Apple may not live on the bleeding edge of emerging technology, but they are known for introducing it to the mainstream. Their integration of near field communication (NFC) into the iPhone series allowed them to bring Apple Pay to life. While several competitors now exist, Apple Pay was undeniably the first major mobile phone payment service. In the time since the technology struggled to gain market traction. Disparate payment systems, coupled with a lack of merchant incentive, prevent wide-scale adoption. Apple’s recent update to the Apple Pay system introduces the Payment Request API – and more noteworthy, Ripple’s Interledger Protocol.
While a footnote for Apple, this is major news for the Ripple payment protocol. A huge market share of the mainstream public uses Apple products, and now by default Ripple. If the new Payment Request API gains traction, Ripple could become the first cryptocurrency in widespread use. This depends on the continuing simplification of the payment process. There is a high barrier to entry to the cryptocurrency sphere at the moment, and even then the learning curve is sharp. Users still need a high level of technological literacy, something that Apple may be able to help mitigate.
What is the Interledger Protocol?
Everyone is all too familiar with the traditional banking transfer process. Created in-house, banking networks rarely communicate well with other institutions. Payment processing agencies, including credit cards, don’t benefit from allowing merchants to easily use other options. This creates an environment where transfers can take days. In the case of international transfers, it can be even longer – with a large amount of potential fraud.
Ripple’s Interledger Protocol introduces a solution this problem. Interledger creates a network of different blockchain protocols and traditional digital ledgers. Each ledger that wants to gain access to the Interledger network must create an end-point that uses common Interledger addresses. This effectively creates a network of networks, integrating all of the disparate networks into a single protocol. So long as the origin sending institution can easily communicate with their own Interledger module, sending payments to the network is simple. Similarly, the end-point module only needs to communicate with two locations; the institution itself, and the Interledger protocol.
Ripple on the Move
This is only one of many triumphs accomplished by Ripple so far this year. Major bank Santander recently announced that they would be using Ripple’s xCurrent payment service. Their mobile app will be the first international transfer service that uses Ripple’s payment protocol. This is alongside the shocking donation of $29 million USD worth of XRP to DonorsChoose.org. Ripple completely funded every project on the charity site, an action announced later on Stephen Colbert’s late night show.
While Ripple suffered in the wake of the market correction alongside all other coins, they’ve remained relatively stable in the short term. Their focus on gaining real-world partnerships with major financial institutions is paying off. Unlike many blockchain projects, Ripple boasts an entire suite of functional products. When we reenter a bull market, Ripple is primed to lead the charge.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Mike Deerkoski via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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