Review on XRP by Sergio Daniel Delgado

Name: XRP
Item: XRP
Rating: 4

April 01, 2020

XRP function

 To understand the function of XRP we must start by explaining the problem that this cryptocurrency tries to solve: The execution of international transactions. Until today, this has been an extremely complicated process for the international financial system.
Sending money across borders requires the intervention of several intermediaries. It is not only banks that intervene, but also brokers,﻿ companies, and other actors, each charging commissions and therefore increasing the cost of the operation.
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This determines that making cross-border payments, until now, was an activity restricted only to individuals with high purchasing power.﻿ Well, only they had access to banking institutions and the ability to pay the large fees charged.
XRP changes this situation, serving as a bridge currency for the direct sending of money between countries. In this way, if a bank wants to transfer money across borders, it no longer requires﻿ of the intervention of multiple actors.
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This has as a direct consequence, the decrease in the commission paid for these operations. In addition, it is possible to shorten the waiting time for the execution of the transaction.﻿ While a normal cross-border transfer can take several days, with XRP they take effect in less than 5 seconds.
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Pros

Within the crypto world XRP represents a particular case. Ripple's currency is constantly attacked due to its more centralized character than that of other cryptocurrencies. What is considered contrary to the basic principles of Blockchain technology. However, this system has worked for Ripple, a company that has prospered and established world-class alliances since its foundation. A situation that has earned him a place alongside the heavyweights in the international financial system. Therefore, despite what certain groups may think, the truth is that the XRP has achieved its objectives so far. And their collaboration in the ongoing financial revolution, and the democratization of international transactions, is no small feat.

Cons