There was a time when information took days to travel from one part of the world to the other. Those days are however a distant memory thanks to the internet and now information spreads in seconds. While we have made huge strides in the dissemination of information, we are still stuck in the archaic and outdated ways of transferring money. Enter Ripple and the Internet of Value.
The Internet of Value (IoV) is a vision that is championed by Ripple where value is exchanged from one person to the other as easily as information is. Ripple aims to do to value exchange what the internet did for information. And it’s not just the transfer of money that IoV aims to transform, other assets that will be exchanged as easily as information include stocks, intellectual properties, securities, votes and more.
IoV is necessitated by the cumbersome, slow and expensive value transfer methods currently in place. An international payment takes an average of 4 days to be settled. Additionally, the fees levied are prohibitive with $1.7 trillion being charged for international funds transfers every year.
Bitcoin pioneered the digital currency movement and gave the power to the people. However, scaling issues, time taken to settle transactions and the rising charges have hampered the swift movement of funds and threaten to greatly derail Bitcoin’s progress as a transactional currency.
Ripple is thus uniquely positioned to become the market leader in the emerging Internet of Value revolution. Through its three products, xCurrent, xVia and xRapid, Ripple has made the prospect of instant payment a reality. Ripple has partnered with important stakeholders in the funds transfer industry including some of the world’s biggest banks, remittance firms such as MoneyGram and Western Union and payment processors such as LianLian in China and Fleetcor in the US increasing its reach and dominance in the industry.