The background
For those who don't know, Ripple is one of the most interesting altcoins in the realm of cryptocurrency. Using a unique version of distributed ledger technology, the Ripple network is specifically designed to facilitate fast, simple, and cryptographically secure transactions across international lines, and between different currencies, with the lowest transaction costs on the market.
While Ripple's heavy involvement with the banking industry (Ripple currently world with twelve of the world's top fifty banks) has led some to question its commitment to the decentralized ethos of the blockchain, for others this comes as a necessary evil (and even a potential advantage) for the Ripple network to achieve its goals of bridging financial divides and making it much easier for people in different parts of the world to do business regardless of their country or currency. In today's ever more globalized society, there's little wonder that Ripple is gaining serious traction worldwide, and is poised to become even more popular as it gains further legitimacy and international interest.
The news
In what may be a landmark development, the Mizuho Financial Group (a Japanese holding company) announced on Monday that it will pilot a trial of cross-border transactions using Ripple, with a focus on targeting key problem areas such as the high costs and delays involved in such transactions. If successful, this trial could lay the groundwork for more mainstream adoption of the Ripple system. This is not the first time Ripple has embarked on such a trial: in May of this year, British bank Santander became the first to use Ripple for international payments, with considerable success.
Suffice to say the future looks bright for Ripple, and it may go some way towards extending the possibilities for mass adoption of cryptocurrency overall. A good investment? Sure seems like it to me. What are your thoughts on Ripple's prospects?
