Ripple has been one of the most active crypto projects globally, and the company has been pushing harder for expanding adoption. One such effort was apparent at the recently concluded WeAreDevelopers Conference in Berlin, Germany.
Ripple’s Chief Technology Officer David Schwartz, in his speech, advised giants like Amazon and Uber that they should use digital currencies like XRP. Schwartz stated that companies like Amazon, Seagate, Airbnb, or Uber make a large number of small payments to thousands of merchants around the world. He said, These merchants need efficient and reliable daily payments to meet ends, which they don’t regularly get, despite these giants employing a large number of people in their payments department.
The best way to tackle this, Schwartz suggests, is to use cryptocurrencies for making payments to merchants. He added,
“We came up with what’s technically a form of federated Byzantine agreement that we call consensus that’s faster and cheaper than proof-of-work. And the result is that XRP is a decentralized digital asset not connected to any jurisdiction, that moves more quickly and more cheaply than Bitcoin. And I would argue that it’s also more censorship-resistant and has some of the decentralization properties that we want. And that’s resulted in low cost, low fees and high transaction volume with low latency.”
Schwartz argued that Ripple is one of the most formidable crypto payment networks in the world, and unlike SWIFT or PayPal, is decentralized with no central intervention. This makes Ripple absolutely apt for both big companies and their partner merchants, as it reduces payment times, maintains transparency, and cost-effective.
Ripple has partnerships and collaborations with over 200 companies across the globe, most of them being banks and other financial institutions. Its blockchain-based payment solutions, like XCurrent and XRapid, are used extensively by its partners. Schwartz also mentioned that lack of crypto education & awareness, and tussle with regulators globally are the two biggest obstacles preventing the growth of the crypto industry.