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Blockchain Revolution Series: Xpring To Give New Dimension To Ripple
XRP ledger has various versions, namely, xRapid, xCurrent, their development team at Ripple’s Xpring, has now, designed and developed latest features to the XRP protocol with an objective of enhancing blockchain-based use cases and efficiencies and to support what it calls ‘the internet of value’.
So far, xRapid has been the rationale protraction of the current service for ripple and xRapid also works more similarly to xCurrent. Even so, it requires the XRP as a currency. Where XRP provides the liquidity requirements in overseas transactions. Most importantly, eliminates the need of the expensive Nostro accounts.
Xpring updates XRP Ledger Mainnet servers, including clusters and validators, to version. In the recent past, packages for XRP Ledger (rippled) version 1.5.0 were made available, as per the ripple’s product manager, Warren Paul Anderson’s blog.
Rippled version 1.5.0 introduced several improvements and new features to the XRP Ledger, including support for gRPC API, API versioning, UNL propagation via the peer network, new RPC methods (validator_info and manifest), augmented submit method, improved tx method, improved CLI parsing, improved protocol-level handshaking protocol, improved package building and various other minor bug fixes and improvements. This week, rippled version 1.6.0-b1, the first beta of the 1.6.0 release, were made available.
Mr. Brad Garlinghouse had once said that: “This is consistent with Ripple’s vision of XRP as a fast and inexpensive source of liquidity for cross-border transactions. Instead of banks having to maintain foreign bank accounts, the idea is for them to buy XRP with dollars or euros and rely on local market makers to exchange XRP into local currencies.”
The Ripple has been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.
The Xpring platform provides similar solutions for developers. It establishes on open source technologies to create solutions for sending and receiving payments in any currency.