Review on XRP by Danh Huỳnh Ngọc Công
XRP - A promising cryptocurrency for world finance
XRP is one of the most popular cryptocurrency with many innovative functions. It is concerned by a wide range of communities, banks, ventures and governments. The transactions happen on this blockchain very fast and securely. However, its aims to become a global means of payment may be very struggling as it is a centralized cryptocurrency and its price is not stable enough which causing risks for the holders. In my opinion, it act better as a good investment for the future and time has proven this is true.
Updated 5 years ago
Rating changed from 4 to 3
Negative point: Over a half of XRP are held by Ripple company who also run most of the nodes on the network. Some assets on this network may be frozen if wanted. The problem of centralization is ridiculously serious.
Pros
- Its technologies allow XRP itself achieve the goal of scalability. In the future, it can handle 1500 transactions per second, which is much higher than what its current competitor has offered
- XRP has been listed on various exhchange, including the biggest exchanges at the time of writing such as Binance, Huobi or Kucoin. Being traded on these exchanges, its volume ensure the liquidity is healthy and less likely to be manipulated.
- Ripple has established partnership with many big banks to bring mass adoption to blockchain industry. Standard Chartered, Bank of Indonesia, Bank of Thailand or Western Union is one of the most remarkable banks that join with XRP to enhance the quality of their services
- The community of this coin is supper huge. They are the main factor who have brought XRP to the third place on the cryptocurrency map at the time of writing
- XRP has received massive funds from big investors around the worlds which means it is a good investment opportunity
- Transaction time and fee is outstandingly low
- Its security is protected by the implementation of a complex consensus to prevent any possibility of double-spending attack
Cons
- The centralized system of XRP is a controversial topic, as it is under the control of many companies and banks. Once some new cryptocurrenies with the similar of better and truly decentralized emerge, may be it will be dethroned its position right now.
- To become a means for payment, XRP is required to be stable in price but it has performed more like an fluctuating investment and this is not preferred when it comes to business.
- The partnership between Ripple and banks seem to be more beneficial to the banks as they are adopting the technologies to build their own blockchain. By that said, the future of this partnership is unpredictable
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Comments (1)
January 16, 2020
The RIPPLE money transfer network and its associated digital currency, the XRP have experienced acceptance and constant growth in the years following their creation. Ripple competes for second place in the ranking of cryptocurrencies by market capitalization. This cryptocurrency is based on an innovative concept. Ripple is not only a digital currency, it is also a protocol, a real-time money transfer system. This makes him the digital currency of banks. XRP is a good investment.
