Facebook is on the verge of revolutionizing the world of digital payments. Blockchain Capital’s Spencer Bogart shed some light on the Menlo Park -based social media giant’s foray into electronic payments, ahead of next week’s Consensys 2019.
In an interview with Bloomberg, the general partner at the blockchain-centric VC firm stated that in light of the speculated “bottom” of the cryptocurrency market being reached, several catalysts are on the horizon. One, in particular, is the Facebook Coin project, which he described as “the elephant of the room.”
From a global perspective, the Facebook Coin project is incredibly significant as it operates along the same lines as the cryptocurrency industry. Given the universal dominance of the social media giant, and coupled with its crypto-esque digital payments project, Bitcoin and the larger virtual currency market could see a ‘trickle-down’ effect.
“Facebook is significant from a global scale perspective, and even if a small percentage of those users trickle into crypto, we’re going to see a doubling or a tripling in the users base of crypto over the next couple years.”
Using the phrase “gateway drug,” Bogart stressed that Facebook’s adoption push will introduce billions to the virtual currency market. Once initial public confidence is established, using Facebook’s fiat-backed coin, users can branch out and move on to Bitcoin and other cryptocurrencies.
Bogart added that “some percentage of the user base is likely to do so,” and this could be a “dramatic catalyst” to the decentralized currency industry.
From a long-term perspective, outside the obvious adoption success, Bogart stated that the Facebook Coin project is the initiator for something that has more overarching importance. This foray has “lit a fire in the pants” of several FinTech and financial institutions in the United States, Bogart added.
Referencing the introduction of crypto-centric services by the likes of Fidelity’s digital assets wing, ETrade, and TA Ameritrade, both on the institutional and retail front, the Blockchain Capital Partner suggested that Facebook sparked these companies into action by launching their Facebook Coin project.
The messaging giant’s headquarters for this payment project will be London, in addition to a smaller office in Dublin. Given their application is more popular in the UK over the US, Facebook decided to push the project from London. However, the first target for their payments project will be India, owing to the immense popularity of WhatsApp in the country.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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