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Ripple to invest $2 million for blockchain research in University of Texas

Akashnath

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Ripple to invest $2 million for blockchain research in University of Texas
Source: Pixabay

Ripple Labs, the American technology company whose payment protocol is Ripple [XRP], has decided to invest $2 million, over a period of five years, in blockchain technology research by funding the McCombs School of Business, one of the schools at The University of Texas, Austin. It is the oldest public schools of business in all of Texas.

Ripple had already announced, in their University Blockchain Research Initiative [UBRI] that they will be investing $50 million into academic research in the field of blockchain technology at the beginning of June, saying they will be collaborating with 17 universities across the globe to boost academic research into the industry.

Among those universities is the Massachusetts Institute of Technology [MIT], Princeton University, International Institute of Information Technology, Hyderabad [IIIT-H], and University of Luxembourg.

According to Ripple’s UBRI announcement, their aim is to fund these schools towards partnering with Ripple to:

  • Collaborate on research and technical development that will stimulate widespread understanding and innovation in the blockchain technology.
  • Create new curriculum to meet high student demand for learning about blockchain, cryptocurrency, and other FinTech topics.
  • Stimulate ideas and dialogue among students, faculty, technologists, and business leaders on topics of shared interest.

Cesare Fracassi, an Associate Professor of Finance, is reported to have said that the McCombs School of Business does not yet have a firm plan for how it will direct these funds.

Fracassi states:

“Not only the business school but other branches will be able to participate as well. For example, the medical school expressed interest in blockchain research.”

Fracassi also runs the school’s Blockchain Initiative, which started very recently in April this year when McCombs held its first blockchain conference with roughly 300 participants.

Ripple’s plans for the long-term future, having stated that research into blockchain technology by universities is crucial. They said:

“As the traditional backbone of innovation, universities uniquely offer an independence and rigor that the private sector cannot. They also are responsible for training the workforce of the future.”

Benny Suavo, on Twitter, critically remarks:

“Ripple to spend $2 million in marketing”

To which Bem Foxtrott replies:

“You misspelled education. They are investing in their future staff. You could do a hell lot better real advertising with that money.”




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A fourth year engineering student at SASTRA, working freelance at AMBCrypto. Writing and football are passions, and cryptos are an avid interest.

Ripple

David Schwartz of Ripple projects views on tribal behavior of crypto-industry

Priyamvada Singh

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David Schwartz of Ripple projects views on tribal behavior of crypto-industry
Source: Pixabay

In a recent podcast by Internet History Podcast, the Chief Technology Officer at Ripple, David Schwartz discussed the tribal nature that surrounds the cryptocurrency and blockchain space. Here, he addressed the issue as unfortunate and stated that the members of the space must understand that working together and in sync is significant to moving forward. In his words:

“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”

He switched the subject to the workings of Ripple, wherein he explained that the company is focused on the use case of global payments but is also excited to see innovation in the space. Furthermore, he stated that he expects to see the XRP ledger be used in different sectors of innovation, moving beyond payments.

About tribalism, he said that there are certain social media platforms that fuel the trait, such as Twitter, mentioning the trend as hostile. He also said:

“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”

The tribalism that he is referring to is evident in the space as the maximalists continue to promote their respective choice of coin while dissing every other token. This has also been observed in the Bitcoin ecosystem, wherein maximalists like Roger Ver and Tone Vays are involved.


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Altcoins

Tron [TRX] energy cost to be reduced from 20 sun to 10 sun

Priya

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Tron [TRX] energy cost to be reduced from 20 sun to 10 sun
Source: Unsplash

The whole cryptocurrency market has been witnessing a steep downward trend for the past couple of weeks. Even the major cryptocurrency like Bitcoin [BTC], Ethereum [ETH] and XRP, have lost the battle against the ice king. This negative trend has broken down most of the new projects in the market, especially the investors’ sentiments. There are also a few projects and team that are finding it hard to continue their operations because of the bear’s ever-growing presence.

Despite this, Tron [TRX], the tenth-largest cryptocurrency by market cap, continues to make advancements in terms of network development. Justin Sun, the founder and CEO of Tron Foundation presented the second proposal, Proposal 9, has been approved by 2/3rd of the governing body. The proposal is aimed at making the network a developer friendly environment by reducing the energy cost from 20 sun to 10 sun, which, in turn, reduces the cost of smart contact.

Justin Sun's tweet on the proposal | Source: Twitter

Justin Sun’s tweet on the proposal | Source: Twitter

At the time of writing, the proposal had received 22 approvals and no disapprovals. The representatives who voted for the proposal includes Justin Sun Tron, Tron Society, BitGuild, Tron One, Lianjinshu, uTorrent, Crypto Guy in ZA, Infinity Stones, Alle Exchange, Tron Alliance, TronWalletMe, Raybo Tron, BitTorrent, Blockchain Org, CryptoChain, Sesameseed, callmeSR, DApp House, Tron Spark, TRX Market, Sky people, and Tron Europe.

The first proposal of the month was related to maximizing the energy limit of the network, which was also aimed at supporting the developers of the ecosystem. The proposal was approved by all 28 Super Representatives of the network. Super Representative are the representatives of the community and validators of the node who are elected by the token holders. These representatives are given the power to vote for the activation of the features of the Tron Virtual Machine, with the focus on the betterment of the entire community.

Earlier today, the CEO of the Foundation spoke about how Tron surpassed Stellar Lumens, the fourth largest cryptocurrency by market cap. He said on Twitter:

“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs”


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