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XRP Ledger decentralization grows as Ripple controls less than 30% of validator nodes on the UNL

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Opinion: For long, the naysayers of the XRP Ledger have stated that the blockchain is centralized around Ripple, a company focused on solving for cross-border payments. Recently, however, the coin has achieved another level of decentralization, with only 27% of the validator nodes being controlled by Ripple on the default Unique Node List [UNL].

This translates into a higher degree of trusted third-party use of the XRP Ledger, thus spreading away control from Ripple, who used to control a majority of the validator nodes on the network. Another reason that many give to say that the network is centralized is that Ripple controls a majority of the supply of XRP, around 53 billion of it. However, this is locked up in an escrow smart contract, which means that Ripple cannot withdraw it as and when they please. The contracts expire every month, upon which Ripple can utilize the 1 billion XRP that had previously been locked up.

Even if a situation arose wherein Ripple wanted to take the XRP out of the escrow, the transaction taking the coins out would have to be validated and approved by 78% of the remaining nodes. Now, with the decreasing number of Ripple validator nodes on the XRP UNL, it would become simply impossible for Ripple to forcibly remove XRP from escrow, thus taking away control of the “centralized” supply of the coin.

With that being said, some of the new validators running on the UNL include Alloy.ee, an application hosting service specializing in hosting productivity applications, Bitso, a digital asset exchange and xRapid partner, a global Information and Communications Technology Services Provider called NTT Communications and Coil, a company based around utilizing the InterLedger Protocol and XRP to deliver micropayments to content creators on the Internet.

Other validators are run by BREX, a company providing real-time access to structured and official commercial register data, Bahnhof, a Swedish Internet Service Provider [ISP], and Business Register Exchange, a company that delivers a powerful API to give its customers instant access to global commercial register data. Companies such as Worldlink, a global technology firm providing talent, consulting and management solutions, and AT TOKYO, a leading company in the data center industry also run a validator on the recommended UNL.

Other validators can be identified as those being run by XRP Community members, as seen by Bithomp, a website maintaining a blockchain explorer for the XRP Ledger, Rabbit Kick Club, a website dedicated to running a node, and one validator each for XRP Community-based projects such as XRPChat and XRP Tip Bot.

There are also validators run by various universities around the world and are a part of Ripple’s University Blockchain Research Initiative [UBRI]. These include the University of Nicosia in Cyprus, the Korea University Blockchain Security Research Center, and the Information and Telecommunication Technology Center at the University of Kansas.

All in all, this provides an important move forward for Ripple and the XRP Ledger, with regulators seeing the divide in between the two. Moreover, it makes XRP more secure, as the nodes are now geographically and jurisdictionally separate.

Source:AMBCrypto

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Ripple (XRP/USD) forecast and analysis on December 11, 2018

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3054. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on December 11, 2018

As part of the forecast Ripple course is expected to test the level of 0.3150. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2650. The conservative Ripple sales area is located near the upper border of the Bollinger Bands indicator at 0.3180.

Ripple (XRP/USD) forecast and analysis on December 11, 2018

Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above the 0.3400 area. This will indicate a change in the current trend in favor of the bullish XRP/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on December 11, 2018implies a test level of 0.3150. Further, the continuation of falling to the area below the level of 0.2650 is expected. The conservative area for selling Ripple is located area of 0.3180. Cancellation of the option of falling cryptocurrency will be the breakdown level of 0.3400. In this case, we can expect continued growth.

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Ripple Says Industry Needs XRP and Cross-Border Payments Overhaul As New Report Shows Extreme Delays at Swift

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Ripple says a new report on extended payment delays and errors on the traditional global payments network Swift paints a stark picture on the importance of crypto, blockchain and digital assets like XRP.

A new exposé from The Guardian tracks four stories of people and charities getting thousands of dollars stuck in cross-border payment flows executed through Swift.

According to the report, the acronym SWIFT (Society of Worldwide InterBank Financial Telecommunications) has often “proved to be a misnomer.”

