The cryptocurrency market’s shift in behavior has been the key point of discussion amongst a lot of luminaries in the crypto space. Out of the cryptocurrencies that suffered the brunt of the bear, XRP witnessed one silver lining by overtaking Ethereum [ETH] to become the second largest cryptocurrency on the charts.
XRP and the XRP Ledger were also in the news recently when David Schwartz, the Chief Technology Officer of Ripple, replied to a Twitter user, Mr.XRP, who had enquired about the merger of the existing XRP Ledger with a hidden ledger. To this, Schwartz replied:
“It’s hard to imagine what such a merger would look like. It would have to follow the rules of the public ledger. It’s kind of funny, I was actually thinking just today about how cool it would be if you could run the XRPL software in a private ledger mode and later bridge …”
Schwartz further added to his initial point by stating:
“… to the public ledger. For example, you could have an asset issued on both ledgers that’s bridged by the validators of the private ledger who multisign txns for the public ledger. It’s actually a cool use case to cut txn fees and scale.”
In subsequent tweets, Schwartz reveals that although the idea is good, such a thing has not been constructed yet. As follow-ups, users asked the Ripple CTO about the non-synchronized increase in the XRPL volume along with the concept of Altnet/Testnet. To this the Ripple’s honcho replied:
“The Altnet/Testnet runs the same code as the main network and is used to test new XRPL code and to allow people to test XRPL integrations against a network that works like the real network but has no real money. All data should be considered test/discardable on it.”
This sort of test run is common amongst other cryptocurrency networks as well, a move aimed to note down the problems that may arise during the actual run of the network or a succeeding update. The XRPL has been a foundation for several developments which includes the XRP Toolkit. The Toolkit was created to act as an interface with the XRP Ledger. During the launch statement, it read:
“The XRP ledger was built for way more than simply sending and receiving XRP, it features things like a decentralized exchange, issued currencies and escrow transactions for good reasons. The XRP Toolkit project was started to…unlock more of the XRP ledger’s full potential.”
Subscribe to AMBCrypto’s Newsletter
Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption
The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].
The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,
“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”
The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: Morgan Creek CEO compares BTC returns to endowment returns
UCIM pitcher perfect Hodl-o-Nauts taking-off to Hong Kong for the third edition
Ripple-backed InstaReM to roll out cross-border transactions by collaborating with Thailand’s Kasikornbank
Rabobank announces plans to drop its crypto-project
BSV STN is mining 1.4-gigabyte blocks; Is this a scaling solution or a journey towards centralization?
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Coinbase extends XRP trading access to New York users; coin pumps by 22%
Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
Cryptopia hack: Over $7 million worth of Ethereum [ETH] transferred by hacker to unknown wallet
Tron [TRX] DApps surpass Ethereum, EOS in terms of weekly active and new users
XRP/Ripple: R3’s Corda to further partnership with credit-union centric CULedger
Bitcoin? Bitcoin Cash? Bitcoin Satoshi’s Vision? Will the real Bitcoin please stand up?