At the end of the day with precious metals, you will still have to pay high transportation and security fees for making payments over long distances. The 3rd parties doing these tasks become the new banks and the cycle starts all over with you having to trust they won't fudge the numbers again.
Cryptocurrencies are the only ones that break this cycle.
Cryptocurrencies don't fall into Triffin's Dilemna.
You don't have to worry about a Cantillon Effect.
You don't need 3rd parties to watch your money for you.
Now the question is which cryptocurrencies are going to be viable for international trades on a global scale. Its gotta be:
scalable
no history of hacks
provably secure
low fees
able to perform complex transactions with many parameters (smart contracts)
inexpensive transaction validator setup
and of course be decentralized in wallet users, amount, per wallet, and number of validators being held by many different people and not just a few so no group can maintain control.
Everyone has heard of Bitcoin but I recommend looking at Cardano. It is its own novel blockchain with its own accounting model, not a fork of Ethereum or Bitcoin.
hmmm Cardano is good, but there is one more; it's been in the top 10 over a decade. Meets all those criterial and more. 1500 xactions/sec. The only one with regulatory clarity in USA. Specifically designed for financial institutions.
XRP doesn't have any Dapps. They've been very behind and haven't kept up. XRP depends on the govt and its CBDC platform to stay in business, not the best tech or experience.
Cardano has followed all regulations and Midnight Sidechain will be designed for businesses to use smart contracts on a privacy blockchain while still maintaining regulations. Quoted from Hoskinson, Cardano is the "Settlement Layer" and Midnight will be a "Service Layer".
Hydra on Cardano allows 1,000,000+ transactions because each transaction validator (stake pool) can modulate and make their own Hydra payment processor at 1000+ transactions/second.
There are about 3000 stake pools validating transactions on Cardano. So each of them theoretically could use Hydra and the transaction speed would be 3,000,000 tx/sec.
Also in Cardano you can send to multiple addresses in one transaction. There can even be transactions that must be signed off by multiple wallet addresses in order to be sent (for safety). So multiple wallet addresses can be sent to multiple wallet addresses in one transaction.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc. Ripple is not "behind" because their focus is not on retail use as you seem to presume. Instead they have numerous signed agreements with FIs most of which are waiting to "go live". Thus the bulk of the adoption work is already done; it's just a matter of time. This means it's already trusted by FIs to be a key component of the new system.
As far a following regulations that's pretty hard for any DA when the SEC purposely is totally vague on regs but instead invites various CEOs in for a "fireside chat" and then uses that info against them.
Hydra only works with a small # of nodes at this time if they are in agreement. XRP and by that I presume you mean Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way. Instead as mentioned they have already created value via signed agreements because what it does is securely solve friction problems that FIs have. FIs are very much convinced of such else they would not sign on board.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc.
Literally every crypto does cross transfer. There's no need for 3rd party banks when the transactions are transfered directly to a persons wallet. When the big bank crash finally happens banks will not come back from this. Yes Ripple is far behind and hiding behind executives that have joined US government in the hopes that it outlasts better tech. It won't work.
This means it's already trusted by FIs to be a key component of the new system.
The majority of financial institutions are fucked after this credit event, theres not going to be any name to them after and that will be the reason crypto will become more widely adopted. Ripple didn't put any work in developing tech it just put work in developing deals with financial institutions.
Let me ask you, can you become a validator? What % of the validators are major banks/financial institutions rather than small independent business owners? What does XRP do that other crypto can't?
Hydra only works with a small # of nodes at this time if they are in agreement.
Actually your wrong on that, Hydra works with anyone that wants to use it there is no need of an agreement, its just a matter of being used. Each Hydra payment processor is like its own individual Lightning Network.
It will get widespread adoption by stake pools when 1.0.0 is released. That's when most major bugs will be worked out and it'll be use able out of the box.
Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way.
Then why are there former XRP executives in the government now? Why make a CBDC platform when you are supposed to be a cryptocurrency?
