RippleNet Home Launched, a New Product for Seamless Interaction

SAN FRANCISCO, Calif. – Ripple has introduced its new RippleNet Home, a revolutionary product that aims to provide a seamless connection for their clients.

Now, all Ripple customers will be able to experience a smoother and more consistent way to interact with each other using the new RippleNet Home.

Cryptocurrency giant Ripple has launched its new product, “RippleNet Home,” which provides a system that allows their customer to partner and connects with each other. According to the demonstration shown during the SWELL conference this year, RippleNet Home will let companies and firms to receive insights and data about their real-time performance and payment flows. Further, the new product will enable businesses to expand their reach and better their capabilities in different markets all over the world. The new product is expected to change how business and partnering with other companies work.

The new Ripple platform can be leveraged in terms of evaluating how big or small the market is. It can also be useful in finding the most appropriate partners in an instant to help with the business growth of the company. With a list of possible prospects to partner with, companies can start getting connected after performing due diligence.

Through the new RippleNet Home product, teaming up with each other and looking for new companies to do business with has never been more convenient and instant to all Ripple customers. All members in RippleNet can also benefit from the instant settlement and low fees through Ripple’s other ODL (On-Demand Liquidity) service.

Based on reports, there are already about 300 members gathered in RippleNet, and about two dozen of the members are using the ODL service, leveraging in Ripple’s XRP cryptocurrency for doing payments and other financial transactions to different countries around the globe.

According to Brad Garlinghouse, Ripple’s CEO, 2019 has proved to be the strongest year for Ripple so far. However, the CEO’s claim doesn’t necessarily pertain to the huge success, or lack thereof, of XRP. The native token of the company has stayed under the selling pressure during the annual SWELL conference and is currently trading at $0.283 mark.

Yahoo Japan Merger with Line Could Give MoneyTap a Huge Advantage

The reported merging of Yahoo Japan with Line will be a coup for the SoftBank Group and give Ripple-powered MoneyTap a huge advantage.

Yahoo Japan confirmed that they’re negotiating with Line regarding a possible merger. The news was also acknowledged by SoftBank, which holds a 50% stake on the internet giant. However, Japan’s largest messaging company says that the deal is still being discussed.

SoftBank already has a stake in Line, as it acquired the majority of shares in the messaging company’s mobile unit back in 2018. However, Line continues to struggle with getting its momentum back. The company has reported operating losses for three consecutive quarters now.

News about the proposed merger has helped push Line and Yahoo Japan shares up. Yahoo Japan, which changed its name to Z Holdings last month, currently has a stock market value of around $17 billion. Shares rose by 16% when news of the partnership hit.

Meanwhile, there was a deluge of buy orders for Line shares, but they remained untraded. The company’s stocks have been valued at $10 billion.

Insiders have hinted that a deal could be finalized by the end of the month. If the $27 billion merger does push through, Japan will witness a 50/50 venture between SoftBank and Line’s parent’s company Naver. The partnership would have control of Z Holdings and Yahoo and Line in turn.

The country’s internet will also be technically controlled by one entity. It will even bring together the operators of two of Japan’s largest QR code payment apps. The deal also places Ripple at a very strategic spot that allows it to benefit from all the acquisitions and mergers.

According to the XRP Research Center’s latest tweet, Line joining and falling under the umbrella of SoftBank would also give its Ripple-backed MoneyTap the perfect opening to gain from PayPay’s integration. The research company monitors Ripple technology as it advances and provides users with updates.

The anticipated merger couldn’t come at a more appropriate time as far as MoneyTap and Ripple is concerned. Japan has been belatedly but steadily moving towards cashless payments.

The PayPay app recently reached 9 million users, thanks to Softbank’s relentless marketing campaign. Meanwhile, Line Pay has access to Line messaging’s more than 82 million Japanese users. Finance company SBI Holdings, which collaborated with Ripple to develop MoneyTap, has closed a deal with PayPay just last month.

