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- Ripple used to offer xRapid, xCurrent and xVia.
- All these were joined in one with RippleNet.
- With added utilization of ODL.
Amid such crypto market volatility, everyone is moving sideways in a consolidated state. A question arises as to what drives the price action; two major factors come to mind, viz. The hype created around the asset or the utility it provides by various use cases. Here a community-managed account recalls the core elements and use cases of RippleNet.
The hype created around an asset will surely die sooner or later, but the utility will drive it to mass adoption and ultimate success in the long run. Consider DOGE, for example, having unlimited supply and limited utility, only hype created by influencers such as Elon Musk can be said as a driving factor for Doge.
A Twitter thread was shared by an anonymous XRP enthusiast who goes by the name of @WKahneman, which was made to explain the designs of Ripple’s XRP-based solutions to the newcomers to the ecosystem.
In the first Tweet, he recalled the three solutions offered by Ripple for businesses and individuals focus on seamless transfer for cross-border values. First was xCurrent, which facilitated messaging in payment channels. Then came xRapid, an instrument to leverage XRP as a bridge for seamless payments, and xVia, where a stack served as an API solution suitable to be integrated across various business designs.
The second Tweet hints about all the functions mentioned earlier integrated into one service called ‘Ripple Net,’ which works as a payment suite, managing messages and providing the facility of On Demand Liquidity (ODL).
Now when a user uses either Ripple or RippleNet, there is a great possibility that the use would be for messaging, not XRP. Moreover, if ODL is satisfied, the value is moved via XR or XRP. Interestingly, many ODL users start with RippleNet only.
In 2023, as established, all these features will be integrated into a single system called RippleNet. Which then leverages XRP as a currency for ODL payment corridors across the globe.
It also removes the requirement of any bilateral agreement. ODl solution upgraded to new regions in 2022, and now direct use of XRP is unnecessary; clients can use RippleNet without swapping their funds for XRP. 2022 was an important year for Ripple and XRPL solutions, which included ODL.
In a detailed report from Q4 of 2022 team Ripple highlighted company’s top priority is an expansion to Argentina, Africa, Israel, Belgium, Australia, Singapore, the UK, and the UAE. in 2023 team is expecting Ripple’s payment solution was to be used for cross-border transfer and also for crypto-friendly payments to SMEs and e-commerce platform.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
