Tag: ripple

  • Ripple Cryptocurrency – latest review

    Ripple Cryptocurrency – latest review

    2 min read

    All You Need To Know About Ripple

    • What is the future of the Ripple cryptocurrency?

    First of all, it should be explained that Ripple is not a cryptocurrency in the usual sense of the word. In fact, this is a settlement system that has become a faster, more transparent and secure alternative to the existing ones. For example, the SWIFT system used by banks. Ripple cryptocurrency is a combination of currency exchange and a money transaction company.

    XRP, the so-called Ripple coins is used to facilitate transfers in different currencies. In existing settlement systems, the basis for the conversion is usually US dollar. That process is associated with additional costs and lasts for a long time and bank transfers between countries, often last up to 3 days.

    Converting payments to XRP instead of dollars, the system saves inventory costs, and transaction processing takes a few seconds.

    XPR token

    XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other – both cryptocurrencies and fiat – exchanges. The best way to describe XRP is ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to the euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.

    After the transaction, the amount of $0.00001 ‘disappears’ from the platform and can’t be replenished. With every transaction, the world becomes $0.00001 poorer. It is designed that way to prevent spammers attacks.

    Basically, Ripple wanted to be a cryptocurrency built for enterprise and banking use. It wanted to enable fast cross-border payments, low transaction fees. And all of the other benefits of digital currencies. Most importantly, it wanted to do this with the goal of targeting enterprise and banks. The two groups that require extended features you won’t find on cryptocurrencies like bitcoin or Ethereum. 

    How Ripple cryptocurrency works

    Ripple is a system that enables the execution of transactions by binding banks, digital exchanges and corporations in order to be able to send and receive money worldwide. The basic idea is to replace old principles like SWIFT. Ripple has licensed its blockchain technology to many banks. Furthermore, there is a lack of complete anonymity that most people value in cryptocurrencies. Relationship with the “enemy” i.e. the banks, rejects many. But what is most important is that Ripple is doing great on the market and that this connection with banks can even represent a measure of security.

    Ripple: an exciting, feature-rich network

    To understand Ripple’s place in the crypto universe, we have to value its contributions to the industry. In addition to being one of the most renowned digital tokens, it is also one of the most efficient payment networks for financial transactions on the planet.

    Ripple Cryptocurrency

    The Ripple technology is, in fact, more widely known for its digital payment protocol. Then for being a cryptocurrency. The XRP (Ripple) is the associated cryptocurrency of the platform. It performs the part of a bridge currency to other tokens without discriminating between fiat and crypto, facilitating exchanges between different coins. The Ripple cryptocurrency; the XRP, has the power of liquidity by serving as a bridge between other means of payment, making the exchange more comfortable for all parties involved in a transaction. 

    Ripple is an official organization with the trust of many banks. It’s not another Blockchain startup from a no-name company.
    No inflation. All the tokens are initially mined and already exist. The more banks use it as their transaction platform, the higher the value of XRP.

    What is the future of the Ripple cryptocurrency?

    Predicting a cryptocurrency course now becomes something really in trend. Lot’s of public places spot their thoughts, trying to guess what would happen next. And among the cryptos, nothing is taken into such consideration as Ripple.

    Ripple still has some growing room left, but meteoric rises like seen at the end of 2017 will naturally be few and far between, and it’s safe to assume that the price changes will settle into more sustainable ranges. This is especially likely for a cryptocurrency like Ripple which can benefit from price stability.

    They have a large supply

    With its large supply and currently limited use, investors will want to be wary of readjustments following price rises. This is especially true for a coin like Ripple. It benefits from stable pricing and is designed more for corporate use than individual use. 
    Although there is a long list of very respectable banks that are planning to use Ripple. According to the Financial Times, most of them are still on the testing stage. The few who transact real money use the platform but not the token. So, perhaps banks “are not that into Ripple”.    

    Why is Ripple criticized?

    However, there are some cons. Ripple cryptocurrency is highly centralized. The whole idea of cryptocurrency is to avoid centralized control. As the tokens are already mined, the Ripple developers can decide when and how much to release, or not to release. So, it is basically like investing in a bank.

    Ripple Cryptocurrency 1

    In addition to centralization, today it is pretty much a monopoly as Ripple Labs owns 61 percent of the coins.
    Yes, it is open source and very smart.  But still, once the code is accessible there is a good chance many people will try to hack it. Some of them even might succeed.

    And it can freeze your transactions.

    The biggest example of this is when Jed McCaleb, founder of Ripple Labs, tried to sell more than a million dollars worth of Ripple. The transaction was reversed. There are rumors that McCaleb breached the contract. But even then, the very possibility of freezing a transaction is against basic cryptocurrency principles.

    Samson Williams, CSO of Ireland-based fin-tech firm SeedUps said.

    “Though not a cryptocurrency at all, it is the child of banks. So it’ll get the natural bump from the 2018 Recession.” 

