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Ripple’s blockchain will solve issues related to nested transactions, says top CIMB Bank official

Febin Jose

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Ripple’s blockchain technology will solve issues related to nested transactions, says top CIMB Bank official
Source: Pixabay

Ripple and XRP have been making strides in the cryptocurrency sphere with their many partnerships and collaborations in the cross-border payments sector. Ripple’s xCurrent-powered Money Tap faced a setback when one of the member banks announced that they would cease collaboration with the service from May 13, 2019. However, Asia is still invested in what Ripple Tech has to offer and this point was reiterated by a top CIMB Group official recently.

In an interview with Marcus Treacher, a member of Ripple’s Board of Directors, at the Ripple Regionals: Asia Pacific 2019, Thomas Tan Kok Kiong, Senior Managing Director, Group Treasury Sales and FX, CIMB Bank, said that Ripple had solutions for many of the industry’s grave concerns.

He primarily spoke about two aspects that made Ripple stand out in the industry; solutions for nested transactions and operation speed. Nested transactions, in layman terms, are database transactions that are within the scope of another existing transaction.

According to Kiong, remittance providers and operators face a lot of trouble due to nested transactions as they are unable to “see through these transactions”. He opined that the issue could spiral to a point where they are shut out and added that Ripple’s blockchain was the perfect solution to the problem.

He further said that CIMB Group had one of the biggest networks in South East Asia and that their partnership was mutually beneficial as it helped them both tread uncharted territories. He said,

“We are increasingly moving towards white collar and digital spheres. That is why it is important for us to work with Ripple. We hope that your technology will help us get closer to small guys and solve the problems plaguing he remittance industry.”

The Senior Managing Director also spoke about the SWIFT network and said that the tides were changing in favor of Ripple in the longer run. Kiong added,

“We have the SWIFT network currently and I think it will probably continue for a while. However, we also have emerging technologies such as Ripple and other similar players. Therefore, I don’t think there is anything wrong in hedging and joining these networks.”





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

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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
Source: Pixabay

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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