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.
Bank of America Patent Displays use of Ripple Ledger
A now publicly available patent from Bank of America (BofA) has revealed a system of real-time settlement that utilizes the Ripple ledger for inter currency transactions, July 20, 2019.
Huge Breakthrough for Ripple
Bank of America’s patent reveals the exclusive usage of the Ripple ledger to improve efficiency and cost-effectiveness of transactions as well as bookkeeping.
In the patent document, BofA recognizes that distributed ledger technology (DLT) has the potential to truly disrupt banking and accounting. Advantages of their new patent include the option to eliminate physical accounts, real-time payment advisory, alternative implementations for the bank’s general ledger, and a change from end of day (EOD) settlement to real-time settlement among others.
Ripple has long said that their ledger and protocol allows for improved ease of transacting when it comes to inter currency transactions. Using the native XRP token, clients can easily convert one currency to another, minimizing costs and translation losses.
Reconciliation of statements, balance management, and account investigations become much easier due to increased clarity in operations and the state of accounts.
To break down the patent, many charts depicting the process are shown by BofA; it seems to show a process whereby two clients who are each transacting in a different currency, can easily exchange value with each other using Ripple’s protocol. By managing a validator node, BofA would act as the intermediary for the transaction between their client and the other bank.
Not many doubted Ripple Inc’s capacity to bag high-value partnerships, but their public sale of XRP has been criticized as fairly useless. As it is a token to be used by institutions and their other clients for transacting between different currencies, many have debated the point of retail investors holding these tokens for capital appreciation.
The King of Partnerships
Ripple Inc has been bagging partnerships with leading banks such as SBI Japan and Santander since it first developed its product.
It’s suite of products includes xRapid, xCurrent, and xVia, all of which are institutional payment remittance protocols with different focus points.
Moving from fiat currencies issued by governments to the self-sovereign Bitcoin isn’t possible in a single day. Ripple aims to function as the bridge between decentralization and centralization.
XRP and 2 Other Cryptos Are Ready To Breakout, How High Can They Go?
A couple of days ago, the crypto market experienced a huge sell-off which saw coins losing double digits of their values. The total market cap fell to $249.1 billion from $294.9 billion. This drop of more than15% in a few days was a rude shock to traders and enthusiasts. Lots of digital assets plummeted and some even fell below crucial support areas. Fortunately, this effect reversed on Thursday.
Some heavily hit cryptos such as XRP, EOS, and Bitcoin Cash are showing bullish signals. How high can they go?
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction 2019: XRP/USD Stuck in Range Accumulation
XRP had a chance to break out from range accumulation and enter a bull market on June 22. The market participants succeeded in pushing the price above $0.46 resistance. At this time, the bulls just needed the price to stay above the level for a couple of days for a rally to happen.
Sadly, the price could not be sustained, and the bears took over. This event triggered the massive selloff that pushed XRP price to the recent low of $0.2825 on July 16.
the sharp drop in price to the support level of $0.29 placed the market in the oversold territory. Now the bulls took a chance of the bearish exhaustion and the price started a journey back to the bullish territory.
XRP may be an ideal investment if trader buys at support level $0.29 or close. Other targets to monitor include range resistance of $0.46 and range midpoint of $0.375.
Bitcoin Cash Price Prediction: BCH Correction Has Been Exhausted
BCH also suffered a massive price correction after it reached a 2019 high of $517.20 last month. It lost almost have its value on July 15 in less than a month. The coin looks ready to surge after it reclaimed range support.
It has been able to stay above the support level of $300. the market is currently flashing the oversold signals on the daily RSI.
The ideal buying area is as close to $300 while looking out for the $515 and $407.50 targets.
EOS Price Prediction: EOS Is Also Breaking Out Soon
The coin with the worst correction was EOS as it plunged from its high of $8.6503 to $3.30. this loss amounted to more than 61 percent in a few months since May. EOS price took the worst hit but seems ready to bounce back. The market isn’t fully out of the bearish trend, but it is clear that the worst is over at this point.
At the moment, EOS is in the oversold position on the daily RSI. The bulls are also back to its defense at the support level of $3.60. Earlier in March, the bulls established a base using that price level which would launch the coin above $8.00. it isn’t shocking that the bulls are struggling to control the support level.
Trader may benefit from the is EOS market if they consider buying at the support level of $3.60 or nearby. The target prices to look out for include $6.85 and $5.225.
The Correction Allows XRP, BCH and EOS to Take Control of the Dip
The recent pullback drove many large-cap cryptocurrencies to their support areas. At the moment, the bulls are protecting these territories.
All three coins show oversold readings, and this means the bulls can easily maintain the trend. The market could move higher in the short term. This may just be a good time to buy the dip.
Ripped Off: Australian Couple Falls for Crypto Scam, Wipes Out Pension
Mike and Karen Taylor say their entire retirement savings has evaporated after they got caught up in a cryptocurrency scam in Australia.
The Melbourne couple say they were traveling around the country in a camper van when they decided to invest some of their savings through a website. Eventually, they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.
Mike Taylor tells local media outlet 7News that the website looked legitimate but after a few months they never saw any return.
Regulators in the US issued a warning last year about crypto scams and created a fake website to illustrate just how easy it is to get enticed – and later ripped off – by a slick, professional-looking website.
Says Taylor, a bus driver,
“That was the whole of our superannuation – that’s now gone.”
According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.
Crypto scams that promise high returns are becoming increasingly widespread in Australia where fraudsters made off with $4.3 million ($6.1 million AUD) in 2018.
A recent study shows that the Taylors are among a growing number of Australians being targeted by cryptocurrency criminals.
“Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.
Some investment scams also asked victims to pay in cryptocurrency for forex trading, commodity trading or other investment opportunities, asking victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”
You can check out the full study here.