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Ripple to make it at KNOMAD today

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Ripple is working closely with MoneyGram and Western Union to eliminate as much friction as possible from international remittances for customers. Stellar Lumens is doing the same, except they’re working with European remittance services. This ancient service, when powered with blockchain technology, becomes state-of-the-art. Transactions are completed in minutes for a minuscule fraction of the previous cost, and they’re exceedingly safe.

That’s why the cryptosphere has caught KNOMAD’s attention. It’s invited, Dilip Rao, Ripple’s Global Head of Infrastructure Innovation, to deliver a seminar at the World Bank Main Building (room 13-121 in case you’re interested) to discuss the way in which Distributed Ledger Technology (which is what non-geeks call the blockchain) is upending the way money moves across the world today.

This is a huge moment for both Ripple and the world’s crypto community. A prestigious humanitarian organization which has nothing at all to do with finances, math, computer science, or any of the disciplines commonly linked with blockchain technology is taking an interest in the way in which cryptocurrencies and chains of blocks can make life better, cheaper, more accessible to one of the most vulnerable groups of people in the globe, the migrants.

It means that the world at large is finally starting to notice the inherent advantages in blockchain technology and it’s losing the fear it’s had so far to adopt them and make them work. Or, to put it another way, crypto is, at last, starting to become reputable.

KNOMAD’s website defines the organization in these words:

“The Global Knowledge Partnership on Migration and Development (KNOMAD) is a global hub of knowledge and policy expertise on migration and development issues”

It’s a brain trust that serves the global migrants all around the globe. It’s inclusive, open, multidisciplinary. It aims to create a knowledge partnership that policymakers can use when it comes to people crossing borders between countries. The idea is to develop a menu of policy choices based on empirical evidence, to evaluate current policies, and to collect data. It’s all peer-reviewed.

The organization provides technical assistance but also as many pilot programs of its own. It works very closely with the Global Forum on Migration and Development (GFMD) and with all the UN agencies that deal with migration.

It has a multi-donor trust fund established by the World Bank, and its main contributors are the Swiss Agency for Development and Cooperation, and the Federal Ministry of Economic Cooperation and Development. It’s based at the World Bank, in Washington DC.

One of the migration-related issues to which KNOMAD pays a lot of attention are international remittances because a very significant portion of that market originates from migrant workers who need to send money back to their families in their home country. It’s sponsored many books on the subject. This is the issue in which global migration and crypto converge.

We salute KNOMAD’s interest to learn about Ripple’s technology, and we salute Ripple as well for its willingness to lend a hand to the institutions that are working hard to make the world better, even if slowly.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.

Featured news

Can Sharding Fix the Limitations of Blockchain or is the Network Doomed?

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Performance and scalability issues have bottlenecked the future development and real-life application of popular mainchains, such as Bitcoin and Ethereum. Many methods have been employed to solve this problem, but all of them have their own pros and cons.

The Impossible Trinity – safety, decentralization and scalability, coined by the blockchain world, bars the way to the future and the industry has fought hard to figure out an optimized solution. Sharding, proposed by Ethereum, has been viewed as one such candidate.

What is sharding?

Sharding technology splits a network into smaller partitions called shards, which contain an independent state and transaction history. The idea behind this is to divide a huge amount of workload into smaller pieces to make life easier for every participating node.

If sharding were to be adopted, each node will only need to keep a part of the network’s information, instead of downloading the whole ledger, which can lead to a large data file. Subsets of nodes grouped into one shard will only process transactions specific to that shard. By doing this, the network will be able to process many transactions in parallel, and the performance will continue to increase with more nodes joining in, thus making the network highly scalable.

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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