First of all, we need to define exactly what the Internet of Value (IOV) is. In essence, where the internet is a platform for instant information sharing (for example, you can post a Facebook status and it is live, instantly) IOV refers to a platform that can also allow for the sharing of value instantly, through financial asset transactions that are approved and live, instantly.
IOV, I suppose, is a side project from the blockchain and is a birthchild of cryptocurrency. Clearly, IOV hosts a number of intrinsic advantages, but, in our opinion, these advantages sit tightest alongside Ripple, including Ripple’s services and of course Ripple XRP.
As a matter of fact, Ripple actually uploaded a blog post very recently that refers to their take on IOV, you can see it for yourself, here-
According to Ripple:
“With the Internet of Value, a value transaction such as a foreign currency payment, can happen instantly, just as how people have been sharing words, images and videos online for decades. And it’s not just money. The Internet of Value will enable the exchange of any asset that is of value to someone, including stocks, votes, frequent flyer points, securities, intellectual property, music, scientific discoveries, and more.”
“Blockchain technology, including Ripple’s solution, allows assets to be transferred from one party directly to another, with no middleman. The transfer is validated, permanent, and completed instantly. At last value will be able to move around the world as information does.”
This is an idea and a movement that Ripple are spearheading, and thus is something they clearly strive to be a major part of. IOV promises to be the second coming of the internet and will mark a clear convergence between the internet and blockchain technology.
You may be asking, why Ripple though?
Ripple’s services are already well embedded within society. They are being picked up by major and mainstream companies on a monthly basis, therefore we believe that Ripple’s services are already one step ahead of the competition. This of course, makes the Ripple blockchain the blockchain of choice for when it comes to building a true IOV.
Then, you might ask, do we need an IOV when the blockchain already exists?
The blockchain is a mysterious entity, its complicated technology makes it hard to adopt and is one of the things hampering cryptocurrency adoption today. Within IOV, the blockchain becomes a working part of the normal internet, which makes it easier to adopt, people will be less fearful because they believe they understand the internet. It’s fast, instant and easy to replicate, so really, what is there to understand?
IOV, will move cryptocurrency adoption forward, since Ripple are trying their best to achieve that, I guess they provide the crypto-revolution with the best foundations through which to build a new Internet of Value.