is live completed within a short period of time.
Standing room only at @JoelKatz’s live demo of 1st #xRapid payment! #Consensus2018 pic.twitter.com/n9Ezd6WKu6
Ripple (@Ripple) May 14, 2018
xRapid is one of Ripple’s payment systems. It was developed to cross-border transactions in a secure, reliable and fast. It uses the XRP Ledger, payments (including payment receipts) within three minutes.
Ripple is currently the currency of one of the most popular projects in the world of Crypto. It is very successful in the development and cultivation of partnerships that bring their products (xVia, xRapid, xCurrent) in the real world.
It has taken enormous steps in the direction of mass adoption, as more and more banks and financial institutions are realizing that they can save you value time, bureaucracy and money.
It should noted be that Ripple and XRP are the same Ripple, the company behind XRP including XRP also other financial products.
Because these technologies can, however, handle transactions in a variety of crypto – and Fiat currencies, the need to address the user (in this case banks) with XRP in order to use most of the benefits of the technology. The only inevitable connection between the platform and a currency is that transaction fees must be paid with XRP.
The Team of Ripple strives to real services and applications that offer their customers added value and, therefore, the demand for and the value of XRP will increase. The current market capitalization is $ 26 billion.
The first Time that xRapid in the ramp light, was, as it recently completed another test run. It is a Transfer between the United States and Mexico. The transaction was quick (less than three minutes), and it was approximately forty to seventy percent cheaper than a traditional transaction of this kind. This is good news for banks and their customers.
xRapid, Xpring & XRP volatility
The Demonstration should show how Ripple transactions can immensely accelerate. So xRapid works, must be connected to the two banks with the stock exchange. The original currency is first converted to Ripple, then to the receiver and from there sent into the country currency to convert.
This approach makes everything faster and cheaper with international transactions (which are generally slow, expensive and error-prone), and you can even attach Memos to the operation.
Mr. Schwartz demonstrated his product by sending $ 100 to Mexico (1975 MXN). The transaction was from the XRP Ledger ( dt. The main book) and only lasted about two minutes. A huge improvement over the several days that it may take time before such kind of payment is completed.
Mr. Schwartz also went to the recent volatility of XRP. He explained that this user plays for xRapid-no role, since the System can act in a number of other currencies, so that they are not forced to use XRP at all. In other words, you xRapid-user, without ever being an XRP Investor.
All this happened just a few days after the Ripple had announced the Xpring Initiative, which aims to raise funds for promising projects that use the XRP currency and the Blockchain technology of Ripple. Hopefully this will create more applications that find Use in the real world and via the Ripplenet be executed. The step aims to bring diversity and the community of Ripple increase.