The Japan Bank Consortium, a syndicate of over 47 Japanese banks and financial institutions confirmed the implementation of Ripple initiatives in their operations.
Ripple and the SBI Holders have formed a joint venture and they plan to utilize Ripple’s blockchain platform to simplify domestic and cross-border payments. This eases the process of payments and settlements.
Dilip Rao, the Managing Director for the Asia Pacific at Ripple told CNBC:
“With distributed ledger technology, it doesn’t matter because the little guy can speak to another little guy and it’s just as cheap if they did 10,000 transactions or two”
Earlier this week SBI Ripple Asia had introduced three different Ripple initiatives, namely, xCurrent, xRapid, and xVia to streamline all of the major banking operations to an easy and fast-paced singular platform.
xCurrent is Ripple’s existing enterprise software solution for a financial institution, used in transferring payments across borders. Unlike other cryptocurrencies, they are capable of tracking end-to-end and bi-directional messaging for all transaction-related matters. xCurrent developers also included a rule-book that aims to standardize all transactions across the Ripple network.
xRapid is Ripple’s initiative to lower the liquidity cost for payments by using XRP in all of their major payment transactions, cutting down the cost for any intermediates. Although xRapid is currently in its Beta form, Ripple confirms the first release in the Asian markets, mainly, the Japanese financial market.
But the most distinctive one from the three is xVia, which is a very new approach by Ripple. xVia enables users to not just send payments globally but also provides invoices and payment status as attachments in their ledgers.
The backbone of all these three new initiatives is the Interledger Protocol [ILP]. ILP makes it possible for payments to take less than 0.025 secs when transferring, that is almost instantly.
The company further stated:
“this is the only way to scale the global network for future demand.”
Ripple developed Gatewayd, a software for Gateways helping them manage their ledger entries onto the public RCL ledger on behalf of their end users. Here, the banks act as the Gateways.
Gatewayd was ultimately made private and finally re-branded to Ripple Connect and is currently being offered to banks as a payment software solution.
Recently Ripple said that they have over 75 contracts with banks, from 9 different countries.
Danny Aranda, Director, Business Development of Ripple Europe, says:
“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
Ricky Harper, a cryptocurrency investor from Miami says,
“If everything is going Ripple’s way, why does it happen that when a good news breaks out, XRP’s price goes down. Should i be HOLDing or should I give in. I’m here just to make money, need some bulls”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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