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Ripple partners with Flutterwave to push African community closer to global economy

Ajay Narayan

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Ripple announces partnership with Flutterwave, African community gets closer to the global economy
Source: Unsplash

Ripple recently announced its partnership with Flutterwave, a payment services company which focuses on building payments infrastructure to connect Africa with the global economy. Flutterwave has been helping various businesses and banks provide a secure payment experience for clients based in Africa.

Integrating with the Ripple Blockchain Network has enabled Flutterwave to achieve their mission to help African businesses.

Ripple is a global leader in the blockchain industry, and with the help of xCurrent, xVia, and xRapid, they have a network of over one hundred customers across the world.

One of the reasons that make blockchain an attractive technology to use for payments is its ability to show the transaction history of each account. Furthermore, once the blockchain receives a transaction record from a party, the transaction will be publicly recorded in the ledgers of both parties ledger. These transactions cannot be reversed or deleted, which makes the whole process transparent.

The new partnership has made Flutterwave the only technology platform in Africa to process payments across Africa using the Ripple network. This step will enable payment providers and banks on the Ripple network to seamlessly receive payments from customers around the world with the help of blockchain technology.

In order to integrate Flutterwave with RippleNet, certain new configurations were implemented, including the installation of the xCurrent instance, which is connected to Ripple’s private Yum repository. With the help of the script provided by Ripple, TLS [Transport Layer Security] certificates and keys are created for the xCurrent instance.

The xCurrent package also provided schema files which will populate Flutterwave’s databases with the necessary tables. A new messenger layer has been created and configured with Flutterwave. This will create a platform for exchanging information with other transacting parties on the Ripple Network.

Flutterwave’s InterLedgerProtocol [ILP] has resulted in the creation of all-transacting currency ledgers, where each ledger is designed to support only one type of currency.

As a result, this partnership has leveraged Flutterwave’s Core API disbursement engine and Ripple’s xCurrent platforms, making it easier for global and local businesses to receive and terminate P2P, B2B, and B2C payments into Africa.



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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Ripple

Ripple’s David Schwartz: Distributed ledger is important as everyone on it enforces the rules

Akash Anand

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Ripple's David Schwartz: The distributed ledger is important as everyone on it enforces the rules
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The cryptocurrency market has been buckling under the weight of the bear for some time now which has forced a lot of popular individuals to speak about the crash as well as assure users to HODL. In a recent talk with the Internet History Podcast, David Schwartz, the Chief Technology Officer of Ripple spoke about the early days of cryptocurrencies as well as the formation of Ripple and XRP.

Schwartz, who has been called ‘Ripple’s trillion dollar man’ spoke about his initial stint with cryptography and what directed him onto the path of digital assets. He stated that he had worked on problems plaguing the internet with the key focus being on security and crowd storage.

According to him, the pressing issue was keeping data in a cloud and also keeping them secure, a concept unheard of at that time. In his words:

“Multiplying the value of information was key. We all had technology focused on transferring data but nothing related to value as such.”

Schwartz added that Ripple and XRP’s entry into the market all began when public encryption was made available to the masses. He stated that in the early days everyone was just using symmetric encryption that was not suitable for commerce. With the advent of public encryption, people in technology realized that money was the only commodity that was left to be transferred quickly and safely.

The Ripple official also spoke about early technologies that paved the way for Bitcoin to catch the public’s eye. He spoke about how concepts like RipplePay and Hash Cash laid the foundation for Ripple and Bitcoin to build upon. The CTO stated that post the arrival of Satoshi Nakamoto, users were given an ecosystem that does not require a trusted third party. According to him:

“ Unlike traditional systems, the absence of a trusted party makes it easier and more secure for data to move around. The system was built on the idea that everybody in the ecosystem enforces the rules and it’s not just one governing body.”

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Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
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Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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