A Line – Yahoo Japan partnership could mean that two main QR-code payment applications in the country will be utilizing Ripple technology.

MoneyTap depends on the Ripple blockchain system to manage bank-to-bank transfers. The app is steadily gaining popularity despite being shut out by Japan’s fifth largest bank Resona. Fortunately, four additional regional banks have begun using MoneyTap in September.

SBI Holdings has also teamed up with Fukushima Bank. The monetary institution has been struggling financially recently and wants to integrate MoneyTap into its system in a bid to become more profitable.

Ripple Partner Finablr Claims 22 Percent Revenue Rise

Finablr’s adoption of Ripple’s On-Demand Liquidity (ODL) system is paying dividends. The payment service recently posted a revenue update claiming its earnings rose by 22%.

Remittance companies using ODL seem to be making huge strides in their integration of XRP. Not only are they enjoying a seamless transition between fiat currencies, they’re also seeing an increase in profits.

MoneyGram is one recent example of this phenomenon; now Finablr is getting in the act too. The company has posted an earnings report of $182.3 million year-to-date. It also says it saw a 22.1% year-on-year increase. The company even gave credit to their partners that helped push its performance.

It was previously announced that Finablr is now running on Ripple. It’s also using ODL and XRP to provide additional liquidity for the digital token.

The remittance company has also entered into a partnership with Samsung. Finablr’s money transfer services will be available in 50 countries, thanks to the electronics giant’s crypto wallet. The feature will reportedly be embedded in Samsung’s newest line of smart devices.

Ripple’s On-Demand Liquidity system has been getting good press in the past few weeks. The CEO of global payments firm MoneyGram recently extolled the virtues of ODL during the recently held Ripple Swell event.

According to CEO Alex Holmes, 10% of its remittances to Mexico are now conducted through ODL. Ripple had deliberately partnered with Bitso, Latin America’s largest crypto exchange, for this purpose. MoneyGram now sends XRP straight to the venue where the cryptocurrency is converted into the Mexican peso.

While news of Finablr’s success is a welcome one, many in the crypto community are raising questions as to why XRP price remains below $0.30. The confusion is understandable as Ripple has secured more than 300 partnerships in this year alone, and ODL and XRP are also actively used.

FlashFX Expands XRP Reach

Another company is also keen to make good use of Ripple’s ODL. FlashFX tweeted that it is establishing a new payment channel from Australia to the Philippines. The company shared it will be using RippleNet and ODL for this endeavor.

FlashFX has the distinction of being the first company to bring ODL to Australia through its international money transfer system. It’s a fitting accomplishment as it was also the first Australian company to integrate blockchain into its money transfers when it collaborated with Ripple.

Marcus Treacher, Ripple’s Global Head of Strategic Accounts, said FlashFX was an ideal partner in their bid to open a new corridor since it was one of their first customers to use ODL. The Australian company also shared their vision to enhance cross-border payments.

The new corridor Treacher mentioned is between Australia and the Philippines. With ODL, money transfers between the two countries will be cheaper and faster. These benefits will eventually make their way to FlashFX’s other corridors.

FlashFX CEO Nicolas Steiger said Ripple’s new generation offering essentially lets customers experience blockchain’s power. He added that integrating it in their international money transfer feature will lead to more affordable transaction costs and decreased transfer time.

Steiger also said that Ripple’s ODL is vital to cross-border payments as it will supply on-demand liquidity via a digital asset. It will also minimize dependence on pre-funding at the FlashFX destination.

MoneyGram Exec Praises ODL, Claims They Settle Billions in Seconds

MoneyGram’s Chief Executive had high praises for the Ripple-powered ODL and claims they can settle billions in a matter of seconds.

The recent Ripple Swell event in Singapore saw the world’s foremost authorities on payments and technology gather to discuss today’s global payments system. Among the notable guests was MoneyGram CEO, Alex Holmes.

