Today, we want to talk about xRapid technology, which is used in a blockchain project called Ripple. After reading this article, you will be able to understand how, the Ripple project can significantly improve the current banking system.
The cryptocurrency Ripple (XRP) during the cryptocurrency boom of late 2017 and early 2018 attracted a lot of investors, most of which bought XRP coins at an exorbitant 3 dollars apiece.
But, most of these “grief investors” did not even try to figure out what this blockchain project offers. Since we care about our readers, we decided to prepare an article for you in which we will analyze one of the Ripple technologies – xRapid.
What solutions are in Ripple
In our review of the Ripple cryptocurrency, we described it with 7 words: “Ripple is a cryptocurrency created by banks for banks.” Yes, such a formulation is acceptable, but it is worth going even deeper to understand why Ripple is very popular among existing financial companies.
The Ripple platform is based on 3 main products:
It is about the second product – xRapid, we want to talk with you the most.
What is xRapid
XRapid is the 3rd option for cross-border payments. At the moment, this technology has already been tested by companies such as MoneyGram, MercuryFX, IDT Corporation, Currencies Direct, as well as Cuallix and received praise from them. According to the development team, this technology will soon work in alpha version.
XRapid will be used by financial companies or corporations that are not suitable for the current conditions for sending funds, which take 3 to 5 days, and which need to make quick payments. The essence of this product is as follows. Both sides of the translation must be connected to the Ripple system using the developed API.
The sender converts his currency into XRP tokens, then sends them to the recipient, who in turn receives the tokens and converts them into his currency. This transfer will take about 2 minutes of time, and the spreads used during conversion will be as low as possible.
On average, each transfer in the xRapid system will be 40-70% cheaper than SWIFT transfers.
Friends, after RippleLabs implements all its achievements, we will receive an excellent alternative to all payment systems that currently exist. In the meantime, we will use what was invented by humanity before.