xRapid - Ripple's developer platform is ready

xRapid, the flagship product of Ripple (XRP), is now available for commercial solutions. This platform is to provide highly scalable real-time settlements when using XRP cryptocurrencies. Thanks to this, in its assumption it is to provide much faster and cheaper international transfers.

xRapid is a revolution (?)

Let's start from the beginning - what is Ripple? It is an extensive platform designed for real-time settlement using its own virtual currency - XRP. It is decentralized and based on blockchain technology. In its assumption, thanks to the xCurrent network, it is to be an equivalent to the SWIFT banking communication system, used for foreign transfers.

Interestingly, Ripple as a platform was created much earlier than the popular Bitcoin, already in 2004 (BTC only in 2008). The first working version of the platform started functioning in 2005 and from the very beginning the aim of its creators was to create a system with immediate accounting of transactions from all over the world. In 2012, the platform was equipped with blockchain technology, and then with its own digital currency - XRP. The company itself began to focus on technological solutions intended primarily for banks.

Since May, when the first versions of the XRP system were released, companies such as MercuryFX and Cualix - institutional payment service providers - started their pilot tests. The tests were positive, thanks to which both companies recorded savings of 40-70% in the handling of current operations. With such results, it can be assumed that more companies will follow in their footsteps. Currently, more than 90 banks around the world use the technology created by Ripple.

1 October 2018 announced the completion of work on xRapid, or the title platform for making immediate foreign settlements using fiat currencies using XRP. The effect of this was the jump in the price level of XRP by over 100% in just a few days, although temporarily increases even up to 400%.

XRP / USD Chart, August - October 2018. Source: TradingView

xRapid like a Visa

The xRapid platform is supposed to handle transactions in the following way: The system changes the currency of the input currency into XRP, then sends it to the gateway, and there the XRP is changed to the output currency.

The entire operation is expected to last up to 3 seconds, and bandwidth is evaluated at least on 1500 transactions per second, where the maximum can be even 50 000 transactions. This is the result of the Visa payment terminal. This provides the Ripple platform with the status of the fastest and most efficient payment network among all systems based on blockchain technology.

Be sure to read: Report from BlockchainTech Congress 2018

Although Ripple is commonly associated with blockchain technology and its own cryptocurrency, it should be noted that it becomes a serious competitor for such systems as SWIFT or Western Union.

Co-founder of Ripple on the Forbes list

On the list of the 400 richest people in the world created by Forbes, Chris Larsen - co-creator of the Ripple project, is at the 383 position. It is thus the first and only person to be ranked thanks to cryptocurrencies and related technology - blockchain. He owns shares in Ripple and approximately 5,19 billion XRP tokens. His net worth is estimated at $ 2,1 billion. Interestingly, this result is 17 times lower than it was at the beginning of this year. At that time, the XRP price fluctuated around $ 2,39 per token - this gave Larsen's property valuation at $ 37,3 billion.