The entry of cryptocurrencies and blockchain technology into institutional processes made news again, with the International Monetary Fund’s [IMF] High-Level Advisory group convening in Singapore. The delegation aimed to discuss Fintech process and how data and cybersecurity were key focus areas.
The IMF stated that it will use the previously discussed Bali Fintech Agenda as the framework for the Fund’s engagement with its members. The official IMF release stated,
“Following the launch of the Bali Fintech Agenda, developed by the International Monetary Fund (IMF) and World Bank, the Fund is deepening its engagement with a broad range of public and private sector stakeholders.”
The original Bali Fintech Agenda was a set of 12 policy elements aimed at helping member countries harness the benefits and opportunities of financial technology’s rapid advances in the market. The inclusion of Chris Larsen, the Founder and Executive Chairman at Ripple, caught the eye of many in the cryptosphere as this may point to a deeper analysis into the cross border transaction department.
Another famous proponent from the cryptosphere who was part of the High-level Advisory Group was Jeremy Allaire, the CEO of Circle. This was further evidenced by the first clause of the Bali Fintech Agenda, which stated,
“Embrace the Promise of Fintech with its far-reaching social and economic impact, particularly in low-income countries, small states, and for the under served, and prepare to capture its possible wide-ranging benefits, including: increasing access to financial services and financial inclusion; deepening financial markets; and improving cross-border payments and remittance transfer systems.”
The Agenda also suggested methods such as regional payment systems, enabling new models that reduce layers of intermediaries and access to domestic payments systems. It also mentioned fostering standardization, interoperability and fair and transparent access to key infrastructures. Christine Lagarde, the Managing Director of the IMF gave her stand on cryptocurrencies earlier and stated,
“We are starting to develop specific work programs on fin-tech guided by the Bali Fintech Agenda, as the nature and scope of our members’ needs become clearer. Part of this will involve research and policy analysis focusing on some of the themes highlighted in the Agenda.”
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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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