At the end of the day with precious metals, you will still have to pay high transportation and security fees for making payments over long distances. The 3rd parties doing these tasks become the new banks and the cycle starts all over with you having to trust they won't fudge the numbers again.
Cryptocurrencies are the only ones that break this cycle.
Cryptocurrencies don't fall into Triffin's Dilemna.
You don't have to worry about a Cantillon Effect.
You don't need 3rd parties to watch your money for you.
Now the question is which cryptocurrencies are going to be viable for international trades on a global scale. Its gotta be:
Everyone has heard of Bitcoin but I recommend looking at Cardano. It is its own novel blockchain with its own accounting model, not a fork of Ethereum or Bitcoin.
hmmm Cardano is good, but there is one more; it's been in the top 10 over a decade. Meets all those criterial and more. 1500 xactions/sec. The only one with regulatory clarity in USA. Specifically designed for financial institutions.
XRP doesn't have any Dapps. They've been very behind and haven't kept up. XRP depends on the govt and its CBDC platform to stay in business, not the best tech or experience.
Cardano has followed all regulations and Midnight Sidechain will be designed for businesses to use smart contracts on a privacy blockchain while still maintaining regulations. Quoted from Hoskinson, Cardano is the "Settlement Layer" and Midnight will be a "Service Layer".
Hydra on Cardano allows 1,000,000+ transactions because each transaction validator (stake pool) can modulate and make their own Hydra payment processor at 1000+ transactions/second.
There are about 3000 stake pools validating transactions on Cardano. So each of them theoretically could use Hydra and the transaction speed would be 3,000,000 tx/sec.
Also in Cardano you can send to multiple addresses in one transaction. There can even be transactions that must be signed off by multiple wallet addresses in order to be sent (for safety). So multiple wallet addresses can be sent to multiple wallet addresses in one transaction.
XRP being primarily for financial institution level use; It's first focus is cross border Xfer, bank nostro vostro liquidity etc. Ripple is not "behind" because their focus is not on retail use as you seem to presume. Instead they have numerous signed agreements with FIs most of which are waiting to "go live". Thus the bulk of the adoption work is already done; it's just a matter of time. This means it's already trusted by FIs to be a key component of the new system. As far a following regulations that's pretty hard for any DA when the SEC purposely is totally vague on regs but instead invites various CEOs in for a "fireside chat" and then uses that info against them. Hydra only works with a small # of nodes at this time if they are in agreement. XRP and by that I presume you mean Ripple does not depend on "the gov" to stay in business via CBDCs in any meaningful way. Instead as mentioned they have already created value via signed agreements because what it does is securely solve friction problems that FIs have. FIs are very much convinced of such else they would not sign on board.
Literally every crypto does cross transfer. There's no need for 3rd party banks when the transactions are transfered directly to a persons wallet. When the big bank crash finally happens banks will not come back from this. Yes Ripple is far behind and hiding behind executives that have joined US government in the hopes that it outlasts better tech. It won't work.
The majority of financial institutions are fucked after this credit event, theres not going to be any name to them after and that will be the reason crypto will become more widely adopted. Ripple didn't put any work in developing tech it just put work in developing deals with financial institutions.
Let me ask you, can you become a validator? What % of the validators are major banks/financial institutions rather than small independent business owners? What does XRP do that other crypto can't?
Actually your wrong on that, Hydra works with anyone that wants to use it there is no need of an agreement, its just a matter of being used. Each Hydra payment processor is like its own individual Lightning Network.
Here is the monthly update for September 2023
https://hydra.family/head-protocol/monthly/
Here is the OPEN SOURCE Github
https://github.com/input-output-hk/hydra
Milestones
https://github.com/input-output-hk/hydra/milestones
It will get widespread adoption by stake pools when 1.0.0 is released. That's when most major bugs will be worked out and it'll be use able out of the box.
Then why are there former XRP executives in the government now? Why make a CBDC platform when you are supposed to be a cryptocurrency?