/biz/ - Business & Finance

>>51141256
i'm not sure i understand
>are you saying the XRPL is being used privately, with transactions on the XRPL being unknown to the public?
yes- Ripple has been announcing all these partnerships and different currencies and countries it's operating in. Probably dozens of countries and hundreds of partnerships at this point. Each one of them uses a private version of the XRPL for testing
https://ripple.com/insights/ripple-pilots-a-private-ledger-for-central-banks-launching-cbdcs/

But, in order for these private networks to have value, they will have to connect to the main network. Otherwise they are isolated and won't be able to derive the benefits of participating in the XRPL i.e. cheap and fast payment settlement and swapping between currencies

if you want one example of how this might help, look at the current controversy over russian oil. Russia will only accept rubles, and Euros will only pay for oil in EUR. This has led to decreased supply, political and economic instability and possible energy insecurity. The solution is already in place, though- transacting through an interoperable digital neutral bridge currency accepted by both parties, formatted using a universally agreed upon payment messaging system (ISO20022)

they've been testing this system for years and it's about to go live. in all likelihood, the parties involved are already transacting value on the private version of the XRPL. but, in order to start using it publicly for stuff like energy swaps, they have to connect it to the public XRPL, and for that to happen there has to be a need for it.

/xsg/ has been speculating that a cyberattack on legacy financial/payment systems (swift, mastercard/visa etc) would be one of the ways this need could be demonstrated.