Despite its establishment in 2012, Ripple and its XRP Ledger are now embarking on a stronger global payments journey, while at the same time, aiming to become the leading enterprise infrastructure provider, according to Monica Long, the company’s president, in a recent TechCrunch Chain Reaction podcast.
Contrary to the Ripple network and protocol, the XRP Ledger is a decentralized public ledger built on an open source code base that is open for anyone to contribute to and utilize, Long explained. In fact, there are thousands of developers worldwide who actively participate in its development and implementation.
Long went on to clarify the motivation behind the creation of the XRP Ledger, stating, “The original founders of the ledger recognized its potential to revolutionize value movement on a global scale – making it as speedy and cost-efficient as sending an email. It’s like comparing the traditional postal system to modern email services; the current banking system versus the possibilities of a decentralized exchange through blockchain technology.”
When the XRP Ledger was first launched in 2012, Long revealed that it was envisioned as a faster and more affordable version of Bitcoin. She added, “The developers believed that blockchain and a public ledger would be an ideal method for representing, transferring, and exchanging value all around the world.”
One notable aspect of blockchains is their innate transparency, as all transaction data is publicly accessible and traceable from start to finish.
Long addressed this, saying, “Unlike the highly centralized foreign exchange market, which is dominated by a select few with sufficient capital to enable liquidity for transactions, blockchains are inherently more competitive when it comes to pricing.”
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Overall, Ripple and the XRP Ledger are striving towards a more efficient and globalized approach to payments and infrastructure. With its decentralized and transparent nature, the XRP Ledger has the potential to disrupt traditional financial systems and create a more competitive and accessible market for all.
