ODL does not use the XRP token, nor is it a Ripple development.
Greetings everyone
I propose to understand the definition of ODL, where it came from and whether it exists in the form in which it is presented by Ripple and other sources of information.
The dates and sequence of appearance of Ripple products remains a mystery and we have to rely on the first mentions in open sources of information, as there is a constant change in the names and removal of outdated information from the official website of Ripple.
Chronology and order of naming products that perform the same function:
⬇️ xCurrent (use until 2018);
⬇️ xRapid (being in test modes since 2016 and replacing xCurrent since 2018);
⬇️ ODL (appearing on the official Ripple website from 2019);
⬇️ Payments By the Numbers or Ripple Liqudity Hub (replacing ODL from 2023). The use of the ODL abbreviation continues at the time of writing — this is May 2024, but there is no longer a brand name like ODL on the official website from Ripple.
I suggest that each of you think about why change the name of a successful product that is already in full use by banks, partners, and media sources. And bring constant confusion to the XRP community so that we all argue amongst ourselves without seeing the true intent and manipulation of Ripple.
Let’s look at all the products in order and what they have led to.
1. xCurrent
The xCurrent protocol is a system that was used by Ripple’s partner banks for payment solutions until 2018. Ripple’s head of government and regulatory affairs for the Middle East and Asia Pacific, Sagar Sarbhai, mentioned that Ripple has partnered with 120 or more banks using xCurrent in 2018. The main purpose of using xCurrent is to conduct international transactions. According to Ripple’s statement, the platform’s distributed ledger technology facilitates messaging between banks.
2. xRapid
xRapid has been in development since 2016 and is part of Ripple’s global solutions to help banks accelerate their transactions using the digital asset XRP. As well, xRapid is part of the RippleNet network.
xRapid should be much better than xCurrent, as it will actually utilize the XRP token in payment processing. This alone will exponentially increase the efficiency of the RippleNet network and the speed of transaction processing.
In early June 2018, Ripple CEO Brad Garlinghouse said on CNBC:
He expects xRapid and XRP to be used by dozens of banks by 2019.
“The inevitable launch of xRapid.”
During an interview with CNBC on Monday, September 17, 2018, Ripple’s head of government and regulatory affairs for the Middle East and Asia Pacific, Sagar Sarbhai, talked about the much-anticipated xRapid and how Ripple is fast-tracking its plan to launch it.
On October 1, 2018, at startup Swell’s annual conference, Ripple CEO Brad Garlinghouse announced the news that XRapid will be used by Catalyst Corporate Federal Credit Union, Cuallix, and Mercury FX. Mercury FX and Cuallix are two payment providers, and Catalyst Corporate Federal Credit Union is a financial institution that serves mutual financial institutions across the United States. Cuallix specializes in facilitating money transfers between the United States and Mexico. Both Cuallix and Mercury FX participated in the pilot phase of the xRapid launch in early 2018.
What’s up with Mercury FX? There are indeed tweets and mentions on their website about this partnership, but as with other “partnerships” an important point is missed — this was all in test mode and before the SEC lawsuit. Quote from an official source:
Working primarily with Ripple Tech Labs Inc. we have successfully tested and launched payments to Mexico and the Philippines using the XRP blockchain. We are still breaking new ground.
In August 2021, Mercury completed a successful test of cross-border payments between South Africa and the UK using cryptoassets (specifically XRP). This was done in the regulatory sandbox of the Intergovernmental Financial Working Group (IFWG).
“XRP blockchain” speaks for itself, as well as the use of crypto-assets (XRP in particular). I don’t need to explain that many assets were used, but unfortunately this means nothing, as Ripple is one of the first and biggest entities in the crypto industry to be invited and mentioned in various exprements (as there was no other for those years). And until 2020, XRPL could indeed claim the right to be a bridge platform, but not in 2024.
The use of XRapid by MoneyGram will be discussed later in the article.
All the above-mentioned companies that tested XRapid no longer mention Ripple or the XRP token. Moreover, many tweets and articles have been deleted by the companies themselves or by Ripple itself.
3. ODL
I think the very essence and hypocrisy of the ODL definition is perfectly revealed by our friend Davide Schwartz. Let’s go over the facts from the CTO of Ripple. Please note that this person hints us in his tweets about the falsity of the crowd’s opinion about the XRP token, as well as its capabilities as a bridge and center asset in all the solutions offered by Ripple.
Let’s go through Davide Schwartz’s own tweet:
ODL is what Ripple calls the settlement of XRP in RippleNet. (In theory, other cryptocurrencies can be used, but in practice this is not the case.)
I think it’s clear that ODL is not just about XRP. Recent disclosures have revealed significant changes to Ripple’s payment protocol. Although in my opinion it is the SEC litigation that has shown the world that Ripple’s cross-border transfer operations and all the ODL branding and name changes are just an opportunity to confuse us all. Ripple switched its ODL services for US customers from XRP to USDT Tether, according to the lawsuit.
Now just think about how Ripple ignores the normal requirements of the law, I repeat it is not the legal status of XRP — it is the ability to dump XRP tokens for large sums of money to investors, as well as to us holders, because after investors these tokens get into the market under the pretext of “digital gold”. And the fine that SEC is asking for is a normal figure for 10 years of illegal trading of useless XRP token.
