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JoelQuinn

Ripple's Competition

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I was curious to hear what others on this forum had to say about any of Ripple's competitors in an effort to aid my own research into what Ripple is up against. I found it Interesting to see that Visa has partnered with Chain, to develop their International B2B payment System, for instance. I've been encountering other systems that seem to closely resemble Ripple's stated objectives, like XLM.

It'd be great if we could build a thread with our insights on these and others you may be aware. 

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11 minutes ago, ScroogeMcDuck said:

Good idea.

Following 

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Don't think Chain is a direct competitor.  First time I've heard of them and after some brief browsing on their website it sounds like they help implement private ledger solutions for clients where Ripple is more focused on interoperability and sourced liquidity.  In the future the Chain development could actually become a benefit to Ripple as ILP would eventually link all of the client ledgers to transfer and settle value across platforms.

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1 hour ago, JoelQuinn said:

I was curious to hear what others on this forum had to say about any of Ripple's competitors in an effort to aid my own research into what Ripple is up against. I found it Interesting to see that Visa has partnered with Chain, to develop their International B2B payment System, for instance. I've been encountering other systems that seem to closely resemble Ripple's stated objectives, like XLM.

It'd be great if we could build a thread with our insights on these and others you may be aware. 

Solid avatar JoelQuinn, what is that? Regarding Chain, I think of them as a Venmo type between businesses. Not really in the banking sector. Look team v. team.

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11 minutes ago, Archive said:

Don't think Chain is a direct competitor.  First time I've heard of them and after some brief browsing on their website it sounds like they help implement private ledger solutions for clients where Ripple is more focused on interoperability and sourced liquidity.  In the future the Chain development could actually become a benefit to Ripple as ILP would eventually link all of the client ledgers to transfer and settle value across platforms.

Interesting take. Of course that would be great, especially if XRP is utilized in the settlements. Do you think Ripple's partnership with AMEX puts both company's ahead of the curve? 

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14 minutes ago, 7Bs said:

Solid avatar JoelQuinn, what is that? Regarding Chain, I think of them as a Venmo type between businesses. Not really in the banking sector. Look team v. team.

I think that's a helpful way to look at it - an in-house immediate transfer of funds.

...and hopefully it's a picture of me teleporting back in time to buy XRP at .06 when it's worth 10,000 sometime in the future. :Laie_16:

Edited by JoelQuinn

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4 minutes ago, JoelQuinn said:

especially if XRP is utilized in the settlements.

I think this is where the greatest utility lies and Ripple sees that; smart contracts, decentralized exchanges, p2p lending, and everything else are in some order of descending importance in terms of value creation.

7 minutes ago, JoelQuinn said:

Do you think Ripple's partnership with AMEX puts both company's ahead of the curve? 

Ripple is light years ahead of all competitors in terms of partnerships formed and relationships being established.  Ripple is not only leading in business partnerships but they are ingraining themselves into steering committees, regulation, and advisory positions throughout the crypto sphere.  The main differentiator from competitors would have to be the 55 billion XRP they currently hold.  $40-50 million in seed funding is cute but a $60-75 billion warchest is big-swinging-rooster type capital.

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1 hour ago, JoelQuinn said:

I found it Interesting to see that Visa has partnered with Chain, to develop their International B2B payment System

Payments with the financial institutions is big business. Companies like Visa, MC has money to develop their own blockchain payment system. I would not have expect Ripple to sign on ALL the financial markets. Just not possible. Plus blockchain is open source. From Visa's perspective, if you develop it, you own it thus do not have to pay a s/w license to a third party like Ripple. I was hoping Visa would partner with Ripple. If Chain doesn't get it done, maybe Visa will reconsider Ripple.

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16 minutes ago, Archive said:

 

Ripple is light years ahead of all competitors in terms of partnerships formed and relationships being established.  Ripple is not only leading in business partnerships but they are ingraining themselves into steering committees, regulation, and advisory positions throughout the crypto sphere.  The main differentiator from competitors would have to be the 55 billion XRP they currently hold.  $40-50 million in seed funding is cute but a $60-75 billion warchest is big-swinging-rooster type capital.

These are some of the main reasons I decided to invest heavily into XRP. I see Ripple making smart, strategic steps towards, what is no doubt, the future of moving money.

I can only see it being a heavily contested space, which is why I'm comforted by Ripple's"warchest." Have you come across any somewhat significant competition at all, albeit many light years behind?

Edited by JoelQuinn

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I don't have the article handy but in another thread there was a perspective that Ripple's genius comes in how they develop their partnerships.  For example, they announced MoneyGram which is considered the 2/3rd largest payment processor.  By establishing a partnership there it forces Western Union to the table if the relationship is showing success.  The same rationale applies with American Express relative to Visa & MasterCard.

I believe Stellar & Ethereum are the direct competitors.  Stellar becomes a competitor if Ripple falls flat during the next 6-12 months.  Ethereum becomes a direct competitor if Ripple is successful and starts branching out with their other projects focusing on smart contracts, further decentralization, etc.  

There really isn't another coin in Ripple's lane that has the management and investor list XRP does.  It's the best horse to ride ATM I really believe. 

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1 hour ago, benstr said:

Payments with the financial institutions is big business. Companies like Visa, MC has money to develop their own blockchain payment system. I would not have expect Ripple to sign on ALL the financial markets. Just not possible. Plus blockchain is open source. From Visa's perspective, if you develop it, you own it thus do not have to pay a s/w license to a third party like Ripple. I was hoping Visa would partner with Ripple. If Chain doesn't get it done, maybe Visa will reconsider Ripple.

Once network effects start effect down the road Ripple could consider incentivizing ( AKA tightening the screws) to adopt XRP. They don't need to get everyone on day one. Just like Amazon did not make any profits on it's store and just kept focused on building an ecosystem and ingraining behavioral changes in it's consumers. Almost every second day there is a amazon package on my doorstep when i get back from work.  

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I think, if we want to see Ripple's "real use case" competitors, you could argue that looking at Ripple's contemporaries at FED Task Force solutions could be valid:

https://fasterpaymentstaskforce.org/effectiveness-criteria-and-solution-proposals/

In this, Ripple "competed" on the best solution provider for FED's fast inter-border payments that could deliver everything they need that could pass FED's criteria (such as security, speed, etc.)

I would conclude that this would be the best gauge on who Ripple's real competitors are in their market.

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