Holmes sat down with Ripple CEO Brad Garlinghouse for a live discussion. The two leaders talked about the state of the industry. Holmes was also full of praises for Ripple’s On-Demand Liquidity (ODL) product. Formerly called xRapid, the ODL leverages the XRP currency.

In its collaboration with MoneyGram, Ripple sank more than $50 million in the company while the money transfer firm agreed to use XRP in its cross-border remittance transactions.

Holmes claims that his company has already begun sending remittances to Mexico via ODL and XRP. MoneyGram reportedly processes around 10% of all US-Mexico transactions using this system.

Holmes was full of praises for Ripple’s latest product. During his live one-on-one talk with Garlinghouse, he mentioned how he loves the fact that they’re at the “forefront of this technology.” Holmes was also amazed at how they’re able to manage billion-dollar transactions in seconds and credited the “magic” to pairing MoneyGram with the ODL.

Ripple’s On-Demand Liquidity by depending on their partner exchanges to accept and receive the fiat payments coursed through banks and different finance institutions. The crypto exchange platforms would then send XRP equal to the fiat amount they’ve received. The XRP is once more converted to fiat when it arrives at the selected location.

The whole transaction process was developed to run for a few minutes, with the sent assets being in XRP form only for seconds. The system can be utilized to transfer huge amounts of money instantly.

MoneyGram’s Chairman also explained that competition in the remittance industry has become more driven over the last ten years, so operators have to transform themselves. Holmes claimed it’s what they’ve been doing and pointed out that they’re the first to experiment with the newest technologies.

He also emphasized that the remittance industry as a whole should actively look for solutions to problems like the lack of coordination between the various financial companies. He said that was the main issue when moving money globally and that there has to be more solutions to connect the various financial institutions.

Aside from using Ripple’s ODL, the money transfer company is also utilizing a cloud service to look into how it can be advantageous to their clients.

In one interview, Garlinghouse recounted that Holmes called him not long to complain that Ripple was being too careful and slow with ODL. He encouraged Garlinghouse to push ODL in other directions aside from Mexico. Now MoneyGram’s CEO shared that the two companies have plans to push ODL to four more global channels. He said he’s anticipating several positive changes in the next few months.

MoneyGram isn’t resting on its laurels though. It was recently reported that Walmart is collaborating with Ria and MoneyGram. The American retail conglomerate plans to improve the payment system that links its 4,700 stores in the country with the help of the two companies.

Tech Analysis: XRP/USD Pair Dipping in the Red Zone

SAN FRANCISCO, Calif. – The XRP/USD pair is dipping in critical, with the XRP price trading in the red zone by about 3.00% during the trading session on Friday.

Ripple’s XRP price is within the bearish market controls and is expected to run towards its sixth consecutive week being in the red. XRP price attracted market players as it saw a big support test as the $0.2500 point.

XRP/USD Weekly Chart

After a bullish sentiment lost momentum back in October, the price of XRP signals a second consecutive week of being in the red, as shown in the chart below.

XRP/USD Daily Chart

After the critical upward trend line breaks, the sentiment has been very much on the downtrend for the XRP.

RippleNet’s Nium Enables Payments to Indonesia Thru Visa Direct

SAN FRANCISCO, Calif. – Another member of Ripple’s global payments network RippleNet, Nium, is boosting its presence all over the world as it has acquired a license from the Bank of Indonesia that enables it to sent remittances to Indonesia through Visa Direct.

Nium, another RippleNet member, is expanding its reach and coverage by partnering with Visa Direct. This move comes after MoneyGram has also partnered with Ripple, leveraging its On-Demand Liquidity product, which was previously called xRapid, along with Ripple’s XRP cryptocurrency.

Nium, which was previously called InstaRem, has joined forces with the payments giant to utilize its Visa Direct system when it comes to doing financial transactions to Indonesia.

