Asheesh Birla, Senior VP of Product for Ripple, spoke about future markets and regulation. In a webinar with Sharespost, Asheesh said:
“Asia is going to be a massive market for blockchain for digital assets…because the countries are growing so fast, governments are incentivized to think about leapfrog technology.”
He went on to speak about how payment systems in Asia and Mexico are more advanced than western systems. He also spoke about low rates of over banking in emerging markets, and about how “credit card adoption is less than 5%” in said markets. The importance of mobile payments was also mentioned.
When asked about the future use case scenarios for blockchain, he said:
“We came to the realization that the big opportunity in blockchain and digital assets was really in moving money or value…The idea of blockchain without digital assets doesn’t make a lot of sense to me.”
He went on to speak about Ethereum which allows developers to run applications and programs in a decentralized way. After stating that decentralized computing has indeed been in use for some time, he said:
“What’s innovating about Ethereum is that you can now pay for it without a counterparty using a digital asset, Ether.”
When asked about why the core ideologies of speed and security were so important to Ripple, he said:
“Our software products were all designed against solving these pain points; speed, security, compliance with local regulations. Those themes come with all our products…XRP was created to solve a payments problem.”
He then went on to speak about how digital assets like XRP allow for reduced fees for smaller payments, and about how XRP, in particular, was designed to move money globally. He mentions about how fees on the XRP ledger were negligible.
When asked about regulation of Ripple and blockchain technologies as a whole, he said:
“We decided early on that this industry was not going to mature without strong ties to regulators and compliance…[this] goes into the DNA of our product…i genuinely think that regulators do not want to stop innovation, but they want to make sure it’s safe and that they’re protecting citizens and consumers.”
He finished by saying that one cannot succeed in this industry while skirting regulations. He stated that governments are open to new technologies and that companies should treat them as a catalyst for not just innovation but also growth.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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