Ripple is currently the third top cryptocurrency in the world, based on market capitalisation, and has been struggling recently with the massive fluctuations in value. They are not alone, and it is being seen across the majority of cryptocurrencies, with very few coming out well.
It was developed in order to be a financial solution and protocol that had incredibly fast transaction times for a reasonable price. Investors of Ripple are looking forward to the launch of a number of different projects that Ripple has in the pipeline, such as acceptance for XRP as currency for cross-border payments by Western Union, as well as the mobile XRP app that Santander are launching.
One of the biggest developments that people are waiting for though, is the Cobalt Algorithm that was introduced by fellow Ripple employee and cryptocurrency architect, Ethan MacBrough. The official announcement came at the end of last month.
So, why is this huge news for Ripple? Well the Colbalt Algorithm would cut the time for cross border transactions to just 1 second; whereas they previously ran at 3 to 4. This means that it would increase the speed by a huge 75%! The exciting thing is that this improvement is likely to see Ripple’s popularity grow at astronomical rates, and it will be seen as a more reliable decentralised transaction platform, which in time would make it more stable.
On top of this already great news, they have also announced their recent partnership with Hyperledger. Both companies are incredibly positive about the collaboration. Hyperledger is an industry-wide open source initiative which has been designed purely to advance Blockchain technology, so the recent partnership with Ripple can only be a good thing for the cryptocurrency, and could see its popularity rise even further.