The Internet of Value (IoV) vision has driven Ripple to establishing initiatives like Xpring, designed to become a global network for developers. Now the company announced the opening of the platform.
To make sure that Ripple‘s XRP begins to function on a broad basis, Ripple Labs has introduced the Xpring platform in order to enable third parties to be able to use XRP’s Mainnet for different kinds of applications like never before. One year after Ripple announced the existence of the platform, the XRP development team decided to enable just about anyone to be able to create smart applications that use XRP as the main token of execution of transactions.
Ripple indicated this in a tweet that prompted the attention of just about everyone.
— Ripple (@Ripple) October 2, 2019
Being multi-functional, Xpring brings different kinds of applications to the table. Xpring’s software development kit (SDK) comes as an out-of-the-box solution that can function using any programming language. This kind of functionality allows for effective and flexible solutions to work with XRP protocol. Ripple went one step further and has introduced the interledger protocol which is a cross-blockchain solution that links many blockchains together without any fuss.
Xpring senior vice president Ethan Beard said:
“It’s designed to remove the pain and the messiness of integrating money into apps.”
This means then that Xpring aims to bring money to different kinds of situations and instances. Beard further noted:
“Ultimately, we want the Xpring Platform to bring money to the Internet at the same core level as text, images and video [do] today.”
While other blockchain applications aim to bring blockchain technology to different kinds of industries, Xpring extends money and distributed ledger technology to the whole world. Since Xpring isn’t based on blockchain technology but rather on the Ripple Protocol Consensus Algorithm which is in itself a distributed ledger system which functions by consensus on all nodes on Ripplenet, this allows for the further inclusion of partners in almost every sector to use the XRP the same way everyone uses other forms of currencies.
This novel approach brings together Ripplenet, XRP protocol and interledger protocol (ILP) under the same umbrella and in one ecosystem. Like Beard noted:
“We’ve partnered with or invested in over 20 companies that are using XRP and [are] aligned with the vision that we have, and have committed over $500 million to that ecosystem.”
This has created a paradigm that will enable Ripple to be able not only to attend to remittances as it is doing right now with Ripplenet but to also work within a framework that will enable all kinds of activities to occur within the crypto space; hence the interledger protocol. With innovations like this, it is easy to see Ripple being a one-of-a-kind cryptocurrency ecosystem in the world and that will change a lot of perceptions about cryptocurrencies in the world today.
Already, Xpring is showing its potential by going places and doing things. Already, Xrpings investment in decentralized derivatives App Vega which raised over $5 million in the last funding round is an indication that there is some truth to the hype that the finance world has been making about Xpring.
What remains now is to see if the truth to the hype can scale real-world situations that Xpring must face such as regulatory hurdles, adoption and so on.