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?
Former US Treasurer, Rosie Rios et al migrated the other way actually from gov to Ripple because it is a corner piece of the new system; she, being extremely well qualified to know, knows it does what it is designed to do and is not flawed for what it does.
Every crypto does not do cross transfer by the definition of fiat to fiat through FIs. Ripplenet uniquely provides the liquidity needed for 4 second fiat to fiat xfers that banks and money exchange services need badly; it solves a huge friction point for them; not in the future, not planned but working now. There is an entire backbone that exists already and works now such that FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack. It's detailed but roughly goes like this: Sender -->ripplenet's xRapid-->receiver. In 3-4 seconds fiat is converted to another fiat from one bank or FI to the other. No other crypto does that. XRP used by xRapid provides the ODL (on demand liquidity) so banks don'thave to tie up billions in nostro vostro accounts.
OK good deal, I was under the impression almost all the validators were big financial institutions or Ripple, I'm glad to see I'm wrong there. I'm not sure if this site is right but it says there's 115 validators on mainnet.
Replacing the SWIFT system would be an improvement to today.
Has Cross Transfer gone online yet and being used actively by banks or is it still tied up from the court case? Is it only for banks to use or can a regular bank user use XRP for cross transfer fiat?
FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack.
Has the blockchain ever had a time it was shut down? That's much better than Solana or even Ethereum (with it going backwards after DAO hack).
Vitalik Buterin got the idea for Ethereum Smart Contracts back in 2013 or 2014 when interning with Ripple over the summer. Apparently XRP had smart contracts they were working on and shelved the idea. Vitalik took the idea and made Ethereum.
I've seen at some point in the last couple of years XRP was working again on Smart Contracts in C++ but I saw no developed Dapps at the time. Do you know if that's changed at all? Or why they shelved it to begin with?
Also another question for the cross transfer, where are the currencies being converted? If I did a cross transfer of USD from American to Indian Rupies at an Indian Bank, that money doesn't magically appear there.
US bank would have to convert US to some digital equivalent and send the digital money to the Indian Bank on the network.
The Indian bank gets that digital equivalent and redeems it for actual Rupies somewhere.
I heard dapps are in the works but their focus at least thus far is institutional. I personally saw my own fiat exchange using the exact same method go from days to 9 seconds end to end for a B2B xfer so I know its in use beyond just reading articles and there a plenty of articles that such n such currency xfer co. has/is/will adopted it. It's running even during the suit which imo is just laid against them to slow them down while chase tried/failed to make their own solution.
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?
Former US Treasurer, Rosie Rios et al migrated the other way actually from gov to Ripple because it is a corner piece of the new system; she, being extremely well qualified to know, knows it does what it is designed to do and is not flawed for what it does.
Every crypto does not do cross transfer by the definition of fiat to fiat through FIs. Ripplenet uniquely provides the liquidity needed for 4 second fiat to fiat xfers that banks and money exchange services need badly; it solves a huge friction point for them; not in the future, not planned but working now. There is an entire backbone that exists already and works now such that FIs are adopting it in part because it has 80M closed ledgers since 2012 without error or hack. It's detailed but roughly goes like this: Sender -->ripplenet's xRapid-->receiver. In 3-4 seconds fiat is converted to another fiat from one bank or FI to the other. No other crypto does that. XRP used by xRapid provides the ODL (on demand liquidity) so banks don'thave to tie up billions in nostro vostro accounts.
validator list https://livenet.xrpl.org/network/validators simple system requirements here https://xrpl.org/system-requirements.html
OK good deal, I was under the impression almost all the validators were big financial institutions or Ripple, I'm glad to see I'm wrong there. I'm not sure if this site is right but it says there's 115 validators on mainnet.
https://xrpscan.com/validators
Replacing the SWIFT system would be an improvement to today.
Has Cross Transfer gone online yet and being used actively by banks or is it still tied up from the court case? Is it only for banks to use or can a regular bank user use XRP for cross transfer fiat?
Has the blockchain ever had a time it was shut down? That's much better than Solana or even Ethereum (with it going backwards after DAO hack).
Vitalik Buterin got the idea for Ethereum Smart Contracts back in 2013 or 2014 when interning with Ripple over the summer. Apparently XRP had smart contracts they were working on and shelved the idea. Vitalik took the idea and made Ethereum.
I've seen at some point in the last couple of years XRP was working again on Smart Contracts in C++ but I saw no developed Dapps at the time. Do you know if that's changed at all? Or why they shelved it to begin with?
Also another question for the cross transfer, where are the currencies being converted? If I did a cross transfer of USD from American to Indian Rupies at an Indian Bank, that money doesn't magically appear there.
US bank would have to convert US to some digital equivalent and send the digital money to the Indian Bank on the network. The Indian bank gets that digital equivalent and redeems it for actual Rupies somewhere.
I heard dapps are in the works but their focus at least thus far is institutional. I personally saw my own fiat exchange using the exact same method go from days to 9 seconds end to end for a B2B xfer so I know its in use beyond just reading articles and there a plenty of articles that such n such currency xfer co. has/is/will adopted it. It's running even during the suit which imo is just laid against them to slow them down while chase tried/failed to make their own solution.