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Can IBM’s Stellar-powered BWW make Ripple scratch its head?

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Ripple Stellar IBM

A few days ago the technology giant IBM announced to be preparing a project for cross-border payments dubbed ‘Blockchain World Wire (BWW).’ The solution aims to revolutionize the finance sector by introducing a seamless protocol capable of reducing costs and transactions speeds to nearly a real-time matter. Oh, wait. Where have we heard that before? That’s right. This sounds a lot like the blockchain-based solutions that Ripple introduced to us long ago, xRapid, and xCurrent.

To create the ambitious project, IBM has partnered with Stellar Lumens and has agreed to use its blockchain protocol ‘The Stellar protocol,’ the channel in which transactions are going to be enabled. In fact, the partnership between these two was known since the beginning of the year, but it wasn’t until now that the project has been announced.

In lights of the goals of the initiative, the Blockchain World Wire not only supposes a great competency to SWIFT, the global (and archaic) cross-border payment solution that is used right now; it also represents a considerable obstacle for Ripple’s solutions to continue their path towards mass adoption. Let’s check out how it goes.

How does the Blockchain World Wire work?

Blockchain World Wire will eliminate intermediary institutions that are normally required on transactions by introducing the groundbreaking figure of a stable coin. Let’s recall a stable coin is a virtual currency that is meant to have a stable value, or in other words, a value that doesn’t depend on the supply and demand of the market.

Regarding this, the website of the company published a message saying,

“Sending money across borders today requires a series of intermediaries for both clearing and settlement, each adding time and cost to the process.”

Like this, with the addition of a stable coin in the process, IBM will collaborate to clear and settle payments with finality, and that will happen in near real time.

The process that BWW will deploy can be divided into three steps. The first one being the agreement that the transacting entities will commit to by using a stable coin as a transactional bridge, this stable coin can be either a central bank digital currency or any of the virtual currencies of the crypto sector.

Like this, the digital asset utilized can make the transaction smoother and serves as an instruction that the involved financial institution can follow by using its own payment system integrating it to the BWW through the use of a group of APIs.

The second step would involve the correct plugging of the payment system of the financial institution to the Blockchain World Wire, and the exchange or conversion of the first fiat currency into a digital asset at bank A. Then, it would appear the step number three, which would be the transmission of the digital currency to another institution denominated bank B. In this stage, the digital currency will be simultaneously converted into the second fiat currency, and this would be the finalization of the process.

At the end of the transaction, the details of the operation are recorded onto an unchangeable blockchain, and like this, the transaction gets cleared. With relation to this, the Blockchain services head, Jesse Lund, stated:

“What we really want to do is enable all sorts of digital transactional networks to settle their transactions with digital fiat currency on the same blockchain networks.”

The project will be launched in the upcoming event SIBOS that will be held in Sydney in the coming month. It worths to mention that SWIFT is organizing SIBOS.

Conclusion

The Blockchain World Wire undoubtedly represents a massive competition for both SWIFT and Ripple’s solutions. It’s an innovative payment system that has it all to become the next mass adopted payment network, and to that, we need to add the enormous endorsement that represents IBM and the Stellar Network.

However, when it comes to recognition, Ripple has more time with its solutions being launched, and is currently adopted by several institutions such as Banco de Santander, Mastercard, American Express, Western Union, and others… While BWW is only just under development.

We all need to wait to see the final results, but surely Ripple needs to snap out of it and come out with a strategy if it doesn’t want to lose the battle. Stay tuned.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Carolina Heza on Unsplash

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My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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3 Reasons Why Liquidity Dividends Protocol (LID) Will Be a Huge Winner

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Liquidity Dividends Protocol

Since 2017, cryptocurrency has experienced both the crazy highs and the crazy lows with fortunes being made and lost overnight.  That volatility is one of the main reasons why cryptocurrency has been relatively slow to gain mass adoption.  In addition to volatility, another concern for many is the lack of security and regulation in the market.  This can be seen through the countless exchange hacks and rug pulls that seem to occur on a weekly basis.  In order for cryptocurrency to move into the next stage of maturity and bring on mass adoption, investors and users will need to feel secure knowing that their funds are safe.  One promising organization that may have the perfect solution is Liquidity Dividends Protocol (LID).

What is Liquidity Dividends Protocol?

Liquidity Dividends Protocol is an up and coming organization that provides locked liquidity services to cryptocurrency projects that launch their offerings through ERC-20 tokens.  It lets non-custodial pre-sales lock liquidity of a token in a trustless manner through Uniswap.  This locking process will prevent every investor’s worst nightmare of seeing their hard-earned money disappear through “rug pull” scams that are designed to remove liquidity out of DeFi projects.

This year has seen an explosion of interest in Uniswap and DeFi projects.  Many investors have generated enormous returns on investments, but many have experienced the pain of being duped.  Below are three reasons why LID Protocol is poised to be a massive winner in…

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