Ripple, along with Bitcoin and Ethereum, were the stars of a publication regarding the crypto market’s potential, strategy, objectives, and goals. This publication was titled “Crypto, What Is It Good For?”. This reviewed the main projects and cryptocurrencies in the current industry and their cases and applications in several different sectors. The three were highlighted among other major cryptocurrencies.
This was developed by the World Economic Forum (WEF) Global Future Council on Cryptocurrencies that has experts who focus on making cryptocurrencies and digital tokens useful in a wide range of cases in different industries. The experts also made classifications for these cryptocurrencies and the networks where they are capable of operating.
The study included projects that were divided into base layer blockchain and cryptocurrency, second layer protocols, financial products and services, and non-financial and service applications. The experts created this classification to educate and create more awareness regarding the class in which these digital assets fall. 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.”
Furthermore, the World Economic Forum (WEF) claims that Ripple is in the process of building “the next generation financial infrastructure.” This is because of the product they have, namely RippleNet and On-Demand Liquidity (ODL). With these, Ripple can create a global financial communication bridge that is capable of allowing its customers to make transactions quickly, safely, and at low cost, especially when sending money.
The report from WEF says that RippleNet is “decentralized and standardized” which makes it free of even a single point of failure. These strengths, with the addition of Ripple’s On-Demand Liquidity solution, eliminates the need for two or more financial institutions to “prefunded” accounts and also adds the following capabilities and functions to 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.”
Since announcing RippleNet, Ripple has encouraged hundreds of users to join it and currently has 30 active ODL users. Among them, the WEF highlighted American Express, SBI, Santander Bank, Siam Commercial Bank, Azimo, and MoneyGram, among many others.
Ripple net is available in 55 countries and can transact and send payments in over 70. With this, Ripple has managed to process around 2 million transactions, all of which are worth over $7 billion. 25% of these have been done using their ODL.