Cryptocurrencies have represented a revolution in the world of finances and traditional commercial relations. The blockchain is considered by many analysts (stand-out writers of Forbes and Nasdaq) as the “most important technological advance since the arrival of the internet”. having led the total market cap of cryptocurrencies to a bullish trend much higher than any other financial service or asset available in the market.
However, since the creation of Bitcoin, many cryptocurrencies have been developed, each one adapting its own technology to the standards or philosophies of its developers. But even though they have different approaches and technologies behind them, almost all of them share a similar philosophy: Cryptocurrency is a mechanism that seeks to counteract dependence on traditional payment methods that third parties (such as banking and governments) have to rely on.
And this is what makes Ripple different from the rest. Although it is a software development based on blockchain technology, the truth is that they share very few similarities with other altcoins. In fact, for some people, it could be said that Ripple represents “the opposite” of what cryptocurrencies are. Some see it as the black sheep and question its nature by saying it’s not a “real” cryptocurrency. Some people go as far as saying that Ripple is quite the opposite of the “beautiful vision” that Satoshi Nakamoto had when he created Bitcoin and started the revolution that followed its inception.
Despite the negative opinions, Ripple is proud to sustain its growth in support of true “heavyweights” in the world economy: Business partners ranging from Western Union to SAMA (Central Bank of Saudi Arabia) and the Bank of England. Ripple does not seek to position itself as an alternative to traditional payment systems; on the contrary: it seeks to facilitate mechanisms that improve and facilitate traditional payment systems. And that is where Ripple’s strength lies, according to its CEO.
Earlier this year, during the “Blockchain Connect” conference in San Francisco, Ripple CEO Brad Garlinghouse, took the time to give an interview to Cointelegraph in which he was asked a series of questions related to Ripple’s vision as a company, and his opinion of other cryptos.
He sees Ripple as a purposeful initiative, and while Ripple’s website says they don’t have a Roadmap defined, the vision for the future of what they want to achieve seems to have been the lifeblood of their success.
“There’s a lot of science experiments in the Blockchain space. I think we are still at that starting line of the Blockchain space, overall. But We[Ripple] are the only ones that have actually crossed the starting line. There’s a marathon ahead, and I think we have a long way to go. But it’s clear that Ripple has passed the starting line. And I think there are a lot of people who are still experimenting with trying to figure out their product market fit.”
If you aren’t solving a real problem for real customers, you’re not going to drive velocity and activity in that digital asset (…) For Ripple, that global liquidity problem is measured in the trillions of dollars, I think that people are realizing that Ripple is gaining traction, we’re gaining engagement, we’re gaining more customers. So there’s been interest in that.”
Ripple has been working in that direction, making a series of strategic alliances that have allowed them to consolidate as a blockchain platform oriented towards payment processing between traditional service providers, even though many use their token (XRP) as a means to speculate like any other altcoin.
Earlier this year, Ripple reported an alliance with the Chinese payment service provider Lian-Lian; and then an important strategic agreement was later announced with SAMA. Soon after, Western Union joined the list of companies experimenting with Ripple, and just a few hours ago, Cambridge Global Payments confirmed the use of xRapid, an XRP-based technology solution for processing their payments internationally.
The massive use of Ripple by institutions with so much economic power made its capitalization become very significant, placing its token in the number 3 position of the most important cryptos according to coinmarketcap. It even surpassed Ethereum in importance, but after they removed the indicators of South Korean exchange houses, XRP`s value fell sharply (like that of many altcoins), however, since the last few weeks its value has been rising considerably.
Another aspect that never escapes in an interview or discussion about Ripple is the philosophy that sustains its existence. Faced with this controversial position, Mr. Garlinghouse makes his position very clear without any reservations:
“One thing that is interesting for me at Ripple is that in some ways people viewed Ripple as the contrarian. We were from the beginning really looking at how we work with governments, how we work with banks. And I think some in the crypto community have been very much,”How do we destroy the government. How do we circumvent banks?“
Ripple currently has a marketcap of $36,018,077,966 USD or 3,335,959 BTC. By comparison, BCH has just over $20,492,654,749 and Ethereum $80,288,380,520. However, at an official level, none of these altcoins has the credibility and acceptance of Ripple.
The future looks interesting for Ripple Inc. Regardless of the opinion that purists might have, Ripple is demonstrating that blockchain technology can make life easier for users and facilitate operations using “rival” technologies.
Featured Image: twitter