It has been announced that Ripple’s XRP token will be the first cryptocurrency to be supported on the new universal payment settlement platform by the enterprise blockchain software company, R3.
Dubbed as the new open-source Corda-based decentralised application (CorDapp) and it reportedly allows payment obligations raised on the Corda blockchain to be settled through any parallel payment rail which supports cryptocurrencies or digital assets, or any traditional payment rail that will be able to provide “cryptographic proof of settlement.” The term ‘payment rail’ is used for a payment network or platform which transfers money from one body to another.
When an individual’s account is verified and credited, the new CorDapp will update the Corda ledger without manual assistance. In a future version, it will allegedly support domestic deferred net settlement as well as real-time gross settlements payments.
“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.”
Brown’s hint to the optimistic development in cooperation between R3 and the token XRP suggests a year-long legal dispute over purported mutual breaches of the agreement between Ripple Labs and R3 consortium which was finally settled this September,
In addition to this, Brown said that the two industry giants “is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
Currently, XRP is in the red, down by 1.64 percent over the past day leaving it to be priced at 34 cents. The market cap for the token is over 13,700,000,000 so Ethereum is slowly creeping up on to take back the number two spot on the top 100 cryptocurrencies.
In similar news, it was reported earlier in the week the biggest private bank in Brazil has teamed up with the Standard Chartered bank based in the United Kingdom. The aim with this is that a Corda-based platform for smaller sized loans will be created from the partnership.
XRP Price Stable Against Coinmotion Criticism
On Feb 15, the XRP is moving up slightly, trading at $0.3089.
Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.
Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.
The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.
Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.
Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.
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Bank-based Cryptocurrencies Not Realistic: Ripple CEO
ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.
These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.
At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”
This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”
Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”
Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”
It remains to be seen, how exactly XRP intends to do what it had set out to do.
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Ripple new version of XRP Ledger 1.2.0 launched
- XRP Ledger requested to update the code before February 27.
- XRP Ledger 1.2.0 is more resistance to censorship.
The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.
The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.
What has changed?
The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.
Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.
The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.