XRP community enthusiast recalled functions of RippleNet and XRP that might be of crucial importance in 2023
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A community-managed account for Ripple, XRP token and XRP Ledger blockchain, dubbed @WKahneman, recalls the core elements of RippleNet multi-purpose platform and their main use cases.
From xCurrent, xRapid and xVia to RippleNet: Long story short
The anonymous XRP enthusiast who goes by @WKahneman on Twitter shared a thread designed to explain the design of Ripple’s XRP-based solutions for newcomers to its ecosystem.
A brief overview for folks reading about @Ripple & $XRP use in 2023. Years ago, Ripple offered 3 products:
xCurrent = payment messaging
xRapid = #XRP as bridge currency
xVia = an API solution
Co’s originally signed bilateral agreements w/ partners to move value. And now?
1/3 pic.twitter.com/yAgM5onogN— WrathofKahneman (@WKahneman) January 2, 2023
He recalled that some years ago, Ripple offered three solutions for businesses and individuals focused on seamless cross-border value transfers.
The first one, xCurrent, facilitated messaging in payment channels. xRapid instrument leveraged XRP as a bridge currency for seamless payments. xVia in this stack served as an API solution suitable for being integrated into various business designs.
In 2023, all of these functions are integrated into a single ecosystem, RippleNet. RippleNet, in turn, leverages XRP as a currency for On-Demand Liquidity (ODL) payment corridors in various regions of the globe. RippleNet removes the need for bilateral agreements between the parties.
ODL solutions expanded to new regions in 2022
As such, direct usage of XRP is not necessary any longer; clients use RippleNet without swapping their funds to XRP themselves.
Last year was a crucial period for Ripple and its XRPL solutions, including ODL. In its detailed report shared in Q4, 2022, the Ripple team highlighted that expansion to Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE and the U.K. is the company’s top priority.
In 2023, Ripple’s payments solutions are used not only for cross-border transfers but also for payments of crypto friendly SMEs and e-commerce platforms.