Let’s now turn to the official explanation from Ripple regarding ODL customers switching from XRP token to USDT and other coins in the US, following the announcement of the SEC’s court ruling against Ripple:
As expected from Ripple, the reticence about ODL and its real use exclusively on the XRP token turned out to be a lie. Imagine if Ripple had honestly announced this information when creating XRapid and using the XRP token. But that didn’t happen and was solely due to a lawsuit from the SEC.
My theory that ODL and RippleNet is a simple use of already made payment solutions, networks and tokens of other payment systems has been confirmed, though not 100%, but the direction of thought is correct. Ripple has nothing of its own, except the XRPL platform and the XRP token. I will prove it in the next articles about partnerships.
I also have a huge question, why use the USDT token if it also has problems and big ones with regulators in the US? Is Ripple unable to make a deal with Circle? After all, it started this fight with SEC to stay on the market in the USA. But all the actions it took before the lawsuit and after the lawsuit show Ripple’s desire to make as much money as possible through dirty and non-transparent means. And to make as many mistakes as possible, which really in the aggregate speak about the dishonesty of Ripple. And its unwillingness to end its legal battle with the SEC as quickly as possible.
Now if Ripple was actually handling billions of dollars with its ODL solution, albeit using USDT, then how to understand the words — mockery and derision from Tether on announcing the launch of a stable coin from Ripple:
Don’t you think that even in this case Ripple is not a major contractor for cross-border payments in the US markets and beyond? Because no company would throw out this kind of rhetoric in the direction of its large customer (in this case you realize that even here it’s a lie from Ripple that it has many customers and a multi-billion dollar ODL business).
The following example is also from Davide Schwartz himself:
Corda can be settled with XRP. It’s not Ripple. It’s not RippleNet.
Once again, RippleNet is not Corda and never has been, and the fact that Corda can use a token of a cryptocurrency in the top 10 is common for a bridging platform like BTC, ETH, XDC (by the way XRPL cannot use tokens of other networks). This fact refers to the supposed partnership between R3 and Ripple after their legal battle. As well as not using XRPL or other products from Ripple in the program steak Corda and R3 itself.
Let’s look at the following fact regarding ODL, please note these are the official words from the lawsuit:
Ripple’s statement of facts is also woefully incomplete with respect to its “ODL” product, which appeared in late 2018 and allows users to exchange fiat currencies by buying and selling XRP. The banks and financial institutions that Ripple cites as its customers have not used ODL. For most of that time, over 90% of legacy transactions were handled by a single organization, MoneyGram International (“MGI”). Ripple paid MGI substantial sums of money to use ODL or
as Davide Schwartz put it, to “suffer” the product. IMGI did not pay Ripple a single dollar for ODL and never purchased it as ODL.
Keep this example in mind as it applies to all Ripple partnerships and the use of ODL.
Another clear example from Davide Schwartz that ODL can work with fiat without the XRP token and it will work faster than with the XRP token:
ODL can work with a piece cut out. One piece would be cut out if the sender had XRP already. One piece would be cut out if the recipient will accept XRP. If both apply, it’s just an XRP payment. 2/2
We chose to do fiat-to-fiat first for a few reasons, but the biggest one is that it can work with no XRP infrastructure at all, so could be deployed fastest. Then we could use XRP where it could provide the most impact with a ready supply of customers and payments to tap into.
One sentence from Ripple’s CTO is enough to nullify the entire value of XRP as an ODL: “We decided to use fiat fiat first for several reasons, but the most important one is that it can run without any XRP infrastructure at all, so it can be deployed the fastest.” Why does the XRP community ignore this simple fact?
When exactly ODL was removed and replaced on Ripple’s official website, no one knows, but the last image was taken on February 7, 2023. Despite the lawsuit and problems, Ripple continued to leak the XRP token to institutions and call it ODL. Only this screenshot of the screen has survived and you can go to the address you see and you will be directed to the next product called Payments By the Numbers or Ripple Liqudity Hub.
4. Payments in Numbers or Ripple Liqudity Hub.
As you have already realized there is no more trace on Ripple’s website about the gold ODL, but the next new brand. One that has not yet been promoted for the community of believers to buy more XRP. I suggest you familiarize yourself with this new brand. And realize that “all new is well NOT forgotten old”.
This is what ODL looks like now. Ripple Liqudity Hub.
You can find snippets and pieces of information about ODL and previous developments, but most of the official sources from the companies’ websites have been removed or changed.
Not a great conclusion to the whole ODL brand and a great machination on the part of Ripple.
This example reveals the whole concept of the ODL brand. Partners and banks never bought XRP as ODL, but Ripple paid its partners to use and test XRP, either in real money or XRP tokens, and called it a “partnership incentive”. This is why many companies hold or have held XRP balances, as they received it as payment for cooperation. A specific fact is documented in the case of R3 v. Ripple. After these sales and imaginary partnerships, Ripple could refer to these partnerships to further leak the XRP token to the masses, as well as to purchase real assets and companies, thereby expanding its influence among the financial world. After all, no one can really know what ODL is and moreover, even after the trial and these facts, it is not possible to prove the truth and reality of all these intricate schemes. And the XRP community will continue to believe Ripple.
The purpose of this article is not to call the XRP token a scam, but to expose Ripple’s obvious manipulation and lies regarding the truth of the XRP token and the concept of ODL in the company’s business.
Thank you for your attention️ ❤️
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In this article, the author expresses his opinion and does not endorse anything.
This article is not financial advice and does not encourage you to take any action.
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