In a recent interview at the Singapore Fintech Festival 2018 held from 12th to 16th November, Brad Garlinghouse, the CEO of the leading blockchain remittance firm, Ripple, made several predictions regarding the state of the industry by next year.
Ross Leckow, General Deputy Counsel at the International Monetary Fund [IMF] and Garlinghouse conducted a mutual interview with both of them acting as moderators, giving the event a conversational flow. Here, Ripple chief began by revealing that he had predicted that banks would use XRP in their payment systems by this year. In his words:
“My prediction a year ago… I was here at the Singapore Fintech Festival and I got into trouble when I went back to office because the PR team said that I had overstepped by predicting that within a year – I predicted that financial institutions like banks would be using XRP in their payment flows.”
He continued the discussion by stating that his predictions have come true. Therefore, his strategy to predict the progressions in the industry is to look at the events that appear impossible or hard to imagine at present.
He also put forth opinions that were not exclusive to Ripple and XRP. Garlinghouse shared that one of the surprises that could occur by next year is the banks providing direct custody solutions for digital assets. In fact, the Ripple official seems to be sure of the fact that this might happen. In his opinion, custody solutions by banks sounds too conservative but is sure to happen by next year.
Garlinghouse backed the prediction with two pointers. Firstly, he stated that banks are profit-motivated institutions that will soon notice that the digital asset industry and exchanges are pulling huge profits. He added:
“And the second: Ross has made it very clear that regulatory clarity and frameworks enable banks and financial institutions to lean into these markets and I think we will surprise ourselves by this time next year.”
According to him, most of the progress and regulatory clarity is about to flow across the ASEAN markets wherein the banks would adopt progressive, forward thinking. Subsequently, he added that they will be the first ones to allow crypto-assets custody in their accounts.
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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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