In a recent podcast presented by BezingaâsÂ Fintech Focus, Cory Johnson, the Chief Market Strategist of Ripple shared the technology behind XRP and the difference between XRP and Ripple.
Cory explained Ripple as an enterprise software company which builds software and sells it to financial institutions, like banks and remittance companies.Â Some of their products use a cryptocurrency as digital assets called XRP and the firm is trying to solve this really big problem which is moving money across borders.
According to Cory Johnson:
Â âIt is insane in this era of technology when I can send a text message to a friend in Rome with emojis and a GIF attached to it, or I can send an email to a friend in Cape Town, South Africa in three seconds with an Excel spreadsheet attached with all kinds of information. But I canât send anything of value. I canât send value or money when anything less than five or 600 basis points of costs and will take me three to five days. Thatâs crazy, and that doesnât reflect the best of technology.â
He also mentioned thatÂ Ripple is aÂ software which is deployed by banks, financial institutions so that the Know Your Customer [KYC] rules and the Anti-Money Laundering [AML]Â rules are obeyed by the banks.
They also discussed the difference betweenÂ Ripple and XRP and the core relationship between both. Cory compared the difference between Ripple and XRP to the difference between Exxon and oil. Drawing reference to ExxonMobil, a multinational oil and gas corporation, he said that they are completely different things and are occasionally related.
According to him, Ripple has several engineers who develop, sell software and help the market get the software. âSome of these software solutions useÂ XRP, just as ExxonMobil does lots of things, and some of their work is discovering and exploiting the use of oilâ, stated Cory.
The Ripple official further added:
âXRP exists completely separate of Ripple. XRP was created, all the work to create XRP started before Ripple was a twinkle in anyoneâs eye.â
Johnson said that XRP would continue to exist even if Ripple were to go away and that many other companies are using XRP as a core technology.
He also compared XRPâs technology to Bitcoin 2.0. He said that both the technologies are similar, but XRP is faster and does not use tons of power. Also, the cryptocurrency is not controlled by Chinese miners and is a blockchain digital asset that is used principally for the movement of value.
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