Over the two day Swell Conference, San Francisco-based crypto startup Ripple, announced some major news, including adopting the mission statement of ‘Internet of Value’. The company explained how an Internet of Value can be obtained through RippleNet, and that the aim is have value exchanged as fast as information. This Internet of Value is geared towards enabling the transference of any conceivable asset of value.
The company claims that with the power of RippleNet, the Internet of Value will provide for “demanding global transactions that are seamless, real-time, certain, and cost-effective”. Ripple’s blog details the need for the Internet of Value.
“As a global payments network, RippleNet creates a modern payments experience operating on standardized rules and processes for real time settlement, more affordable costs, and end-to-end transaction visibility. It allows banks to better compete with FinTechs that are siphoning off customers disappointed by traditional transaction banking services.”
Ripple’s network is generally made up of banks and payment providers that source liquidity and process payments, as well as corporates and FinTechs that use RippleNet to send payments. Being a network member gives you access to RippleNet’s single global network of institutions, where a company can gain a single point of access to a standardized, decentralized infrastructure for consistency across all global connections.
Ripple CEO Garlinghouse commented that his company has real use cases for blockchain and has a clear goal that the company wants to attain:
“Too many companies have a peanut butter problem. They’ve spread themselves very thin, working on lots of different initiatives. By contrast, Ripple has gone deep in understanding how global payments problem can be addressed with blockchain technology and digital assets.”
The purpose of RippleNet is to create an effective and efficient global payment system through a single network. RippleNet will provide banks and payment processors that ability to give clients an Internet of Value.