Connect with us

News

Ripple’s Chris Larsen says globalization is “not a bad thing”

Anvita M V

Published

on

Ripple's Chris Larsen says globalization is "not a bad thing"
Source: Unsplash

Chris Larsen, the Co-Founder of Ripple Labs Inc., recently spoke at the CFCon USA 2018, regarding the revolution of blockchain technology.

Larsen stated that blockchain is the most hyped technology in the present date. He stated that the Fintechs have received the most attention due to this and it was the first time they have become truly “global.” According to Larsen, it represented a final step on globalization. Larsen stated that there was no future for a world unless it was more global or more interoperating on an international basis.

Additionally, Larsen said that globalization was not a “bad thing.” He quoted it as a work in progress. Furthermore, he stated globalization was incomplete without three key elements namely, data, goods, and money. Larsen believes that the world has seen globalization in terms of data, and goods but not in terms of money.

Speaking about the third key element money, Larsen stated that it was still stuck in the 70’s or before, which according to him was holding the world back and wasting trillions of dollars. Giving an example of the implication lack of interoperability of money, he stated that people will not be able to send 50 Euros without being charged heavy fees.

Larsen stated that the Bill and Melinda Gates Foundation believes that 2 Billion people in a developing world must be able to send 50 cents across the border to really be participating in the global economy. He argues that such a participation is not possible in a system built in the 70s, swift correspondent banking as there were not enough profits and banks would not engage themselves.



In Larsen’s opinion, the discussion was too converged on digital assets and blockchains. Adding further, he stated that he would broaden that out and say that what really was happening was the “creation of an Internet of value.” According to him, people will start shifting their focus towards interoperability.

Larsen concluded by stating that the key requirements for any blockchain to be a part of this new global interoperable ecosystem is to be open source, decentralized, secure, have a settlement predictability, be cost-effective, have a high throughput, and consume less energy.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

Published

on

Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending