- Ripple ranks among the top 10 crypto projects due to its use of the XRP digital asset.
- RippleNet has processed 2 million transactions worth $7 billion using On Demand Liquidity.
In a publication titled “Crypto, What Is It Good For?”, the main projects and cryptocurrencies in the industry are review, their use cases and applications in multiple sectors. The publication highlights the potential, strategy, objectives and goals of Ripple, Bitcoin, Ethereum, among other major cryptocurrencies.
Developed by World Economic Forum (WEF) Global Future Council on Cryptocurrencies with experts “working to make cryptocurrencies useful in a wide range of use cases”. In addition, the experts have made a classification for cryptocurrencies and the networks on which they operate.
Thus, the projects studied are divided into base layer blockchain and cryptocurrency, second layer protocols, financial products and services, and non-financial and service applications. Experts have created this classification to educate and create awareness around this asset class. Therefore, the report claims:
Cryptocurrencies have reached a point of inevitability. We have dedicated our careers to advancing the adoption and use of cryptocurrencies because we believe they represent an enormous opportunity to grow the global digital economy and benefit consumers and businesses across the world.
Ripple, using XRP to solve a $10 trillion problem
About Ripple, the WEF claims they are building “the next generation financial infrastructure”. This is mainly due to their products: RippleNet and On Demand Liquidity (ODL). Ripple creates a global financial communication bridge and allows its customers to send money quickly, safely and at low cost.
The WEF report notes that RippleNet is “decentralized and standardized” and lacks a single point of failure. These strengths are added to the On Demand Liquidity solution which eliminates the need for two financial institutions to have prefunded accounts and adds the following about the capabilities of the XRP:
XRP was built for a payments use case. It settles in approximately 3 seconds, already scales to 1,500+ transactions per second (TPS), consumes negligible energy and has a very low transaction cost ($0.0003). It is open source and decentralized, making it a convenient instrument in bridging two different currencies quickly and efficiently.
Ripple has managed to get hundreds of customers to join the RippleNet and about 30 to actively use its ODL. Among them, the World Economic Forum highlights Santander Bank, American Express, Siam Commercial Bank, SBI, MoneyGram, Azimo, among others.
With availability in over 55 countries and the ability to send payments to over 70, Ripple has managed to process 2 million transactions worth $7 billion. One-fifth of those transactions use ODL.