Community members expressed that there is a need for a new banking app from Ripple. There are too many banking apps with some serious problems with the transfers. Further users land up getting their funds locked. This is becoming an increasing problem these days.
Ripple tweeted about Ripple drop stating: “Learn more about Ripple’s response to Covid-19 & its impact on the broader payments industry by watching the latest #RippleDrop, feat. @bgarlinghouse, @JoelKatz & @ashgoblue.”
David Schwartz, CTO of Ripple, stated over time, proof-of-work based systems like Ethereum and Bitcoin have become more centralized as mining has become increasingly concentrated in smaller groups and smaller geographic regions.
Consensus-based systems like the XRP ledger don’t work that way. They don’t have that apparently centralizing tendency and they can provide a much higher assurance of fairness to everyone who chooses to use them.
When asked about what is strange with the XRP ledger after the world is seeing increasingly remote work force like we are seeing today, Schwartz stated, “The XRP ledger is the open source decentralized technology which anyone can build on and work with. Anyone working from anywhere can download the source code of the XRP ledger, run a node, run a validator, develop on top of it, and build tools to work with it, well use it for any purpose without wanting to have anyone to commission.
Ripple XRP Rapid Fiat Payments
Today Ripple Spring output is providing tools and support to make it even easier to develop on top of the XRP ledger.
How does the XRP ledger make on-demand liquidity, an even more reliable payment system during turbulent times? It has recently become much more difficult to conduct business in person. And, because distant systems like packaged shipping and the internet are growing the world together businesses are being conducted in even longer distances than before.
It is even more important to enable payments across currency, represent a global currency people want to pay with the currencies that they are used to and people want to receive payment in the currency they are used to. So, when you have transactions between people who use different currencies, you need some way to make those payments work quickly and efficiently.
The XRP ledger as a decentralized native digital asset that is liquid to every major fiat currency to a large number of exchanges by using that intermediate currency, payments can easily be attracted across currencies and across the planet. Ripple offers RippleNet as an enterprise payment system with an on-demand liquidity solution that uses XRP to make rapid fait payments across different currencies.