    The bottom line:

    Ripple/XRP still has room for growth. They have an impressive list of partners. It looks like many people have a vested interest in seeing Ripple succeed.

    Is Ripple able to pull off its goal of being the preferred money transfer system for banks across the world? If the answer is YES,  then we can see Ripple at least maintaining its position as the third most valuable cryptocurrency.

    Risk Disclosure (read carefully!)

  • A New Stellar Sky of Blockchain

    A New Stellar Sky of Blockchain

    1 min read

    A New Stellar Sky of Blockchain

    A new Stellar appears to Blockchain.

    Jed McCaleb, one of the co-founders of crypto startup Ripple holds billions of dollars worth of the company’s digital token. But his continuing sales of the token have dramatically risen over the past few weeks.

    According to other media, he sold between 20,000 to 40,000 XRP per day until July, but that amount dramatically increased in August. He allegedly sold 499,312 XRP every day, the maximum amount was 752,076 XRP in one day. At the same period, August this year, the price of XRP fell by 25%.

    McCaleb changes the dress

    It looks that Jed McCaleb, who left Ripple a few years ago and is now co-founder of a competing outfit called Stellar, could put pressure on the cryptocurrency by increasing sales of the tokens, called XRP.

    “I’m not selling more than I have agreed to with Ripple,” he stated to the Journal.

    Fact is that McCaleb’s sale of XRP tokens has continued into this month.

    He has sold XRP worth $150,000 each day in the last week.

    Ripple’s price rose over the weekend because of positive news reports about the launch of a new product that uses XRP. If this new product called xRapid gains draft with banks, it will probably cause an increase in XRP’s liquidity in cryptocurrency markets.

    But for now, the world’s third most valuable cryptocurrency token has dropped as much as 40% of its gains. At 19:35 UTC, Ripple was changing hands at $0.45, which is 13.25% less from its price 24 hours ago.

    Few words more about Stellar.

    Stellar is an open network that allows any currency or asset to be digitally issued, transferred, and exchanged over the internet. Interstellar will make it easy for developers and enterprises to leverage Stellar as a platform to build new financial products and services.

    And about Chain Inc., which is a startup working with Nasdaq Inc. and others. They are building a blockchain-based trading platform, merging with another cryptocurrency startups. That efforts to plug the technology behind bitcoin into the traditional markets seem to be harder than expected.

    Jed McCaleb, Stellar’s founder, said earlier this month: “Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols,” and added, “We are thrilled to be joining forces to help organizations build on Stellar.”

    Key facts:

    Adam Ludwin, who is Chain’s CEO, will be Interstellar’s CEO
    Jed McCaleb, who co-founded the Stellar Development Foundation and Lightyear, will be CTO of Interstellar
    The Stellar Development Foundation, which develops the Stellar protocol and supports the open source community, remains independent.

    What is Stellar?

    Much like Ripple, Stellar is also a payment technology that aims to connect financial institutions and reduce the cost and time required for cross-border transfers. Both payment networks used the same protocol initially.
    The chain has been acquired by Lightyear, a Stellar-focused company formed last year with the support of the Stellar Development Foundation.

    The Chain and Lightyear brands will be retired and the combined company will be re-named to Interstellar. Interstellar will create tools, products, and services to make it easier to use and build on Stellar, especially for enterprises and institutions.

    Interstellar’s product portfolio will also include StellarX, a recently announced marketplace for trading assets on Stellar. StellarX is currently in beta and will be launching to the public soon.
    More information can be found at https://interstellar.com/.

    Risk Disclosure (read carefully!)

  • Japanese MoneyTap app Connects 60 Banks with Ripple

    Japanese MoneyTap app Connects 60 Banks with Ripple

    1 min read

    All You Need To Know About Ripple

    The payments network Ripple is looking to launch the MoneyTap application with support from the SBI Ripple Asia Japanese Bank Consortium later this year. That will cause Ripple to have a large share of the Japanese currency transfer market, maybe the largest. MoneyTap has officially launched its website which is a major step forward connecting several Japanese banks via Ripple solutions. It said, in March this year, the app would make it easier for banks to settle round-the-clock domestic payments in Japan. MoneyTap App is going to reduce fees associated with traditional money transfer services. The fact is that Japan is residence to a huge market for fintech, or financial technology, particularly in the areas of blockchain and cryptocurrencies.

    The deal between Ripple and the consortium has been planned for a few years.

    Japanese MoneyTap app and Ripple

    But now it looks like the firms involved are setting the closing preparations to launch the MoneyTap application in Japan. The app which was announced earlier this year, but the website for the service went live yesterday, September, 13th.

    The main purpose of the new technologies is to be applied in a wide range of industries to facilitate and enhance a great number of processes. The banking sector is one of the spheres that eagerly adopt new solutions with a view to improving its functioning.

    MoneyTap is a kind of a “simple bank transfer application without charge” and “a new bank experience application provided from the consortium for domestic and foreign exchange”.

