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XRP · 211w

XRP: The Power of Focus

XRP can Do Everything a Crypto-currency Should Be Able to Do

Chalk it up to my over-enthusiasm.

When I first brainstormed about all the possible use cases for XRP, I wrote down all possible  use cases for an immutable distributed ledger, which is what the XRP Ledger can provide along with the crypto-currency XRP.

This approach was kind of like saying “what are all the things that money can be used for if it’s also a place where you can permanently write information?” And the resulting list was very long indeed.

Consensus 2017

But then i watched the round table discussion with Miguel Vias from the final day of Consensus 2017, where he was describing the main use case(s) for XRP, and I was struck by his approach.  He boiled it all down to two use cases, one in his introduction of XRP, and broader one in his description of the primary use case. 1

Miguel’s Introduction:

“ XRP…. is primarily designed for cross-border payments.  The value derived from usage of value transfer across borders.  “

Miguel’s Description of XRP’s primary use case:

“One of the things at Ripple that we’re incredibly focused on with respect to XRP is a VERY CLEAR USE CASE.  Payments.  … And our goal is for XRP to be the …. institutional standard for digital value transfer globally.”

So let’s just focus in on one, and see how big “cross-border payments” and “value transfer across borders” is.

All We Need is One Use Case for XRP

How big is value transfer across borders?  Let’s narrow our focus further to just where the SWIFT organization of banks does the lion’s share of value transfer across borders.  SWIFT sometimes takes days to transfer value across borders.  Now we have a new method (XRP Ledger, XRP, and the Interledger Protocol) that can do it in seconds. 2

Current volume with SWIFT: According to a document from the US Treasury,  SWIFT handles about $5 trillion per day, or given about 250 business days ...

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