XRP is the “fastest on the planet”, will solve for lack of liquidity, reveals Ripple’s Dilip Rao

Ripple has long been hated in the cryptocurrency community for using the technology to work with banks and supplement existing financial institutions and regulations. They recently elaborated on this form of approach, with Dilip Rao, their Global Head for Infrastructure Innovation, speaking at the Global Islamic Economic Summit in Dubai.

Rao revealed how blockchain and Distributed Ledger Technology were said to be the “solution to all of our problems”. He then went on to speak about a “source of truth that does not have a central authority”, an innovation in the blockchain space, and then looked at how they could use that to solve “real-world problems”. He stated:

“Ripple has been working with banks rather than against them for the last five years to develop a solution that will be acceptable to them meet the compliance requirements of regulators around the world to then deliver a high-speed real-time cross-border payment platform.”

He spoke about the “friction” between networks in the current time frame, and stated that expecting one blockchain to cover the whole world is like sticking to one service provider on the Internet. This led to Rao speaking about interoperability in the blockchain space, which Ripple has aimed to do through the InterLedger Protocol. He said:

“This is an open protocol invented by Ripple but now being run as an open standard by more than 300 organizations that participate in the W3C Committee for it. The idea here is that a bunch of people who have an interest in making the movement of value frictionless will collaborate to build a new protocol to enable ledgers to connect with each other.”

This was drawn through parallels of the development of the Internet upon standard protocols such as TCP/IP, with the InterLedger Protocol allowing for communication with various different ledgers. This is also coupled with Ripple’s ongoing development in Codius, their dedicated smart contract platform, revealed Rao.

Rao then spoke about the XRP Ledger, calling it the “fastest on the planet” at about “1,500 transactions per second”. He went on to say:

“[XRP] can be utilized wherever public ledgers are fit for purpose. A lot of our products do not use public ledgers because banks want secrecy and privacy in their transactions but they will have the opportunity to use a crypto-asset…to solve for liquidity. While technology can give you interoperability through connections, XRP as a digital token can solve for the lack of liquidity in many corridors as a bridging asset to convert from one to the other.”