HERE IS WHY DUBAI SELECTED XRP OVER BITCOIN FOR ITS $16B REAL ESTATE TOKENIZATION PROJECT!
Dubai selected XRP over Bitcoin for its $16 billion real estate tokenization project due to several key advantages. Here are the main reasons :
Speed and Scalability: XRP can process up to 1,500 transactions per second, settling in just 3-5 seconds, making it ideal for fast and seamless property token transfers. In contrast, Bitcoin's transaction capacity is limited to 7 transactions per second.
Low Fees: XRP's average transaction cost is fractions of a cent, significantly lower than Bitcoin's volatile fees. This makes micro-transactions and fractional real estate ownership efficient.
Energy Efficiency: XRP uses a consensus protocol that's 99% more energy-efficient than proof-of-work, aligning perfectly with Dubai's sustainability goals. This is crucial for large-scale projects like the $16 billion real estate tokenization initiative.
Smart Contract Integration: XRP's ledger supports smart contract functionality via XRPL Hooks, providing the utility needed for complex real estate transactions.
Sustainability: The XRP Ledger's consensus algorithm is free of mining, supporting Dubai's green and sustainable vision.
Project Details:
Tokenization Target: Dubai aims to tokenize $16 billion worth of real estate by 2033, representing 7% of total property transactions.
Blockchain Platform: The project utilizes the XRP Ledger (XRPL) for tokenizing title deeds and recording them on the blockchain.
Partnership: The Dubai Land Department has partnered with Prypco Mint for real estate tokenization on the XRP Ledger .#BinanceHODLerSOPH #ElonMuskDOGEDeparture
