Bitcoin Global News (BGN)
November 26, 2018 -- ADVFN Crypto NewsWire -- The general sentiment
across Crypto Twitter and beyond seems to be that not much
meaningful news can exist in such a drastic bear market. The fact
is, however, it does and the majority who believe the opposite seem
to be caught up in price speculation over using an actual, reliable
investment strategy.
Still, the fact persists that while
Crypto experiences once of its most drastic downturns since 2013,
all existing projects share one common roadblock.
None of them have found a formula
towards true widespread adoption of Cryptocurrencies that works
just yet.
With all of this in mind, today,
Coindesk published another update on the confusing saga of Ripple
and XRP. Even in the middle of such a crash, Ripple appears to be
gaining significant ground, which is most evident in the fact that
it is now the second most powerful cryptocurrency by market
cap.
Despite this, they too have not
found the way toward convincing their target market that their
currency is reliable and worthwhile to use.
Before we get into their efforts in
this area, it is important to keep in mind that Ripple’s products
are meant for banks and overall, not really for the average person.
Thus, a strong case can be made for the necessity of Ripple being
already capable of scaling in an immense fashion.
How could banks use their solutions
if this was not the case?
Unfortunately for the Ripple team,
judging by the wide volume of news on their efforts, it does not
seem that banks believe in their solution’s utility. Why, you might
ask?
Coindesk and other industry news
outlets have repeated the same problem with Ripple over and over,
because it keeps occurring over and over. Potential partners have
no problem testing the various products that Ripple keeps rolling
out, but it seems that not many of them are going past the pilot
stage.
As of this week, while their money
transfer service called xRapid has taken off with six effective
partners since October, their chief product, called xCurrent, has
remained somewhat stagnant.
If you do not already know,
xCurrent is reportedly supposed to be the true driving force of
Ripple’s efforts.
Using the xCurrent network, banks
and other partners will be able to settle cross-border payments in
a matter of seconds according to Ripple’s site.
Rather than get into a highly
technical explanation related to why xCurrent has not taken off, it
is important to mention that two more general possibilities for
this occurrence already exist. Perhaps Ripple has fallen prey to
the same problem that still seems to plague the entire Blockchain
industry.
The differences between xRapid and
xCurrent are difficult to grasp. Communicating a product’s utility
in terms that anyone can understand is essential, no matter the
target market. Secondly and perhaps even more likely, it appears
that banks and other financial firms are ready to use the Ripple’s
blockchain, but not XRP. If this is the case, as Hackernoon
suggests, then the team responsible for Ripple’s crypto coin might
want to go back to the drawing board.
By: BGN Editorial Staff