Bitcoin, Crypto currency, Blockchain

Ripple brake XRP expectations: No real-time usage by banks

5bcbddb19ed14147da87b69c311bdebb - Ripple brake XRP expectations: No real-time usage by banks

As reported by Reuters, has said Ripple very cautious about the banks in a timely manner, use the XRP tokens. To explained at the beginning of the year, Brad garlinghouse, the CEO of Ripple, the opposite.

As the chief cryptographer of Ripple, David Schwartz, said in an Interview, is to distinguish between xCurrent and xRapid. While xRapid, which uses the XRP tokens in a Distributed Ledger, xCurrent, an inter-Ledger-log. This Protocol ensures that every participant who uses the System has access to the Distributed Ledger, as is, for example, in the case of Ethereum the case.

Distributed Ledger are immutable databases operated by a computer network rather than a centralized authority. This requirement is not met xCurrent. According to Schwartz, the current, distributed solutions are not scalable and private enough for banks.

David Schwartz said in an Interview:

I have to admit, we are not there yet.

Thus, Schwartz refers to the fact that more than 100 banks, Ripple product xCurrent already actively using or at least only a fractional part of the test, however, the XRP-Token, and the Distributed Ledger. Have spoken according to Schwartz banks to take steps in the direction of the Blockchain, to make processes, such as international payments faster and cheaper. However, the Feedback from the banks is rather reserved.

Marcus Treacher, Senior Vice President for customer success at Ripple, said in an Interview.

We started with a classical Blockchain, which we love. The Feedback from the banks is that you can not put the whole world on a Blockchain.

The controversy surrounding XRP

In the past, we have discussed the “XRP controversy” and the question was raised whether the market currencies, capitalization, currently at about 18 billion Euro, 3rd place of all Crypto for XRP-Token is justified. Finally, one hand use only full Partner of Ripple, the product xRapid and to the XRP-Token, where this is used as a bridge currency. However, xCurrent by over 100 banks and payment service providers is used and tested.

Questionable appears, therefore, whether the XRP Token has a legitimate need and use. If the RippleNet is mainly used with other products and not the XRP tokens, then the question of the necessity of the token.

Even at the beginning of may, great euphoria, as on Github in the Repository “Rippled” to Version 1.0.0 rc1 is “Release Candidate 1” has been set. So, the hope is that the XRP Ledger product is about to officially come on the market and be the Test/Beta stage exit, and thus in a timely manner also of partners to productive use.

The testimony of the Ripple management, that the banks will use in the near future, probably no XRP, for investors will be a bitter shock. Nevertheless, the statement of garling house, that the transactions are in the context of xRapid and by means of the XRP Tokens by 25 per cent, cheaper, and faster, than the other Ripple products. Whether and how quickly the skepticism of the banks and payment service providers will be soft compared to XRP, however, seems more questionable than ever. Nevertheless, the Ripple is known, had recently been more common to want the XRP technology and its dissemination further.

The XRP price will move to the last, turbulent days of sideways and can be recorded at the time of writing, with a slight Plus of 2.3% in the last 24 hours.

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