World Banking Currency
Information + Resources
Ripple, released in 2012, is one of the top 3 cryptocurrencies by market capital, sitting at 11.2 billion dollars in value as of June 22, 2017. Ripple uses a decentralized consensus algorithm to create an exchange currency for the world and is being adopted globally as you read this. This means value will be stored with the XRP token rather than the many national fiats and exchanged as necessary, increasing global efficiency and reducing power consumption for finance by quite a lot. Ripple is already used by many financial companies including Bank of America Merill Lynch and the Royal Bank of Canada, and will go into use for Japan’s largest banks next year including a consortium of 47 banks. Expect Ripple’s value to skyrocket by the end of next year if this goes according to plan, but expect competition from groups like Swift, Stellar, or NEM – other major cryptocurrency projects. Ripple still has the advantage of age and better PR, however.
This is a very straightforward platform with transparent developers and outreach spanning the globe, including the Middle East. Their platform is ambitious in scale and has seen major success thus far despite it still being early. This currency is for the banks, and a developer cited that there is about 33 trillion dollars-worth of money that could be stored and exchanged on Ripple… but that would take a very successful business strategy. There are debates about the ethos of the whole platform since it supports the central banking industry, but if you’re looking to make money this is one to pay attention to.
Future: Delicious cake.
// Written May 29, ’17. Price at the time: $0.23 / XRP
// Edited June 21, ’17. Price at the time: $0.30 / XRP
// Edited Sept 27, ’17. Price at the time: $0.20 / XRP