Asheesh Birla, Ripple Senior Vice President, in a recent interview answered a number of questions regarding the company’s operations. It is worth noting that Ripple employees often clarify certain points on specific points. This prompted the desire to better show consumers the usefulness of the blockchain, the technologies of which Ripple is engaged in. For example, Ashipp Birla, senior vice president of Ripple, stressed that the main strategy of the company from the very beginning was the desire to achieve improvements, and not to struggle with the system.
Ripple Senior Vice President: Interview Details
Ripple Senior Vice President Asheesh Birla, in response to a question about what the company decides, noted that the strategy from the very beginning was to improve the existing financial system, rather than fight it.
Change the system from the inside out
This means that Ripple has worked with regulators, governments and central banks to change the system from the inside out. As a result, as the vice president of Ripple emphasized, the company became the only one in the blockchain sphere, whose customers use their products on a commercial basis. More than 200 banks, payment systems, and other financial institutions use the Ripple network in more than 40 countries to exchange real-time payment information for instant settlement without any interruption.
Ripple was created to eliminate shortcomings in global payment systems. The representative of Ripple emphasized that so many processes are done very quickly. It is possible, for example, to transmit streaming video from the ISS even at high speed, but there are difficulties with finances. This inefficiency has a particularly negative effect on markets with a low degree of development and a weak level of service provision. They especially need fast, inexpensive, and efficient money transfers, and that is what Ripple can do.
Ripple’s senior vice president also named the reason for XRP’s prosperity among other cryptocurrencies. According to Ashish Birl, the reason for the good position of Ripple XRP is that the purpose of this digital asset was determined in advance. Ripple XRP was designed to be faster, less expensive, and also more scalable than other cryptocurrencies. Bitcoin, for example, is not designed for payments, but can only be used as a means of preserving value or executing smart contracts. Therefore, transactions are quite slow. On the other hand, Ripple XRP, in this case, shows excellent results.
XRP is not controlled by Ripple
Ripple’s senior vice president emphasized that Ripple does not control XRP. XRP is an open source and also a decentralized asset. This means that Ripple cannot manage XRP enumerations, various XRP Ledger operations, transactions, and so on. Ripple uses XRP as an intermediate currency in liquidity on demand.
In addition, Ripple supports the development of projects involving XRP and XRP Ledger through its Xpring investment department. Ashish Birla also commented on Ripple’s writing of an open letter to the US Congress regarding the fair regulation of cryptocurrencies. According to the representative of Ripple, the letter was a reminder that many in the blockchain industry are quite responsible, and digital currencies can complement fiat, and not replace it.