In a recent session of questions and answers (AMA), senior Vice President of product Ashish Birla said on xRapid, the platform for payments in real time, the company was designed with the use of XRP to ensure liquidity on demand and increase the speed of international payments.
Birla in particular commented on the recent statement by Western Union that xRapid – is “still too expensive”.
Western Union is such a big company that has been around longer than most payment companies. Indeed, in order to take advantage of xRapid Western Union would have to move all your volumes on xRapid because they’ve minimized costs and liquidity flows. For them it would be expensive.
So we refocused, and we believe our main target customer of the company in the market of payment services.
Birla also said that they hope spustiti xRapid this year, although the exact date yet.
As for RippleNet, a network uniting banks and other organizations in the payments industry, CTO of Ripple’s David Schwartz said that the priority at this stage is to increase the volume and attraction of companies that will use xRapid and XRP.
Attracting volumes at RippleNet is the most important task at the moment. We need more payment corridors.
xRapid actually creates a payment bridges on the basis of the XRP, so each new partner network is contributing to system scaling.
Schwartz also talked about how far advanced the technology of the blockchain for the first eight years of existence, Ripple, and what is most surprising in this technology.
What really surprised me is the huge number of new tokens. When this whole story began, everybody thought we will use bitcoin for all. And this, to a certain extent, solved the compatibility problem. Now the compatibility issue is on a completely different level – this problem is now actual for 2000 tokens.
There is one thing that never ceases to amaze me, these are fundamental changes, such as micropayments and distributed applications for example. These things are as transformational as the Internet was at the time.