Review on XRP by The hsotaka
My review of the Ripple protocol / XRP
Today i want to tell you something about the Ripple project and its technology:
General informations:
XRP was established in 2012, so its one of the oldest crypto currencies of the world.
Its not decentralized and not minable, so the full control of this currency always will belong to Ripple.
XRP describes itseld as follows:
Faster, less costly and more scalable than any other digital asset, XRP and the XRP Ledger are used to power innovative technology across the payments space.
RippleNet customers can use XRP for sourcing liquidity in cross-border transactions, instead of pre-funding—ensuring instant settlement, lower exchange fees and more efficient use of working capital.
This same technology is also leveraged in use cases for micropayments, e-commerce, exchanges and peer-to-peer services. XRP and the XRP Ledger are open-source technology that anyone can build on.
My opinion:
The technology of XRP is amazing, and it is indeed faster, cheaper and more scalable than most of the existing decentralized chains (like Bitcoin or Ethereum).
Especially the interledger project is a very ambitious project with huge potential.
BUT:
I don't like the idea of another centralized currency that cooperates with the existing banking system. In my opinion, digital currencies are the unique change to establish a financial system which is independent and decentralized. Ripple and XRP doesn't follow this vision.
Pros
- Fast transactions.
- Very small transaction fees.
- More scalable than other cryptocurrencies
Cons
- Usecase of XRP still not clear, banks who uses the ripple protocol don't need to use XRP.
- No decentralized coin, has nothing to do with the vision of a free world wide digital money
