Attorney John Deaton Reacts to Ripple’s Accomplishment In the Past 10 Years.
Ripple has come a long way in the last 10 years, as an XRP enthusiast highlights the accomplishments of the blockchain project within this time.
A Ripple enthusiast has taken to Twitter to highlight the achievements of the popular blockchain network over its 10 years of existence.
The accomplishments of Ripple as highlighted by the XXRP investor prompted a reaction from attorney John Deaton, the lawyer who granted Amici status in the company’s ongoing lawsuit with the Securities and Exchange Commission.
Ripple’s Successes in 10 Years
Ripple has become a popular name in the financial sector, offering clients the opportunity to quickly settle transactions at a relatively low cost compared to what is obtainable in the traditional financial space.
Over Ripple’s 10 years of existence, the network has not experienced any downtime and has never been a victim of a hack. XRP, the native cryptocurrency linked to Ripple, has been used by global financial institutions and individual clients to conduct cross-border settlement, which usually settles in an average of 3.8 seconds.
The Ripple network can scale 1,500 transactions per second (TPS), and it burns 0.0001 XRP for each completed transaction. Ripple consumes 0.000011 KWh per transaction which is less than Visa.
Ripple is gradually becoming one of the most widely adopted blockchains in the crypto industry. At the moment, STASIS, a tokenization platform, is building the first Euro stablecoin (EURS) on Ripple’s XRP Ledger (XRPL), while international payment company Novatti Group is also developing an Australian stablecoin on the network.
Ripple Pioneering CBDC Development
Ripple’s prowess in the payment sector has been identified by both traditional financial institutions as well as countries.
Last year, Ripple noted that it had partnered with Bhutan’s central bank, the Royal Monetary Authority (RMA). Following the announcement, Bhutan’s apex bank will tap Ripple’s CBDC solution to pilot its Central Bank Digital Currency (CBDC) in phases.
Aside from Ripple’s partnership with Bhutan, the blockchain company is also liaising with other countries to help them issue their digital currencies.
“Ripple is a member of the digital pound foundation, and the digital Euro foundation” to work on CBDCs. – Ripple is positioning Central banks to issue their #CBDCs onto the XRPL. The more assets issued on the XRPL = Higher price,” the Ripple enthusiast concluded.
Attorney Deaton’s Reaction
Reacting to Ripple’s achievement highlighted by the XRP enthusiast, attorney Deaton tweeted:
Nice 🧵 https://t.co/I2JZDtI3e9
— John E Deaton (203K Followers Beware Imposters) (@JohnEDeaton1) June 22, 2022