How Will Ripple Change the Future of Money Transfers?

Today the world sends over $155 trillion across borders. Monopoly in this area is currently owned by SWIFT. A bank transfer via SWIFT takes between 3 and 5 days. Ripple, a new company with only 200 employees, has great ambitions. What are its ambitions? These are to revolutionize cross-border transfers using Blockchain technology.

Specifically, the company aims to use the XRP digital asset as the currency buffer for cross-border payments. This will allow for 4-second transfer speeds. Also, the XRP currency will allow 1500 transactions per second as well as a 60% decrease in transfer costs. Considering these Bitcoin and ETH net technical features, and the fact that 100 billion coins have been created, it is clear that XRP was specifically designed for cross-border transfers. In 2012-2013, OpenCoin began developing a new payment protocol called Ripple Transaction Protocol (RTXP) based on the concepts of Ryan Fugger. The Ripple protocol allows instant and direct money transfer between two parts.

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