The 2nd Annual Swell by Ripple Conference is over! San Francisco Time On October 1st and 2nd, global experts in policy, payment and technology gathered at the Swell by Ripple conference in San Francisco to discuss future payment methods.

Ripple is the world's first open payment network, through which any currency can be transferred. Compared with the traditional way of remittance by bank, there is no cross-border, cross-border payment of Ripple, the transaction can be confirmed within a few seconds, and the transaction cost is almost zero, easy and fast. And this meeting called Swell is Ripple's annual conference. Then, what are the highlights of this Swell conference?

Ripple CEO: The three conditions of value Internet are indispensable

At the beginning of the conference, Brad Garlinghouse mentioned Ripple's mission: to become the value of the Internet, so that the world can transmit and receive value just like today's sending and receiving of information. But if you want to achieve the ultimate goal of "value transfer," the industry must first address the conditions that are currently missing: the transmission of goods, the transmission of data, and the transmission of funds. The three are indispensable.

When we conduct cross-border remittances now, complicated procedures, high costs, and trading hours of several days are all examples of the problem of capital transmission. And that's exactly what Ripple is trying to solve with blockchain technology. For example, RippleNet, one of Ripple's products, is a payment network that uses

xRapid officially launched

At the conference, Garlinghouse also announced a big ripple news: Ripple's new product, xRapid, went live. That is to say, people can now use Ripple's partner Cuallix to use Ripple's token XRP to make real-time payments from the US to Mexico! This also means that Ripple has achieved phased results in solving the problem of fund transfer.

The significance of xRapid is that it is the actual settlement of the transaction. In addition, xRapid uses XRP, and other Ripple products do not have to use XRP, which is also of great significance to Ripple.

The xRapid developed by Ripple is very easy to use and user friendly, but the development process is very difficult and requires many very talented computer scientists. The global banking system is very complex, and xRapid wants to be a simple and efficient trading system in a complex banking system, and the challenges can be imagined. However, xRapid uses Ripple's own token XRP as a “transfer station” for cross-border settlement. Recently, the XRP price has fluctuated and fluctuated greatly. Does this kind of volatility affect people's confidence in using XRP as a “transfer station” for cross-border settlement?

Compared to the volatility of XRP a year ago, XRP is now much more stable. And if you use SWIFT for cross-border remittances now, since the entire transaction takes up to several days, the funds of the remitter are exposed to the risk of exchange rate fluctuations in these days, so they also bear certain risks. Of course, the fiat currency generally does not fluctuate as much as XRP, but it needs to be exposed to exchange rate risk for 3-5 days. If the sender uses xRapid and remittance through XRP, the transaction is completed more quickly. Exposure to the value fluctuations of the XRP or ripple exchange rate itself is only 3-5 seconds. As a result, exchange rate risk is significantly reduced as the time required for the remitter to expose the risk is significantly reduced.

Will Ripple enter the Chinese market in the future?

Regardless of whether it is remitted in or remitted out, China is one of the four countries with the most frequent cross-border remittances in the world. Therefore, Chinese banks and financial institutions want to interact with the rest of the world, and hope that this interaction can be accurate and rapid. Therefore, Ripple has a natural space for cooperation with China. Although Ripple does not currently have a Chinese customer, Cory revealed that Ripple has actions throughout Asia. As for when to enter China? It’s hard to imagine that in today’s global interactions, China’s remittance business will not want to use a faster, more convenient and cheaper way.