Charity Payment Snaffu

“Elaine and Malcolm Thompson’s charity, St Paul’s Children’s Project, pays school fees and expenses for 36 orphans in Zambia. In October they made a payment using the Swift system of £11,000 from the charity’s Barclays account to its designated bank in Zambia, but it never arrived…

Family Transfer Lost

“Martin Finnegan* was told the £2,450 sent from his Nationwide account to his mother-in-law in Russia would take an estimated three days. Three months later it was still in transit, location unknown…

Account Transfer Delayed

“In June, Jane Collins* nearly lost the home she was buying after moving to Canada because the £54,000 deposit transferred from her Nationwide account went missing. It eventually arrived six weeks later. Nationwide blamed poor communications along the chain of banks…

Holiday Deposit Refunded

“Laura Fulcher waited five months for a £500 holiday deposit to reach her Ghanaian tour operator. It was eventually refunded after the Observer contacted her bank, TSB. It also repaid associated expenses and added interest and £50 in compensation for the ‘inconvenience’.”

Ripple’s global head of strategic accounts Marcus Treacher tweeted about the new report, saying it reveals the need for a global payments infrastructure upgrade to create an efficient “internet of value.”

Swift recently announced it’s working on a new payments API to reduce errors on the network.

The new system is not based on blockchain technology, which Swift has said is not ready for use in the mainstream.

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Push to Convince Elon Musk and Tesla to Adopt Bitcoin Triggers Debate on XRP, IOTA and Nano

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A push to unite the cryptocurrency community by convincing entrepreneur Elon Musk to adopt Bitcoin quickly sparked a debate on the speed and viability of BTC, IOTA, XRP and Nano.

A post shot to the front page of r/cryptocurrency Sunday, calling on Bitcoin and crypto believers to persuade Elon Musk to add a Bitcoin wallet to each and every Tesla on the road and in production. The post touted Tesla’s power to bring cryptocurrency to the mainstream and give drivers a new way to pay for items directly from the comfort of their futuristic supercars.

The effort follows a similar campaign by the CEO of leading cryptocurrency exchange Binance, who challenged Musk to accept cryptocurrency for the purchase of Tesla vehicles back in October.

The response to the new post on Reddit quickly transformed into a debate on the viability of Bitcoin as a payment platform, especially in comparison to cryptocurrencies such as XRP, IOTA and Nano.

The debate mirrors the complexity of the crypto market as a whole, and the ongoing search for a digital asset that truly finds a way to become a widely adopted payment platform for the mainstream.

Here’s a look at some of the responses.

“Any car might benefit from an IOTA or Nano wallet for instant fuel purchases, but Bitcoin? Nah.” – throwawayLouisa

“Since we already know that crypto is not ready for the masses, then adding this wallet would seem to mean that either 1.) Its a feature that should remain unadvertised and only usable by people looking for it, or 2.) Tesla gets to deal with the backlash when people start loading money on it, thinking it’s a great and secure new form of a Visa gift card, but then can’t figure out where their money went after keeping their private key written down on a sticky note on the dashboard.” – eldroch

“I know of other, however less known coins (yes, looking at you, Nano, XRP and others). They could add other coins as well, but let’s start with the most logical Grandaddy and proceed from there onwards, shall we?”

“It’s not logical at all to use BTC fo this purpose, for it’s self-inflicted ‘store of value’ narrative. Unless each car is going to be on that all-encompasing totally working at scale Lightning Network?” – marxxy94

If this happens it should be IOTA or Nano IMO, fuck probably something out there I don’t even know about that would be perfect. 0conf BCH would even work really well in this case.” – LiamGaughan

“IOTA is especially built for IoT and those kind of usecases. VW will implement iota based systems early 2019 to have a decent audit trail for OTA update. They also already showed a system with a car equipped with IOTA wallet and are planning to start implementing those in the coming years as well.” – lambtho

Meanwhile Musk appeared on 60 Minutes on Sunday to deliver a stern message to the US Securities and Exchange Commission, which recently settled charges against Musk and Tesla, resulting in $40 million in penalties and Musk’s ouster as chairman. The message, that he does not trust the SEC, rang true to some in the world of crypto.

Source:The Daily Hodl

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