Ripple Adoption Summary Reminder: Here’s XRP Mass Use Case Plans
In 2017, a Twitter user @WillyWonkaXRP posted a plan on how Ripple could improve XRP and its other product offerings. Even though the plan is a year old, the Tweet may still be relevant.
In his post, the Twitter user referred to another post by David Schwartz, Ripple’s CTO. Schwartz discussed how Ripple’s product and XRP will become mainstream and be used by banks. Here are a few points of the plan:
- Banks adopt Ripple’s technology
- Banks apply Ripple’s payment platforms into their systems
- Banks face fewer technical obstacles in terms of routing payments through crypto
- Banks use systems to clear payments with each other by an ILP protocol
- Ripple pushes CRP as the premium connector by targeting inefficient corridors
- XRP will attempt to bridge a certain number of payments between banks that use Ripple
- Doing the aforementioned point will enhance demand for XRP as connectors that need XRP to buy the destination currency for trades
- Reducing cost to trade with XRP may lead to a higher retention rate among traders
- All the above may improve demand
Schwartz further added,
“Ripple may or may not succeed. Ripple’s strategy may change. But that’s Ripple’s plan, in summary. Or even shorter, build a massive, level playing field in which assets can compete to bridge payments, then try to make XRP a winner on that playing field. This is an ambitious, maybe even crazy plan. But Ripple has raised tens of millions of dollars, has over a hundred full time employees, and our successes to date speak for themselves. That is, of course, no guarantee of success.”
Even though Ripple’s overall game play may have changed given emerging technologies and heightened SEC scrutiny, the platform has expanded as well. For example, it has offices in Mumbai and it has expanded visibility through its VCTRADE trading platform for crypto.