Late at night, the crypto community suddenly erupted with a topic: If the internet changed information transmission, then who will change value transmission?
An increasing number of analysts are comparing $XRP to the TCP/IP protocol of the 1990s— a technology that went unnoticed at the time but ultimately became the cornerstone of the internet. But behind this grand narrative, a more realistic question emerges: As the world discusses the 'value internet', what kind of value truly deserves to be internet-enabled?
Meanwhile, on-chain data shows: In the past 30 days, the cross-border settlement volume based on the Decentralized USD network has increased by 310% year-on-year. As XRP depicts the future of a 'bridge asset', a more practical value transfer network is quietly forming.
Chapter One: XRP's 'TCP/IP moment'—the distance between vision and reality
Paul Barron recently proposed a thought-provoking analogy: today's XRP Ledger is like the TCP/IP protocol of the 1990s.
This analogy is quite clever:
TCP/IP: hidden beneath the surface, users remain unaware, yet it is the cornerstone of the internet
XRP Ledger: not pursuing fancy DApps, focusing on becoming the foundational layer for value transfer
But there is a key difference here: the success of TCP/IP lies in its complete openness and decentralization, while the XRP ecosystem always revolves around one name—Ripple Labs.
Vitalik Buterin has bluntly stated: Ethereum did not aim for the role of 'value internet' because the true value internet should be like the internet itself—without a centralized 'telephone company'.
This is precisely the core question XRP faces: if the value internet needs to rely on a Silicon Valley company to drive it, is this still a true 'internet'?
Chapter Two: Decentralized USD—when value transfer truly becomes 'decentralized'
While XRP is discussing the concept of 'bridge assets', the decentralized USD (Decentralized USD) network is already practicing another possibility:
No 'official bridge'
No need for any company to act as an intermediary
Smart contracts are the bridge, and code is the protocol
Global nodes maintain the network together, rather than a single entity
True 'protocol layer' thinking
Invisible beneath applications like TCP/IP
Any developer can build services based on it
No admission permission, no commercial negotiations
Democratization of value transfer
Not only can banks use it, individuals can use it too
Not only large transfers, small payments are equally efficient
Operating 7×24 hours, without national boundaries
Data shows that in the third quarter of 2024:
Cross-border payments through DeFi protocols increased by 420%
The number of payments by SMEs on-chain increased by 290%
The Decentralized USD network handled 7.8 billion USD in trade settlements in the Asia-Pacific region
These numbers reveal a trend: the value internet is happening, but not in the way XRP envisions.
Chapter Three: #USDD as a stable cornerstone of the value internet#
Anyone discussing the value internet must answer one question: what kind of value is suitable for transmission on the internet?
Assets with extreme volatility? Clearly not suitable. The value internet requires stable, trustworthy, globally accepted units of value.
This is precisely the question #USDD aims to answer:
1. Stability is a prerequisite
The value internet cannot be built on price volatility
1 USDD = 1 USD, a simple and clear peg
To maintain stability in a volatile market, it must become a reliable medium
2. Transparency is the foundation of trust
All collateralized assets are traceable on-chain
Anyone can verify reserves in real-time
Trust comes from code, not corporate promises
3. Decentralization is the guarantee
No single point of control, no single point of failure
Rules are determined by community consensus, not commercial decisions
A true 'protocol', not a 'product'
While XRP is discussing how to connect traditional banks, USDD is already connecting ordinary users around the world—they do not need a bank account, just a wallet address.
Chapter Four: From 'bridge asset' to 'protocol asset'—a paradigm shift
The core design of XRP is to become a 'bridge asset', but there are two fundamental issues with this:
Question One: Bridges need to be approved
Banks need to agree to use this bridge
Regulators need to approve this bridge
Each country can shut down this bridge
Question Two: Bridges are bottlenecks
All traffic must pass through this bridge
Bridge congestion will affect the entire system
Bridge failure will disrupt all connections
Decentralized USD represents another approach: not to build bridges, but to establish standards.
