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What is XRP?
XRP is a Cryptocurrency created by a handful of guys who were inspired by Bitcoin, the first cryptocurrency. They set on a path to develop a coin that was energy efficient, pre-mined, fast to transfer, and nearly free to use. Chris Larsen, Jed McCaleb, Arthur Britto, and David Schwartz were the creators of the XRPL and they decided to gift a large portion of the coins created to the Software Company, Ripple. XRP is essentially a liquidity solution for transferring value. Some might even call it a global bridge asset. Currently, sending money overseas or changing currency takes too much time and costs too much money for the technological world we are currently living in.
I believe that XRP will open the doors to The Internet Of Value.
What is “value”?
Not many people actually understand the difference between transferring funds and actually moving value. Typically, Banks and Financial Institutions keep dormant funds in different currencies spread out all around the world. When you send money now, cash is just shuffled around amongst the Bank or FI. With XRP, there would be no need for dormant cash (Nostro/Vostro) as you can just tap into the liquidity pool in seconds and at almost no cost to move value. Personally, I see an end game where not only currencies are swapped on the XRPL but traditional investments such as Stocks, Bonds, Real Estate, etc. It really amazes me that we can send information almost instantly but takes days and costs a lot to move funds.
It is time the legacy banking system gets the upgrade they so desperately need.
What is the Spark Airdrop?
Spark will run on the Ethereum blockchain and is designed to give smart contract function to XRP.
The FLR token will then enable the collateralisation of XRP to form a DeFi token FXRP, similar to WBTC and WETH in order to let XRP holders interact with DeFi platforms and Decentralised apps. This will open a lot of doors for us XRP holders that weren’t there before, and give us a chance to use our XRP on platforms like Uniswap without having to use ETH and the extortionate transaction fees.