Connect with us

Blogs

Ripple and the Internet of Value

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

“We don’t know when but Internet Of Value solved by Blockchain is going to happen. Make sure we are in the position before this thing takes off.” That’s what Chris Larsen (Ripple Labs’ co-founder) told to Asheesh Birla, a Ripple employe several years ago. This quotation includes everything Ripple is, everything it does and everything it aims for.

Let’s start by explaining the meaning of “Internet of Value.” This is a philosophical idea that was probably, though we don’t know for sure, put forward by Ripple’s founders. It refers to the expectations of current internet customers and users.

They want for money to move around the internet as quickly and as seamlessly as the information they use. If you want to send somebody money over the web, it should be as quick, safe and cheap as sending an e-mail, that’s the main idea.

So has Ripple made sure it’s there before this thing takes off? Let’s see.

One of the most archaic financial services in the world is the international transfer among banks (something you can’t really do over the internet right now as a private citizen except for credit and debit card payments). This is because settling international payments relies on the SWIFT system.

It was implemented back in 1975, way before personal computers, smartphones, let alone the internet were imaginable technology except in Sci-Fi. SWIFT is slow, expensive, and prone to errors. That’s why companies as MoneyGram and Western Union have become giants in the financial world without being banks. They found a way to improve over SWIFT, if only marginally, in speed and cost, so now they manage most of the world’s international remittances.

Over the last few years, a new industry has emerged, called “fintech,” which is a contraction for “financial technology.” The point in it is to serve all those customers who are either being poorly served (sometimes, not at all) by banks, for whatever reason. Paypal is one of those companies.

Just think how easier it is to transfer money to another country using Paypal than your usual bank. Fintech is more efficient, cheaper, and technologically savvy. As a result, banks are starting to lose a piece of their business.

Enter Ripple.

Ripple Labs has found ways to use the internet and blockchain technology to process and settle international payments at costs even lower than fintech’s, at higher speeds (basically, in real-time), and with the security that only the blockchain can guarantee. There is a token associated with the technology (XRP) which is used as a mediating currency to complete each transfer.

By partnering up with banks all over the world, Ripple is improving customer experience, lowering costs, and using the internet and the cryptosphere so that money moves around the internet even more smoothly than e-mails.

Thus Ripple is indeed creating a healthy ecosystem in which the Internet of Value can become a reality for everybody. It will start with banks and other financial institutions. But sooner or later it will reach private persons like you and me. It seems that Ripple was indeed in position before the thing took off.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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.

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

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

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite