In today’s rapidly growing digital world, virtual payment solutions have become all the rage in the market. Governed by cryptography, the decentralized blockchain technology offers a number of prominent advantages over fiat currency. Representing the next generation of blockchain technology, Ripple specializes in all the significant attributes of a blockchain network, from faster transactions, great transparency to low transaction fees. With the aim to deliver a secure and integrated global payments system, Ripple combats the challenges of the existing blockchains.
Looking at today’s global payment systems, most of the enterprises lack a decent infrastructure, wherein the networks lack the necessary features, including effective inter-connectivity to cater to the demands of the international consumers. Simply put, the existing networks either lack proper regulations or are ineffective at handling the challenges that are involved in cross-border payments. This is why; most influential banks, enterprises, as well as consumers choose to opt out of the present system. Whether it is high processing fees or incompetent servicing facilities, the limitations of the present global networks are driving away brands and consumers at once from banks and centralized systems to FinTech providers that are adept at handling the issues at hand. Featuring among the top blockchain ecosystems, Ripple has become one of the viable digital investment options for local as well as cross-border transactions.
Reimagining Cross-border Payments with Ripple
As discussed in the previous section, Ripple strives to mitigate some of the inefficiencies in the current global payments systems. As one of the world’s leading global payments networks, RippleNet delivers a seamless user experience for global payments. Unlike many other institutions that are a product of several disparate technologies, unstandardized communications, and centralized systems, RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple’s distributed blockchain technology.
The rapidly growing ecosystem of RippleNet can be categorized into two sections, the network members or the payment providers and network users or the consumers. The network members, also known as the enablers, are formed of banks and centralized enterprises looking to process transactions for corporate companies and consumers. Apparently, the banks would capitalize on RippleNet to augment their servicing schemes. On the other hand, the network users, also known as the originators, include the budding businesses corporate treasury, alongside the consumers.
The decentralized system of RippleNet is based on the agreement made between the Ripple executives and other network participants, who deploy the same blockchain system, besides adhering to the standard set of payment regulations. The network’s participants, especially the banks, benefit greatly from the strong connectivity, standardized technology, and payment execution policies. At any rate, Ripple’s avant-garde financial technology outpaces its competitors in terms of effective down payments costs, processing fees, and transparency, ensuring expeditious transactions across the globe.
Developments in the Ripple Network
Considering the faltering state of the crypto market, Ripple’s performance has been impressive when compared to other prominent blockchain networks. Quite naturally, the developments on the Ripple blockchain have a far-reaching impact on the coin’s stability. As per the recent updates, there have several exciting developments in the system in terms of listings, partnerships, and upgrades. Speaking of Ripple’s current developments, Heir’s announcement of enabling support for Ripple within its ecosystem has grabbed the attention of the investors. Besides this, Ripple has been listed in renowned exchanges, including CoinSuper. While Ripple has been strongly criticised and deemed unsuitable for security trading, there has been good news in the form of interesting tie-ups. As per the latest news, as many as 10 new companies are testing Ripple’s xRapid to deploy XRP as their payment option.
Ripple and the Market: Will Ripple (XRP) Touch the $0.50 Price Level?
As evident from the charts, almost all top-performing coins are grappling with the bears in the aftermath of the price slump. With Bitcoin trading in the red for the greater part of the year, it has been a challenging year for many cryptocurrencies. After a temporary bear run, Ripple is finally seeing a silver lining. This means the bullish momentum is making a comeback.
As per the price charts, Ripple(XRP), the third largest currency by market capitalization, is vacillating between 50 and 100-SMA hourly chart, with the price climbing back to $0.4788 as of 26th June 2018. While Ripple has lost more than 76% within a span of 6 months, the coin is trading higher than its last year’s low. With the price showing signs of a reversal, the Ripple followers have a lot to look forward to, and the large-scale business projects, which have become the talking point in the market, are definitely something to watch out for. If one can ignore the day-to-day price volatility, amazing things are in the cards, and going by the response in the community, Ripple (XRP) might cross the milestone of $0.50 in the coming months.
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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.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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