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Ripple’s David Schwartz claims aim behind informal governance is not to avoid forks

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Decentralization means every peer on the network has a say in the decision-making process, but the reality of various crypto-blockchain is far from it. Different blockchain networks have their own way of implementing blockchain governance. While some use on-chain democratic voting, many others prefer private decision making.

Each of these governance methods has its trade-off in the form of developmental speeds and participation that affect users in the ecosystem, even those who are not a part of the decision making process. For a distributed network, its very important that all of its node work is in the same state, and this is the reason why a majoritarian agreement over the state of the ledger is necessary.

Formal Governance vs Informal governance

David Schwartz, CTO of Ripple, spoke about the importance of blockchain governance and its effect on different blockchain networks. He said that formal governance on a blockchain network often works in sync with the original protocol or code embedded in the network. These provide a roadmap in the decision-making process on important matters, while also avoiding accidental forks. Schwartz cited the example of the XRP ledger, where the base protocol does not allow anyone to implement a software change in the ledger unless, “80% of

the network signals support for the change.”

The formal form of governance can help in matters like avoiding accidental forks. However, in order to keep up with changing times and technologies, dynamic or informal governance is necessary. And, it is quite evident from the case of Bitcoin and Ethereum.

Schwartz added that the aim behind informal governance is not to avoid forks, as forks in themselves are not bad. According to Schwartz,

“Forks are not inherently bad. Let’s say some people on the network absolutely want private transactions, and some say no we have regulatory clients we can’t have private transactions. If they fork, it could be that the resulting two networks have more value separately”

Schwartz also addressed queries about XRP being centralized and Ripple having a say in the decision-making for XRP. He explained,

“Ripple has no formal authority despite having a significant portion of the systems economic value. Validators can technically run whatever software they want. If someone wanted to propose a change taking away 20 Billion XRP from Ripple because they are worried it’s in danger of becoming a security, there’s no legal lever preventing them from doing so”

Thus, it is evident that blockchain networks need to find a balance between hard-coded protocol-led formal governance and dynamic decision making, as per the situation through informal governance.

.Source: ambcrypto

Ripple

CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP

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XRP has been boosted a lot this year by Ripple. The San Francisco-based company has been promoting all of its products and has been making sure to boost the adoption of the digital asset XRP as well.

New platform to add XRP

Now, the crypto trading platform called Luno is exploring the addition of XRP in Malaysia.

The company’s GM of Southeast Asia, David Low, said that XRP could debt on the exchange as early as 2020, according to the Malaysian Reserve.

He also cited Ripple’s efforts to use the coin to power cross-border remittances.

“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…” Low said.

He continued and explained that “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new

ways to use this technology for their benefits.”

According to the reports coming from the online publication the Daily Hodl, Luno is one of three exchanges that has been approved to sell digital assets in the country.

Ripple launches a new portal for developers

Ripple created a new portal for developers.

The portal that Ripple is creating is called Xpring.io and it’s designed to provide developers a one-stop-shop in order to manage “everything they need when it comes to integrating payments into their applications and a way to unify the various platforms they already use,” according to official notes.

The platform also features a custom wallet that allows engineers to test XRP payments and also to create addresses.

This can all be achieved without having to spend fiat currency.

Other than this, in terms of pricing, Ripple and XRP fans have been hoping to see a boost in the price of the digital asset, but this failed to happen in 2019.

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XRP Liquidity Index Surges Past 9 Bln, Leaving Previous All-Time High Behind

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The Liquidity Index for XRP paired with MXN reaches another all-time high of 9 mln, taking the XRP adoption in this sector to a new level-

The Ripple-invested Mexican Bitso exchange is a partner of Ripple and MoneyGram in the Mexican On-Demand Liquidity corridor launched this year. Bitso is the largest Mexican exchange and its participation in the Ripple and MoneyGram’s project has been successful.

The Liquidity Index for XRP in Mexico adds another million

The Liquidity Index for the XRP/MXN pair is growing fast, leaving behind one all-time high after another.

Today, on December 14, this index has taken a new level and got over the 9-mln mark with the daily progress being 92 percent.

The highest liquidity mark achieved previously was slightly under 8,568,000.

Another active ODL corridor leads to the Philippines through the local Coin.Ph exchange and its liquidity index has also risen for the first time recently.

XRP gets mentioned by the US government

As reported by U.Today, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has for the first time mentioned XRP in its document, describing the asset as a reliable remittance method which makes the process much

faster and cheaper for companies that have a limit on conducting money wires each year.

The document called Ripple and XRP a safe harbor. It also called Ripple one of disruptors of the remittance industry, as well as the new SWIFT’s GPI system, a rival of Ripple.👉MUST READ

Large XRP transactions keep pestering the community

Recently, a large XRP transaction was spotted by the Whale Alert Twitter account when a whopping 150 mln XRP was sent from one anonymous account to another.

Many in the XRP community often criticize those who do them, with Ripple getting the largest portion of criticism, when every month it releases 1 bln XRP from its escrow account. The community believes that these dumps keep the coin’s price low.

There may be a grain of truth in this, since the XRP price has been unable to cross the $0.30 threshold for a long time and recently, after dropping below $0.22, it has been floating in the $0,21 area.

Even the much-expected SWELL conference, annually conducted by Ripple, did not push the XRP price to the North, breaking expectations of many investors.

XRP price CMC

Image via CoinMarketCap

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Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees

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Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.

SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.

Philippines-focused remittance platform

SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.

With ODL, RippleNet’s users can utilize digital token XRP to bridge two currencies in three seconds. “We can now source liquidity, on-demand and depress those transaction costs by

up to 75%,” said Lighton, and further added that the firm managed to reduce charge up to 2%.

Blockchain payment network enhancement

SendFriend joined the RippleNet payment network in January, along with other financial industry players such as JNFX, Transpaygo, FTCS and Euro Exim Bank. In February, SendFriend received $1.7 million in investments from Ripple, the Mastercard Foundation, MIT Media Lab and Barclays among others in a funding round. 

In late July, Chile-based peer-to-peer remittance company CurrencyBird also joined RippleNet. The partnership ostensibly allows CurrencyBird to add new routes to its more than 50 already existing destinations, new currencies, better prices and faster transfer speeds.

That same month, in a bid to drive greater financial inclusion, Philippines-based UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.

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