Previously, reports have stated that MoneyGram has partnered with Visa, which allowed them to create a system that will be used for the payment solution for Visa Direct. In addition, MoneyGram has also unveiled its new peer-to-peer deposit service using debit cards, which was only used in the US s of late.

Nium first established its services in Singapore, and now, it’s also joining forces with Visa Direct. But before that, the service was able to obtain a license from the Bank of Indonesia that allows it to wire payments in the country. Through the license from the Bank of Indonesia, Nium is now the first-ever Fintech remittance service that can wire money to bank accounts directly using Visa that has expanded its reach in South East Asia.

According to Prajit Nanu, Nium’s CEO, they understand the need of both businesses and individuals to receive or wire money in an instant, especially in the market where that fast payment solutions such as IMPS or FAST still doesn’t exist. Nium’s new partnership allows it to use Visa’s secure network and push payment solution to provide a service to consumers where they can have a faster, more secure, and more convenient way of transferring money.

From a statement from Kunal Chatterjee, Visa’s chief in Singapore, Nium was named as the first-ever Fintech partner from the Fintech Fast Track program of Visa that aims to deliver remittance in real-time using Visa Direct, their push payment solution.

One the other hand, Ripple’s service is expanding too slowly, according to MoneyGram. Based on a recent interview with Brad Garlinghouse, Ripple’s CEO, he referred to a phone call with Alex Holmes, CEO of MoneyGram, who said that the On-Demand Liquidity (ODL) product of Ripple is expanding, but it’s very slow. Holmes also suggested to him that more corridors should be added for the ODL, said Garlinghouse.

At the moment, MoneyGram is sending money to Mexico using Ripple’s XRP cryptocurrency through using the Bitso crypto exchange. Commenting about the seamless process, Holmes said that the ODL had worked wonders, stating that 10% of Mexico’s cash flow made using XRP.

Coinbase Card Rolls Out Support for Five New Coins, Including XRP

The Coinbase Card is now available in 10 more European countries. The expansion also saw the Coinbase rolling out support for five new coins – the BAT, REP, XLM, XRP, and ZRX.

The VISA debit card is linked to the Coinbase wallet and supports standard cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). It is only available to residents of specific European Economic Area countries.

The crypto-powered card initially covered Western Europe, but now it has also added Bulgaria, Denmark, Iceland, Croatia, Hungary, Norway, Romania, Poland, Sweden, and Liechtenstein to its list.

The Coinbase Card is distinct from other crypto debit cards because it’s linked directly to the user’s wallet. When a customer uses the card to make a purchase, the digital currency is immediately converted to fiat.

The card is also supported by the Coinbase app. The application boasts of expense tracking features and can provide monthly spending statements and summaries. Users don’t even have to wait for the physical debit card to arrive as the app also carries a virtual card. However, it’s only available for specially supported mobile devices.

Ripple Inks New Tie-Up with Vietnam, Japan Financial Firms

LONDON, United Kingdom – Cryptocurrency exchange Ripple has been forging significant deals lately with major international financial firms.

According to Rppl.info, an Internet portal delivering insights regarding the San Francisco, California-based company’s collaborations, as well as RippleNet implementations, plenty of huge financial institutions now employ the products of Ripple.

Several of these monetary establishments are committee members of RippleNet, as well.

The official brochure of RippleNet promotes the benefits of employing Ripple’s official digital asset, the XRP, on money transfer activities.

It highlights the fact that the virtual currency eliminates pre-funding in international accounts. Furthermore, the XRP allows the sending of payments 24 hours a day and seven days per week.

With these advantages, Ripple has acquired new partners recently.

SBI Ripple Asia has confirmed that it will be collaborating with SBI Holdings, Incorporated’s SBI Remit, a financial services provider based in Tokyo, Japan, and Vietnam’s Tien Phong Bank, which is also known as TPBank.

