The Capital
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The Capital

In Search of an Altcoin for the Public Sector (II): Ripple and Litecoin

Should governments and administrations work with Ripple and/or Litecoin? The pros and cons.

Special Features of XRP and LTC and Their Differences to Bitcoin

What are the distinctive features of XRP and LTC compared to the other cryptocurrencies?

XRP´s Applications for the Banking World

The ripple network sees itself as an interface in the international payments of banks and payment service providers. Therefore, Ripple has developed a platform that is compatible with as many banking infrastructures as possible. The acceptance of Ripple and its products xRapid, xCurrent, and xVia are already massive. The technology behind Ripple, therefore, has the potential to assert itself as the “Bitcoin of the banks”. XRP also wants to distinguish itself from Bitcoin and other cryptocurrencies: while Bitcoin was created in response to the financial crisis of 2008 and wants to make banks redundant one day, Ripple sees itself as a partner of the banks. Banks and payment networks are increasingly using Ripple as a technology for settlement infrastructures. The reasons are payment speed in the system, stability of technology and function of the coin as a bridging currency.

Technical Progress Through LTC

As already mentioned, LTC is a “little” brother of Bitcoin. What is technological progress behind it?

Conclusion and Outlook

The possible use of the alternative cryptocurrencies XRP and LTC is not exhaustive. The applications mentioned above in the banking world as well as to speed up transactions serve the further development of blockchain technology worldwide. As these application scenarios become established in the transaction world over the long term, there is a possibility of transferring these scenarios to other areas of life. The public sector, and public-private partnerships in particular, which are also launched by the public sector, can benefit in the future from these alternative cryptocurrency applications. It remains only to be seen how the partnerships with the world-famous credit institutions continue to develop for the simplification of business processes.

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Dennis Hillemann

Lawyer and partner with a track record of successful litigation and a passion for innovation in the legal field