Review on XRP by Orlymar Córdova
XRP seeks to be a bridge to unify all financial systems globally
XRP is one of the most controversial cryptocurrencies on the market. at the same time it is one of the most successful projects behind bitcoin and ethereum. was born with the purpose of being an international payment system under the Ripple platform. Much is said about the absence of decentralization in this project, since 80% of the currencies are under the power of its parent company, Ripple, a system of open resource payments. decentralization occurs in the Ripple ledger, under a consensus algorithm that is not managed by any central. For this reason there is a lot of confusion since the XRP cryptocurrency that is usually the bridge to carry out transactions is not entirely decentralized. Despite all this controversy, XRP is a super innovative and powerful project in the current international cryptocurrency market and is supported by more than 300 financial institutions that have opted for this project worldwide.
Through this platform, an extremely efficient and fast service is provided for intercontinental transactions since they do not require as many confirmations as in the case of bitcoin for example. XRP is a fairly new project, which does not intend to dethrone other projects, but to unite them all on the same platform.
Pros
- is a Cryptocurrency that was born to be a bridge to improve and unify financial systems globally
- the speed and efficiency in this project are one of its strongest points
- There are more than 300 major financial institutions around the world that have supported the project such as BBVA, Bank of America, American Express, etc.
- managed to position itself among the top 4 of the most successful cryptocurrencies in the world, only behind bitcoin, ethereum ant usdt.
- allows conversion between different currencies and cryptocurrencies in justa few seconds
Cons
- It is not a fully decentralized cryptocurrency since most of the coins are in the possession of a company that controls them.
- the company in charge can even freeze assets, and veto addresses if they decide that there is something suspicious which is something that is not very pleasant for many users who focus on privacy