The new alliance that Ripple inked will reportedly employ distributed ledger technology to facilitate fast and affordable remittance payment transfers between Vietnam and Japan.

An official press release affirmed the new deal between SBI Ripple Asia, SBI Remit, and Tien Phong Bank, concentrating on launching the first-ever remittance service between the East Asian economic giant and the Southeast Asian nation.

On Twitter, Ripple’s XRP Research Center, which has the handle @XrpCenter, also verified the reports about the first Japan-Vietnam remittance service using #RippleNet via a tweet dated, November 15, 2019.

This message on the popular social media platform quoted the message of SBI Holdings chief executive officer, Yoshitaka Kitao, who owns the Twitter handle, @yoshitaka_kitao.

His tweet, which was posted on a similar date, featured himself saying that they at SBI Holdings will also develop remittance services that include cryptocurrencies in the future.

According to the news posted online by NewsBTC, a website delivering the latest report on Bitcoin, real-time Bitcoin price, technical analysis, up-to-date information, relevant guides, and breaking updates, Kitao acknowledged the benefits of adopting RippleNet.

He said that it would further differentiate SBI Holdings from its rivals. The Japanese company executive also lauded the progressive position of Vietnam’s TPBank towards cutting-edge technology.

Meanwhile, a press release from the Vietnamese financial institution had announced the recently concluded deal at the beginning of this month.

TPBank explained that it had previously implemented a blockchain-based domestic money transfer arrangement.

Moreover, its management relayed that it had its own intentions of making the same services between Vietnam and other nations in Asia employing RippleNet.

In a statement, Nguyen Hung, the chief executive officer of TPBank, cited that their cooperation with SBI Ripple Asia Company on the use of blockchain technology in cross-border funds transfers heralds a watershed moment in developing customer experiences.

He pointed out that this new cooperation also makes global funds transfers through TPBank more rapid, more comfortable, and more secure than ever before.

Meanwhile, the cryptocurrency of Ripple appeared unaffected by these latest positive developments involving the cryptocurrency exchange sealing tie-up agreements with Japan’s SBI Remit and Vietnam’s TPBank.

Meanwhile, the cryptocurrency of Ripple appeared unaffected by these latest positive developments involving the cryptocurrency exchange.

The XRP was treading the downtrend path nearly 2.75 percent in the past 24 hours.

The third-largest digital asset by market capitalization, apparently, has continued to trade in the same manner as the other digital coins in the broader virtual currency market.

Analysts relayed that a possible explanation for this phenomenon is that the utilization of the XRP is an optional feature for RippleNet’s users.

Even though money transfer transactions employ the digital currency of Ripple, there would be an equivalent volume of selling and buying pressure made by the operation, unless the recipient desires to hold the cryptocurrency.

Therefore, the trading price of the XRP would not be genuinely impacted at all by these momentous events, although they are surely auspicious for Ripple.

 

Retailers, Consumers to Benefit as NetCents Integrates Ripple’s XRP

MOSCOW, Russia – Brad Garlinghouse, the chief executive officer of cryptocurrency exchange Ripple, has announced recently that their firm has signed over 300 new partners to its RippleNet.

With international remittance service provider Moneygram already aboard, these companies are already working with the new On-Demand Liquidity offering that employs Ripple’s cryptocurrency, the XRP, for affordable and instant payments.

This week, another partner for Ripple materializes. Cryptocurrency payment gateway, NetCents Technology, Incorporated Z, has proclaimed that it has added the XRP on its platform.

On Twitter, the next-generation online payment processing service provider, who owns the handle @NetCentsHQ, confirmed the official announcement via a tweet dated November 7, 2019.

Based on the report posted online by NetCents Technology News, a website delivering the latest information about the cryptocurrency industry, and developments on NetCents Technology, the company has expressed its excitement on integrating Ripple’s digital currency to the NetCents merchant gateway.

