Ripple's xRapid Reduced Transaction Cost and Duration | Digithereum

Ripple's xRapid Reduced Transaction Cost and Duration

Platform Ripple presented the results of the first pilot projects with a digital token XRP and xRapid technology.

Senior vice president of Ripple products Asheesh Birla spoke about seven pilot projects that tested payments using the intermediate currency XPR. He noted that the results of the participants were quite similar, which allowed to combine all the data in one report. According to the research results, participating financial organizations could save from 40% to 70% on transactions in comparison with the costs they previously incurred, using the services of foreign exchange brokers.

With regard to the speed of completion of transactions, the results of the study showed that the average time of the operation was about two minutes, while the usual international bank payment would take 2-3 days. In addition, Ripple noted that operations inside the blockchain network take only a few seconds - all the rest of the time is expended on third parties, such as exchanges and local payment services.

"It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility. XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second," said Birla.

After successful testing of the new technology, Ripple plans to go to the full-fledged launch of XRP-transactions, the exact date of the beginning of this stage is not known yet, however.