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Unlike other general-purpose tokens, #XRP is focused on creating payment solutions for banks and financial institutions. It solves several problems with competing systems like SWIFT for international settlements. Instead of requiring several hours or days for transfers to be finalised, XRP allows such settlements to be completed in a matter of seconds.
Ripple has made traditional finance much more accessible for users through the efficient application of blockchain technology.
Pros of Ripple
Much faster than its competitors like SWIFT.
Expand access to banking and international settlement by lowering barriers to use.
Cons of Ripple
The network is highly centralised as all transactions are confirmed by a federated group of financial institutions.
Ripple Labs is engaged in a legal battle with the US Securities and Exchange Commission.
#Polkadot is a Layer-0 protocol for connecting and securing several blockchains, allowing them to be interoperable. This enables transfers of all types of digital assets including tokens and smart contracts.
This protocol can connect private and public blockchains, oracle services and other networks. It enables information sharing across a wide variety of networks and protocols.
Pros of Polkadot
Interoperability is the biggest selling point of the Polkadot protocol. It allows several different blockchains to access data and assets from each other.
Polkadot is among the most active platforms for developers to create on.
Cons of Polkadot
Polkadot has a lot of competition in this space, with alternatives like Cardano and Cosmos fighting for more market share.
Slots for independent blockchains are sold via auction, making it difficult to acquire them without access to substantial funding.
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