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Ripple working on getting enterprise customers to circumvent SWIFT & traditional systems, says CTO David Schwartz

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Ripple's CTO, David Schwartz spoke at the Future Fintech and outlined his ideas and views about how digital assets and blockchain technology is trying to make payments efficient by getting get rid of traditional systems and intermediaries. CB Insights tweeted a thread quoting David Schwartz at the Future Fintech: There are many industries in the blockchain space that are specializing in improving payments, domestic and foreign, one of such companies is Ripple. Ripple is a payments company that is focussing vastly on enabling efficient cross-border payments for enterprise customers. Schwartz said: "Part of the problem is that payments systems are not capable of instantaneous settlement...payments companies are much more aggressive than banks... Ripple is working on getting enterprise customers together to negotiate together, circumventing SWIFT and traditional systems." Ripple has built three specific solutions to make payments easier and more accessible to every customer out there, those are, xCurrent, xVia, and xRapid. The end game with Ripple is that it wants to enable internet-of-money/internet-of-value by bringing every customer on to something called, RippleNet. RippleNet is an interconnection of banks, payment providers and others using Ripple's payment solutions in conjunction with each other which makes the payments move just like information does over the internet.  Schwartz added how stablecoins could play a vital part in achieving this particular vision of "internet-of-money". He stated: "If the vision is an internet of money, collateralized stablecoins will be a part of that vision... It [Facebook's new crypto] looks like a collateralized asset, and whomever owns the collateral can make the rules." In addition, Schwartz mentioned that Ripple was a company that owned "a significant fraction of XRP" and that "If you’re concerned about scarcity, it’s the governance that controls scarcity",  Speaking about the regulatory uncertainty present for digital assets, the CTO added: "I would say one of the biggest problems to making digital assets is this fear of governments turning around and saying this isn't legal... The jury is still out on the decentralized finance space. There's a real shortage of actual use-cases. Payments we all know needs to be better, that's really concrete. But the further away you get from that, the more speculative it gets."" It could be difficult for countries like India or China who are considering banning Bitcoin and other cryptocurrencies, at the same time giving the seal of approval to the blockchain technology.
Source: Unsplash

Ripple’s CTO, David Schwartz, spoke at Future Fintech and outlined his ideas and views about how digital assets and blockchain technology are trying to make payments efficient by getting get rid of traditional systems and intermediaries.

CB Insights tweeted a thread quoting David Schwartz at the event,

There are many industries in the blockchain space specializing in improving payments, both in the domestic and foreign spheres. One such company is Ripple. Ripple is a payments company that focuses on on enabling efficient cross-border payments for enterprise customers. Schwartz said,

“Part of the problem is that payments systems are not capable of instantaneous settlement…payments companies are much more aggressive than banks… Ripple is working on getting enterprise customers together to negotiate together, circumventing SWIFT and traditional systems.”

Ripple has built three specific solutions to make payments easier and more accessible to every customer out there namely, xCurrent, xVia, and xRapid. The end game with Ripple is that it wants to enable internet-of-money/internet-of-value by bringing every customer on to something called RippleNet. RippleNet is an interconnection of banks, payment providers and others using Ripple’s payment solutions in conjunction with each other, which makes payments move just like information does over the internet.

Schwartz also spoke about how stablecoins could play a vital role in achieving this particular vision of “internet-of-money.” He said,

“If the vision is an internet of money, collateralized stablecoins will be a part of that vision… It [Facebook’s new crypto] looks like a collateralized asset, and whomever owns the collateral can make the rules.”

Schwartz also said that Ripple was a company that owned “a significant fraction of XRP,” adding that “if you’re concerned about scarcity, it’s the governance that controls scarcity.”

Speaking about the regulatory uncertainty revolving around digital assets, the CTO added,

“I would say one of the biggest problems to making digital assets is this fear of governments turning around and saying this isn’t legal… The jury is still out on the decentralized finance space. There’s a real shortage of actual use-cases. Payments we all know needs to be better, that’s really concrete. But the further away you get from that, the more speculative it gets.”

Schwartz comments can be taken in light of the Indian and Chinese governments rumoured to be planning a ban on Bitcoin and other cryptos, while being excited about blockchain in general.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

XRP

Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool

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Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
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Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”





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