Ripple (XRP) has been one of the most popular cryptocurrencies of the last few years. While the cryptocurrency market experiences massive fluctuation being predominantly dependent on big guns like Bitcoin, Ripple seems to be building a base lately. The digital currency that started its journey as a blockchain transaction protocol that offers fast transaction facility in exchange for a modest price now holds the third position after Bitcoin and Ethereum on Coinmarketcap.
The XRP holders have been eagerly waiting for the beginning of several very important projects that are currently in Ripple’s pipeline for a few months. Some of these projects include acceptance of XRP as a valid currency for cross-border payments by Western Union and MoneyGram, launching of mobile XRP by Santander Bank, and many more. Once these projects come to fruition, trading would become even more lucrative and convenient for XRP users.
One of the reasons that the aforementioned projects are still in the pipeline is two major recent developments. Here, those two updates and their positive impact on Ripple’s future would be discussed.
The Implementation of the Cobalt Algorithm:
The Cobalt algorithm was first introduced by Ethan MacBrough, a Ripple employee as well as a renowned crypto-architect. The sole purpose of designing this algorithm is to increase the transaction speed to a great extent. On 27th March 2018, the implementation of this ingenious algorithm was officially announced by Ripple’s development team. Once this project is complete, the XRP holders would be able to take advantage of the following nonpareil features:
a. Lightning Fast Cross-border Transaction: The Cobalt algorithm would mitigate the time for a cross-border transaction to nearly 1 second. Previously, Ripple’s cross-border transactions used to take three to four seconds. Therefore, this new implementation would increase Ripple’s speed by nearly 75% which means the number of overall transactions would also increase accordingly. With such a gargantuan boost in a daily transaction, Ripple’s popularity to the traders is very likely to escalate further.
b. Increasing Stability: According to Ethan MacBrough’s paper, the Cobalt algorithm would work in networks with no global agreement on the participants of a particular transaction as well as with non-uniform trust. This algorithm would also ensure forward progress even in case of arbitrary asynchrony. This will indubitably increase Ripple’s reliability as a decentralized transaction protocol and would make it even more stable.
c. Eliminating Transaction Stoppage: The implementation of Cobalt would eliminate the occurrence of any stoppage in a transaction. So, the transaction procedure would never stop even if there is a delay in transmission. In case of transmission delays due to lack of consensus voting, the process will simply slow down a bit rather than stopping completely. This implementation of Cobalt would also strengthen the financial security of Ripple for hackers and malware.
The Partnership with Hyperledger:
This partnership would not only boost Ripple’s price considerably but also accelerate the developmental process of blockchain application.
Ripple’s Current State and Speculation:
Because of the two updates mentioned above Ripple has exhibited a steady upward trend in its price for the past few days. As of this moment, 1 Ripple is equivalent to approximately $0.5 and its overall market capitalization is circa $19.6 Billion (According to the data of 5th April 2018).
With these two major events along with many other projects yet to begin, Ripple’s future seems veritably bright. Despite the fact that the entire crypto-market acts like a giant bubble sometimes, Ripple is likely to satisfy its users in future as well. The Cobalt algorithm implementation and Hyperledger partnership would only turn this reliable cryptocurrency even more reliable.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
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.
Image courtesy of Billy Wilson via Flickr
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…