    Speaking about the fund transfer system in Japan, transaction fees are quite high and requires a lot of time to be executed. By implementation of MoneyTap app, the situation will be changed. Via the solutions offered by Ripple, it is planned to reduce fees and to achieve a possibility to carry out reliable same-day transfers.

    The application is not ready for download just yet. But, the website going live shows that it will be soon. The projected launch date is autumn 2018.

    Ripple’s own blockchain technology is known mainly as the underlying network for its cryptocurrency, XRP, known as ripple too and it is also used for real-time transaction settlements.

    Presentation of the new app

    The new app, Money Tap will offer a money transfer too, so that will be available on iOS and Android phones. That characteristic place them to be one of the first apps with such functionality that will be used by a number of banks at the same time.

    In the beginning, the application will be working in collaboration with three of the members of the SBI Ripple Asia Consortium. The first banks involved are SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. This preliminary launch will be followed by the service for the other 60 plus members.

    Ripple hits the center of Japanese money transfer

    Ripple are hoping that the move will place them at the center of the huge Japanese international money transfer market. They believe that can offer more affordable transfer than SWIFT is. Money Tap app could be more efficient in transfer smaller amounts of money than was previously feasible with traditional options.

    It is interesting that it will also compete with remittance companies like The Western Union Co. (WU). The launch will also support Ripple’s claims of offering a robust and dependable technology platform that can form the strong support of the modern payment system.

    Japanese MoneyTap app and Ripple keep the project under the veil

    We must say that practically no information on the project has been already revealed, but it is clear that Money Tap will be used by the Japanese Bank Consortium that unites over 60 local banks. That is almost 80% of the country’s banking system.

    The CEO of a Tokyo-based Strategic Business Innovator Group (SBI) has once said that they are also examining a possibility to use XRP for bridging currency on the Money Tap fund transfer platform. Now SBI is working with different cryptocurrencies.

    Ripple solutions and XRP tokens represent a special interest for SBI. Just a few months ago, the company established its crypto exchange called VCTRADE.

    Good news for Ripple,  more and more financial institutions are implementing Ripple’s technology to make easier their processes.

    But fans of the Ripple project, particularly  XRP token, should hold off on celebrating just yet. Like with many of the projects Ripple is working on, it could be that the service exists without using the token itself. Whilst this would likely be positive for those invested in terms of exposure, it would not represent automatically adoption of XRP in itself.

    It would make sense for Ripple to sideline their XRP token given that it is still not clear whether global regulators deem it as a security.

    Risk Disclosure (read carefully!)

  • Ripple – All You Need To Know

    Ripple – All You Need To Know

    1 min read


    Actually, I have something to admit. For me, Bitcoin remains the king of the cryptocurrency, especially when it comes to increasing prices and media attention. But there are other pretenders on the throne. and one of them is Ripple.

    What is it, what is the difference from Bitcoin and why many do not recognize it as a cryptocurrency?

    First of all, it should be explained that Ripple is not a cryptocurrency in the usual sense of the word. In fact, this is a settlement system that has become a faster, more transparent and secure alternative to the existing ones (for example, for the SWIFT system used by banks).

    XRP, the so-called Ripple coins is used to facilitate transfers in different currencies. In existing settlement systems, the basis for the conversion is usually a USA dollar. That process is associated with additional costs and lasts for a long time and bank transfers between countries, often last up to 3 days.

    Converting payments to XRP instead of dollars, the system saves inventory costs, and transaction processing takes a few seconds.

    Many banks have shown interest in the new system and have already tested or implemented applications based on it.

    How Ripple differs from Bitcoin

    XRP is a token used to transfer values to the Ripple network. While bitcoins were created by mining, all 55 billion XRPs (often referred to as waves) were created by founders.

    Every month, through a system of smart contracts, the market gets a billion tokens. In that sense, Ripple copes with the mechanism of gradually increasing the offer of bitcoins, but without the huge cost of electricity for mining.

    Technically, it does not even use a blockchain in the usual way. The Ripple blockchain is not distributed over the network of computers, but it is stored on servers of trusted partners in the so-called “permitted” network. This means that it is not a decentralized system.

    Ripple is not created as a resources of payment. In fact, it’s only purpose is to transfer values when converting other currencies (or commodities, such as gold or oil) through the Ripple network. Every time a bank or other organization uses it to transfer money or assets, a small amount of XRP is maintained.

    How to invest in Ripple

    Ripple has definitely taken its niche among the cryptocurrency world, and a large list of organizations that use it shows that tokens themselves will eventually get a great value. Last year, it overcame bitcoin and many other cryptocurrencies in terms of growth.

    XRP is traded on Binance and Poloniex crypto exchange markets. As a rule, they can not be bought for plain money – first, you have to buy Bitcoin or Ethereum, and then convert them to Ripple.
    Interest in Ripple from major financial institutions is an important indicator of its future value.

    Risk Disclosure (read carefully!)

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