Ripple executive Matt Hamilton, says XRP’s “use cases are basically the same as Bitcoin”
Ripple is a payment protocol that is designed to make sending money to anyone, anywhere in the world, as quick and easy as sending an email. If you are interested in learning more about Ripple, CoinDesk has an excellent article that outlines the basics of the protocol, right here.
Matt Hamilton, Ripple’s VP of Corporate Development, believes that the digital currency XRP is the real Bitcoin. He made this statement during an interview with CNBC, where he also admitted that the development of XRP is funded by Ripple. Furthermore, Hamilton believes that the existence of XRP is what makes Ripple different from other financial technology startups, including Bitcoin.
Despite its growing reputation in the global financial system, XRP is still considered by many to be a worthless token, with some even calling it a security.
One such situation occurred when a Twitter user (@chazbot_) tweeted that his question about using XRP was never properly answered. He called XRP a centralized bitcoin and continued: It’s hard to think of anything more pointless.
XRP usage scenario similar to Bitcoin:
In response to @chazbot_, Matt Hamilton, director of developer relations at Ripple, tweeted:
It [XRP] is decentralized, just like bitcoin.
Matt further explained that XRP was developed by Bitcoin developers when they realized Bitcoin was consuming too much power. Matt urged:
Therefore, its application is essentially the same as that of bitcoin: Peer-to-peer payments without a trusted third party.
XRP vs Nano :
Matt then turned to another Twitter handle when he compared XRP to Nano. While Matt appreciated some interesting scenarios for using Nano, he said it has nothing to do with the uselessness of XRP.
On Twitter, he remained adamant that while he had shown Matt examples of nano use cases, he in turn had not yet listed any XRP use cases, and then asked Matt about the potential for XRP adoption.
In response, Matt shared an article about the user experience of XRP, i.e. using it in RippleNet’s ODL [on-demand liquidity] service. The article also includes a list of 100 projects using XRP for micropayments and a list of fintech companies using ODL Ripple.
Fintech companies using Ripple’s ODL (since 2020, there have been several additions/extensions since then): https://t.co/LcWYEQYVoc
Here is a list of many other projects: https://t.co/IhFFzA8uLA
Here’s a list of 100 projects using XRP for micropayments: https://t.co/M6t5vyPYm0.
– Matt Hamilton (@HammerToe) 7. July 2021
Residual ripple ODL:
RippleNet’s ODL, or liquidity on demand, is a service that helps customers make cheap, fast and secure cross-border payments. The notable factor here is that ODL uses XRP for transactions.
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