Just like email:
No need for a 'global email bridge'
Only needs SMTP/POP3 protocol standards
Any server can implement these protocols
Users can choose any client
USDD is like the SMTP protocol in the field of value transfer—an open, standardized stablecoin protocol that anyone can implement.
Chapter Five: The ultimate test of the value internet: can ordinary people use it?
The simplest question to judge whether a value internet is successful is: Can my mom use it to transfer money to relatives abroad?
XRP's proposal:
Relatives need to have accounts at specific banks
Banks need to support RippleNet
Need to pay the fees set by banks
Need to wait for bank working hours
Decentralized USD's proposal:
Relatives need a wallet address (30 seconds to register)
Direct transfers, no intermediaries
Fees close to zero
Real-time arrival, available 24/7
As of October 2024:
There are 120 million people globally who have used crypto payments
Of which 78% use stablecoins
The Decentralized USD network processes an average of 4.5 million personal transfers daily
These numbers show: the true value internet is emerging from the everyday needs of ordinary people, rather than being born from interbank cooperation agreements.
Chapter Six: The long-term value struggle—standards of infrastructure victory
If XRP really wants to become 'the TCP/IP of the value internet', it needs to understand the reasons for TCP/IP's victory:
1. Completely open
No patent fees, no licensing fees
Anyone can implement it for free
2. Decentralized governance
IETF (Internet Engineering Task Force) is an open organization
Standards are established through consensus, not commercial decisions
3. Network effects come from the underlying layer
A flourishing application layer
The underlying protocol is invisible but omnipresent
XRP Ledger faces challenges in these areas:
Ripple Labs holds a large amount of XRP
Core development is highly centralized
Ecosystem applications are relatively limited
And the decentralized USD ecosystem is showcasing another possibility:
Multiple stablecoin protocols competing and developing
Developers can freely choose the underlying layer
Users can switch according to their needs
#USDD's success or failure does not depend on a company's business strategy, but on:
Is the protocol secure and stable enough?
Does the transparency hold up to scrutiny?
Does the community continue to support development?
This is the true 'protocol thinking'.
Conclusion: The future of the value internet—more than one possibility
XRP's vision of the 'value internet' has been proposed for eight years. In these eight years, it has educated the market, inspired the industry, but also exposed limitations.
The true value internet may not be a single 'bridge', but a multi-layered protocol stack:
Application layer: various payment, lending, and trading applications
Protocol layer: stablecoin protocols (like USDD), cross-chain protocols, identity protocols
Settlement layer: multiple public chains competing and cooperating
In this system:
XRP may become an important settlement layer option
Decentralized USD will become the key protocol layer standard
USDD may be one of the most widely used stablecoin protocols
#USDD represents not a denial of XRP, but a more complete understanding of the 'value internet': the value internet not only needs transmission speed but also needs transmission stability; not only needs technical protocols but also needs trust protocols.
In the end, history may record it this way:
XRP has made people start thinking about the 'value internet'
And the decentralized USD truly brings the value internet to life
Not because of whose technology is better, but because openness defeats closure, protocols defeat products, and communities defeat companies
Just as the internet was not created by a single 'internet company', the true value internet will also not be created by a single 'blockchain company'.
It will quietly arrive in the code submissions of global developers, in the daily use of billions of users, and in the continuous iteration of open protocols.
And when it truly arrives, we may not even notice its existence—just like we don’t constantly think of TCP/IP today.
We will only enjoy a simple fact: value can flow freely around the world, just like information.
This is what the 'value internet' should look like.
Disclaimer: This article is an industry observation and technical comparison, and does not constitute any investment advice. The crypto world is still rapidly evolving, and any protocol and project faces competition and challenges. Investors should think independently and make decisions based on in-depth understanding. Remember: in the wave of technological change, the greatest risk is not missing a project, but stopping learning and thinking.
