Ripple has recently released the xCurrent 4.0 protocol. With it, Ripple’s more than 200 customers will be able to easily integrate the xRapid payment system that leverages the XRP digital asset. The information was released by David Schwartz, the chief technology officer of Ripple on May 6.
Ripple Announces xCurrent 4.0
Ripple has just released the new xCurrent 4.0 that will make it easier for clients to embrace the xRapid system. According to Mr. Schwartz, this new upgrade will not only add xRapid support but it also offers multihop, much easier peering and a better customer integration process, among other features.
4.0 is live. We're working to get all customers upgraded, but it's a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features.
— David "JoelKatz" Schwartz (@JoelKatz) May 6, 2019
At the moment, most of Ripple’s customers are using the xCurrent product in order to make fast and cheap cross-border financial transactions. Although xCurrent has been embraced by several companies around the world, it doesn’t use the XRP digital asset. With this new upgrade, the xRapid service will be easily compatible with xCurrent and firms will have an easy process to embrace this digital asset.
Using XRP provides companies with the possibility to source their liquidity on-demand. There might be a client that wants to send funds to a country where there is no connection with local banks, increasing costs and transaction times. With XRP it is possible to reduce these costs even further and make fast transactions between boundaries and financial corridors.
Although xCurrent 4.0 was already live, Schwartz mentioned that they are working to get all customers upgraded. The process to move towards xCurrent 4.0 is tedious and complex, which makes it difficult to have a streamlined network upgrade.
Moreover, he went on saying on Twitter that upgrading to 4.0 is not mandatory for customers, having a mix of versions can make features work inconsistently. At the same time, he said that there could be pain points for people that do not run both IPv4 and IPv6. In the future, new companies and firms could be integrated into Ripple’s network and be able to perform cheap and low-cost cross-border payments.
XRP is currently the third largest digital asset in the market. Each XRP can be purchased for $0.298 and it has a market capitalization of $12.58 billion. In the last 24 hours, the price of this virtual currency fell 0.67% according to data provided by CoinMarketCap.
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