good article. from the aricle: "Although th
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Posted On: 07/12/2017 10:58:06 PM
good article.
from the aricle:
"Although this is only one example of whatRipple can do, it is a major validation of the technology. Having one of the world’s most prominent bank use real money to test this technology is a big boon for Ripple and its team. It is a bit unclear if the XRP asset was used to facilitate this transfer, though. Then again, without it, sending money in mere seconds will be rather challenging. There is no reason for banks not to use XRP while experimenting with Ripple technology."
http://www.livebitcoinnews.com/bbva-bridges-e...echnology/
in a nutshell, Ripple Labs have been doing many proof of concepts. They are now past testing and have their distributed ledger technology implemented at many banks. their ledger is a vast improvement over the standard blockchain it is interopearable with other banking systems as well as other blockchains.
Their system can be used to allow banks to send and receive money within seconds as opposed to 2 days over regular rails.
In the existing technology that is 40 years old, money is not really sent, its messaged and the receiving bank, if foreign, will have a Nosto account that holds X amount of currency the senders bank has already set up. The receiving bank simply withdraws the messaged amount from thwt nostro account
1. these nosrto accounts are very costly. some estimates put nostro accounts as tying up 100+ trillion.
2. This whole process takes 2 days.
3. it is costly.
Ripple's answer to all this is their native asset XRP. IT CAN BE SENT ELECTRONICALLY. Also, Ripple connect ledger enables real time, instant settlement. so no tying up of money through Nostro accounts; the process takes up to 3.5 seconds; fees are very small and the charged fees get destroyed with every use.
Bitcoin and its blockchain processes payments at a rate of 7 per second. Ripple handles 1000 per second and is scaleable to become larger. Bitcoin, Ethereum cannot handle the volume banks require.
sorry for the long winded explanation. ive read a lot on this and have seen many videos.
Ethereum and bitcoin have gone crazy this year, much because of speculation. Ripple has gone up almost 4,000 percent this year on solid news.
its gonna go wild.
from the aricle:
"Although this is only one example of whatRipple can do, it is a major validation of the technology. Having one of the world’s most prominent bank use real money to test this technology is a big boon for Ripple and its team. It is a bit unclear if the XRP asset was used to facilitate this transfer, though. Then again, without it, sending money in mere seconds will be rather challenging. There is no reason for banks not to use XRP while experimenting with Ripple technology."
http://www.livebitcoinnews.com/bbva-bridges-e...echnology/
in a nutshell, Ripple Labs have been doing many proof of concepts. They are now past testing and have their distributed ledger technology implemented at many banks. their ledger is a vast improvement over the standard blockchain it is interopearable with other banking systems as well as other blockchains.
Their system can be used to allow banks to send and receive money within seconds as opposed to 2 days over regular rails.
In the existing technology that is 40 years old, money is not really sent, its messaged and the receiving bank, if foreign, will have a Nosto account that holds X amount of currency the senders bank has already set up. The receiving bank simply withdraws the messaged amount from thwt nostro account
1. these nosrto accounts are very costly. some estimates put nostro accounts as tying up 100+ trillion.
2. This whole process takes 2 days.
3. it is costly.
Ripple's answer to all this is their native asset XRP. IT CAN BE SENT ELECTRONICALLY. Also, Ripple connect ledger enables real time, instant settlement. so no tying up of money through Nostro accounts; the process takes up to 3.5 seconds; fees are very small and the charged fees get destroyed with every use.
Bitcoin and its blockchain processes payments at a rate of 7 per second. Ripple handles 1000 per second and is scaleable to become larger. Bitcoin, Ethereum cannot handle the volume banks require.
sorry for the long winded explanation. ive read a lot on this and have seen many videos.
Ethereum and bitcoin have gone crazy this year, much because of speculation. Ripple has gone up almost 4,000 percent this year on solid news.
its gonna go wild.
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