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Stellar-backed IBM project in a wiry rivalry with Ripple

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The concept of money transfer seems to be on a U-turn as blockchain technology sets to change the way cross-border payments get done. In this sense, Ripple is at the frontier of evolving money transfer and remittances, and it is now facing intense competition with a Stellar-backed venture by IBM.

It is necessary to know that IBM is almost trying to get the attention away from Ripple and lead the race to change the face of cross-border payments in the world.

At the moment, we now have SWIFT, Ripple, and IBM in the realm of cross-border payments. Nonetheless, SWIFT is still the most significant payment mean in the world, because it has more than 200+ countries registered on its network.

Also, SWIFT records more than a trillion daily volume on its transaction. Due to this fact, Ripple is garnering towards to mass adoption and getting a large percentage of SWIFT’s business.

At the moment, it has almost gotten about 50% of India’s payment means, with India’s biggest bank included. Also, it’s now the primary network for SMEs and the unbanked, thus, providing a faster and cheaper means for them.

Even though Ripple appears to be offering great services when it comes to cross-border payments, Stellar and the Stellar-backed project by IBM look all set to be competing with Ripple full-time.

Based on statements by IBM, its DLT-powered payment system seems to put more weight on Ripple to increase its reach, and increase the adoption rate to become relevant in the cross-border realm.

Our convening power brings together incumbent and FinTechs, ensuring collaborative innovation with data security, compliance, and consumer focus,” reads IBM’s statement.

A part of its press release states:

It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”

On the IBM powered-solutions, the company has claimed it is managing about 60% of the world’s global transactions, and also offers BWW (Blockchain World Wire) which is a big launching pack, thrusting it to the World’s Financial Sector that is poised to increase by $2 trillion in the year 2020.

Just recently, IBM and Stellar revealed a proposal to create a transaction scheme for the South Pacific region with KlickEx. The recent news is seen as a new development for IBM.

IBM hasn’t stopped here as the company also announced the launch of Stronghold USD – a United States coin that runs on Stellar protocol.

Both Ripple and Stellar look alike as both assets offer the same services, but stellar is open-source, and it is not owned by anybody or persons, unlike Ripple (as the company is alleged to be the one who owns XRP tokens in mass quantity).

Nonetheless, the level of negative hype around Ripple is likely because it’s price is below what it used to be. At the time of writing, XRP is priced at $0.268 and in the red.

Nevertheless, XRP is still recognized globally, and it will continue to be a major company to foster cross-border payments to the world. At the moment, Ripple needs more creativity, plans, lots of adoption to be the leading solution and beat Stellar-IBM combo. Only the time will tell who wins.

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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.

Photo by CloudVisual on Unsplash

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KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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