Ripple coin price prediction by 2020 — Ripple xrp network
Ripple xrp is a real-time, global settlement network that modernizes cross-border payments. It was introduced in 2012. Originally named OpenCoin, renamed to Ripple Labs in 2013 and settling on Ripple coin in 2015, the company behind Ripple xrp network is one of the first five to receive a BitLicense in New York.
Ripple xrp is headquartered in San Francisco (US) and has offices in New York, London (UK), Australia, India, and Singapore. Ripple xrp network is a privately funded company. Google Ventures, Seagate Technology, Accenture, Bitcoin Opportunity Corp & Standard Chartered are some of the major stakeholders in the company.
Ripple xrp network is different than other cryptocurrency blockchain network. The Ripple xrp network offers three key solutions to customers.
xCurrent is Ripple xrp technology which eliminates the need for disparate, centralized networks. Instead, xCurrent offers one, connected, decentralized global payments network –built around the (ILP) open source Interledger Protocol — which enhances access, speed, certainty and lowers cost.
Access to the Ripple xrp blockchain network is easy because the global network can be entered at a single point and all participating financial institutions operate on one set of rules, the same format, and standardized governance protocols. The speed of global payment processing is revolutionized by the use of a single carrier; the Ripple xrp network enables banks to transact in seconds instead of days.
xVia leverages Ripple technology for corporates, payment providers and banks who want to send payments across various networks using a standard interface.
The Ripple API is a simple Application Programming Interface (API) which requires no software installation and enables users to seamlessly send payments globally -with transparency into the payment status- and with rich information, like invoices, attached.xx
Built for enterprise use, Ripple xrp network offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.
Transactions using Ripple xrp network are instant — they settle in less than 4 seconds; they are scalable — the XRP Ledger using payment channels can scale to handle over 50,000 transactions per second; low cost — each XRP transaction costs $0.0004 in network fees on average
Ripple xrp network as a global payment system
Not only Ripple is a coin of value, but it is also a payment processing system that is meant to overthrow the current incumbent system serving banks ever since 1973, the SWIFT system. For example, say if you have sent money abroad, you have used a SWIFT service.
SWIFTis an entity with a monopoly on border transfers. Thus Ripple xrp payment network can be said as “SWIFT and the Western Union competitor.”