Posted 1 year ago | by Ben Armstrong
Where is Ripple Going as a Platform?
Most people in the crypto world know that Ripple is a U.S.-based technology company that has built a real-time payment system, currency exchange, and transfer network, all of which were created by Ripple Labs Inc.
Ripple is an open-source protocol used to implement a distributed peer-to-peer payment system, with a special focus on the field of technology and finance. Ripple was officially released in 2012, but the first version debuted in 2004, and was called Ripplepay.
Similar to other cryptocurrencies, Ripple is built on the idea of a distributed network, where participants can verify transactions without the need of a single centralized authority.
Ripple is cheaper to use than Bitcoin in almost every case, and its architecture is probably better suited to be scaled up to the global financial system. With all these advantages in place, it is fair to wonder why Ripple is still the third most valuable token, and why it isn't more popular with the mainstream financial community.
Ripple is a Token of a Different Color
From the beginning, Ripple's XRP token was limited to only 100 billion, and in this way, XRP is similar to Bitcoin, which also has a hard cap. Although XRP tokens are limited, they have not enjoyed the same demand that BTC has.
Recently, Ripple has made several moves to try to create a new role to expand its presence with Wall Street Institutions and improve its narrative in the cryptocurrency community. These two areas are both possible markets for growth, but they may not have the same goals.
In a new job listing, a San Francisco startup says it is looking for a marketing vice president. This new job will entail branding the company Ripple by targeting bigger players in the financial world and influential voices in the world of cryptocurrencies.
In particular, this position will clarify the connection between Ripple and the XRP cryptocurrency asset. Many people don't understand that Ripple and XRP are unique, and Ripple clients don't necessarily need to use XRP.
Building Brand Awareness is Probably a Good Move
One of the biggest challenges for any altcoin is showing people, be they smaller investors or larger institutions, how the token will provide a stable platform that will rise out the wild swings of the crypto market.
Ripple had this to say on the topic of brand building:
"Building brand awareness and shaping market perception through globally integrated campaigns in partnership with our Design and Corporate Communications teams [while] developing our corporate narrative and thought leadership platforms to continuously increase our global market leadership and clarify the relationship between Ripple and XRP."
Ripple is the sole owner of 55,878,123,014 XRP, which is more than half of the total supply. Its latest sales report illustrates that the company has sold over $1.75 million USD worth of XRP over the counter in the first quarter of this year.