Cryptocurrency giant Ripple has unveiled a new product, “RippleNet Home,” that would allow customers to connect and partner with each other. Strangely the news has gone mostly unnoticed as XRP fans were hoping to see a massive announcement (an Amazon or Google sized partnership for example) but for those watching closely RippleNet Home is even bigger than that. RippleNet Home changes the game… RippleNet Home changes everything!
This exciting new product was launched at this year’s Ripple Swell conference held in Singapore on November 7th. As per the company’s statement:
“RippleNet Home will act as a hub where RippleNet members will be able to connect and partner with each other, analyze corridors, and access data analytics on their transactions.”
The platform plans to provide companies with real-time updates on their payment flows and performances. To be precise, RippleNet Home will allow financial institutions and business companies to enhance their capabilities and expand their reach in different markets around the globe by getting insights about their payment flows and performance in real-time. According to the presentation at the conference, RippleNet Home is projected to be perfect for evaluating a market’s size and finding ideal partners for the company’s business growth.
How RippleNet Home Works?
While the features of the new project are not yet clear, Ripple’s new project will allow members to connect and collaborate, analyze financial corridors, and gain access to data analytics on their own transactions.
The idea behind RippleNet Home is to connect users and members instantly by developing a network via managing and responding to all of the customer’s request in a single central platform as well as to find on-demand liquidity partners that offer low rates and instant settlements. The platform will, in the long run, improve the overall financial transfer market.
Take, for instance, three individuals; Mr. John, Mr. Paul, and Mr. Cutis. Mr. Paul leaves in Miami and has a speed boat he doesn’t use because he doesn’t want to take part in water sports again. However, he has a newfound interest in car racing but doesn’t have a race car. On the other hand, Mr. John lives in New York and has a Ferrari 360 Modena he doesn’t use anymore and would like to give it away for a speed boat. Lastly, Mr. Cutis, who leaves in Toronto and he is looking specifically for a rare model of the Ferrari 360 Model owned by Mr. John in exchange for a Ferrari California.
In the real world, it will nearly be impossible for these three individuals to find each other and trade their goods according to their interests. However, using RippleNet Home, they can quickly locate each other, meet up, and trade. More interestingly, the platform allows users to make payments in any currency, even Bitcoin, at a minimal transaction fee of $0.00001, which is only convenient to prevent DDoS attacks.
More, another impressive feature of the RippleNet Home includes a direct understanding of the company’s payment stream with data transmitted by region in real-time. RippleNet will also allow companies to estimate the size of other partners to obtain a reliable assessment of their performance and also make the best decision regarding an ideal partner to collaborate with. That means, through RippleNet Home, companies will be able to choose a business partner that best suits them.
RippleNet Home dashboard features use smart automation to enable users’ track all their payments and also analyze their transaction history with minimal chances of errors to optimize their company for global payments.
Official Launch Video Explained
Ripple released a video explaining how Ripple users can link to one another via the newly released RippleNet Home.
The video starts by asking the audience to think of the possibilities of an entirely new experience regarding their company’s payment flows and performance in real-time. The video gives a clear outline of what RippleNet Home will offer, the intelligent suggestions, and how to grow your market share to increase your company’s competitive advantage in different parts of the globe.
The video also touches on exploring and interacting with the remittance payment market and data network to establish new partners and also get to know their capabilities while revealing new growth opportunities with time to improve and expand on users’ businesses. Ripple community members have also released other videos detailing how the functions of the platform.
How will RippleNet Home Create Competition in the Banking Sector
Ripple community believes that the launch of RippleNet Home will make banks to be more competitive. According to Ripple, RippleNet Home will provide customers and investors with an entirely new customer experience that would be based on enhancing the remittance market. The most beneficial feature of RippleNet Home is the direct insights function that analyses a company’s payment flow with data being transmitted across regions in real-time.
RippleNet Home will feature intelligent suggestions that are aimed at increasing competitive advantage, specifically in the cryptocurrency sector. Investors and general users can leverage the platform to identify the growth parameters of their business with the option of enhancing existing partnerships. Additionally, the platform will enable companies to select perfect partners by using the platform to evaluate the size of other partners and get a dynamic assessment of their characteristics
RippleNet Home will also achieve real-time connectivity and instant access between different parties. While on the platform, users are able to send requests to others instantly and manage their individual responses on the application. This is aimed at tracking the network’s growth as well as the inflow/outflow of its capital.
In the future, RippleNet Home, along with the RippleNet payment network, will be used majorly by banks. RippleNet Home users will be able to leverage Ripple’s On-Demand Liquidity Services (ODL). Ripple’s CEO Garlinghouse said in a statement that Ripple’s corporate network had reached over 300 participants. With this new service, it can indeed be interpreted as a unique opportunity for companies in different sectors.
XRP price has greatly fluctuated even after the launch of RippleNet Home, where the price remained bearish. In 2019, Ripple XRP seemed to have struggled to keep up with the market price of other cryptocurrencies, namely Bitcoin and Ethereum.
Ripple’s XRP was unable to recover from the fall in price that supervened following the rise during the Christmas of 2018, where XRP/USD touched $0.48 but failed to gain further upwards leading to declines that entered into January 2019 but found support above $0.2800. Since then, XRP has failed to pass the $ 0.4 mark and has been staying in a wide range between $0.4 and $0.2800.
Nonetheless, 2019 has generally been a tough year for cryptocurrencies due to the instability of the crypto markets, increased competition, and increased market volatility. At the time of this writing, XRP was trading slightly below the $0,2840 resistance area against the US Dollar.
The future is projected to be bright for XRP. The future price prediction of XRP is expected to be worth a lot more in 2020 and the following years. That’s because Ripple is expected to launch more products to add to xRapid, and now, with RippleNet Home, the project is set to add more users in its ecosystem, which experts predict will boost the value of its coin.
Commenting on XRP price, Ripple’s CEO, Brad Garlighouse, stated that 99% of all cryptocurrencies could be worthless in the future, Garlinghouse told Bloomberg:
“I have said publicly before that I think 99% of all crypto probably goes to zero, but there is that one percent that I think is focused on solving a real problem for real customers and is able to do that at scale.”
Regarding XRP’s poor market performance even after the launch of RippleNet Home, Garlighouse stated that it was best to focus on the long term since unlocking a digital assets’ potential could be a decade away. Nonetheless, he thinks that the cryptocurrency sector is currently experiencing lots of bullish trends, which is good for Ripple in the future.
In a Nutshell…
Ripple debut the RippleNet Home during this year’s edition of the annual SWELL conference held in Singapore from Nov. 6-7. The platform will function as a mini-fintech social network that connects RippleNet users for collaboration and to gain access to data analytics on their own transactions. For companies, the newly launched platform will provide real-time updates on their payment flows and performances. RippleNet Home will also enable companies to identify ideal partnerships, which, in the long run, is projected to improve the overall financial transfer market.