The year 2019 has been a relatively good year for the likes of Ripple, a global-focused blockchain-oriented tech company that has been credited for making an effort to revolutionize the payment systems across multiple baking platforms. In a recent post on its blog, Ripple had a few points to put across regarding the 2019 situation as well as the forecast for 2020 in regard to the budding crypto and blockchain industry.
For one, Ripple is responsible for the conception of XRP, a crypto token that has now achieved fame and sits at number 3 on the charts in terms of total market cap. Ripple has also been pushing for the adoption of XRP as a base currency for cross-border payments between banks.
What Surprised People In 2019?
As anyone would expect, 2019 has had its fair share of surprises to dish out as far as the crypto and blockchain industry is concerned. First off, there was the launch of the Libra project, a crypto project pioneered by Facebook. The project’s launch instigated a global debate about the regulatory frameworks that should be put in place to govern digital assets. The intense atmosphere surrounding the project especially within the corridors of power in the US speaks volumes in this regard.
Another big surprise that could be described as one of the highlights of the industry in 2019 is the successful development and deployment of the ODL (On-Demand Liquidity) system developed by Ripple Labs.
This system allows for the use of XRP as a base currency for global payments, with its main strengths being speed, less transaction cost, and quick liquidity. By quick liquidity, it means that unlike traditional bank transfers, the destination account doesn’t have to be pre-funded for the transaction to be completed. XRP and ODL solve the liquidity problem.
Predictions For 2020
By all accounts, and given the various positive market projections, many expect 2020 to bring some good tidings for the market. According to Ripple specialists, the next decade, starting 2020, will welcome a period of consolidation where the non-useful cryptos and such projects will be wiped out.
The industry needs cryptos and technologies that bring real use cases and solve problems. With that said, the Internet of Value will soon find its place in the financial society.