Aside from that, the XRP will also be added to the Instant Settlement program of the firm. This latest development permits purchases at all NetCents participating merchants.

Furthermore, the integration development has reportedly started and will move into the integration trial on Friday, November 8, with the agenda of going live after that event.

The news report clarified that the XRP would only be added to the merchant platform of NetCents, and not to the NetCents Exchange at this point.

With almost US$2 billion per day in volume and a US$ 13.4 billion market capitalization, Ripple functions as a remittance network, real-time gross settlement system, and cryptocurrency exchange.

Mehdi Mehrtash, who is the Chief Technology Officer at NetCents Technology, Incorporated, acknowledged that Ripple’s XRP is a top virtual currency that possesses a high daily volume.

He also noted the fact that the digital currency of Ripple is increasingly on-demand by retailers.

Mehrtash said that Ripple sees eye-to-eye with their needs for their Instant Settlement program.

He remarked that they look forward to the official integration of the XRP to their platform, and offering it to their merchants.

According to the news posted online by U.Today, a global media organization focusing on delivering technology news, the addition of the XRP to the operations of NetCents may also impact the latter’s partnership with PornHub.

The addition of the XRP to the operations of NetCents may also impact the latter’s partnership with PornHub.

The principal business ally of NetCents is reportedly seen on expanding the list of its cryptocurrency payment options, now that NetCents has added the XRP.

In spring 2018, Pornhub reportedly partnered with the Verge digital currency platform, and integrated cryptocurrency, XVG, as the first digital coin on the adult content giant.

PornHub also introduced a futuristic promotional advertisement of the collaboration, with the slogan, “The future has cum.”

The adult entertainment juggernaut added the TRX as another option to pay for the subscriptions in cryptocurrency as well.

NetCents­­­ Technology, Incorporated provides merchants and consumers digital services for managing electronic payments.

The company is concentrated on capturing the migration from fiat currency to digital currency by using innovative blockchain technology.

In this manner, it can give payment solutions that are easy to use, hassle-free, and secure.

NetCents­­­ Technology, Incorporated works with its financial partners, exchanges, and mobile operators to modernize the consumer experience of transacting on the Internet.

It is integrated into the Automated Clearing House and registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business.

NetCents is available for deposits from 194 territories worldwide, offering its clients the freedom to choose the type of payment method they prefer.

Techpreneur Jed McCaleb Shares Personal Journey in the Crypto World

JERSEY CITY, New Jersey – Jed McCaleb is the co-founder and Chief Technology Officer of the network system, Stellar.

He recently spoke to Michael Terpin, the founder and conference director of CoinAgenda 2019.

The event, which the Transform Group hosted, featured the Mount Gox founder and Ripple co-founder sharing his insights regarding his journey in the cryptocurrency industry.

Stellar Pioneer’s Journey to Discovering Bitcoin

McCaleb initially talked about his discovery of Bitcoin.

He informed Terpin that he merely appreciate working on objects that he finds fascinating and can alter the world for the better.

According to the report posted online by Forbes, an international media company that delivers the latest information on business, finance, entertainment, investing, leadership, technology, lifestyle, and entrepreneurship, McCaleb initially worked on eDonkey.

This peer-to-peer application is a decentralized, server-based file-sharing network meant for massive files. After this occupation, McCaleb said that he browsed the Internet.

Then, he accidentally encountered a white paper about Bitcoin on Slashdot, a social news Internet portal which initially labeled itself as a dispenser of news for geeks.

The San Francisco, California-based computer programmer and businessman exclaimed that he was quite thrilled.

It is because, before reading the authoritative report on Bitcoin, he cited that he did not think that it was probable to resolve the double-spend dilemma.

Approximately two weeks later, McCaleb established the Mount Gox Bitcoin Exchange.

On Managing the Mount Gox Bitcoin Exchange

McCaleb founded the Mount Gox Bitcoin Exchange in 2010. The headquarters of his company was in Shibuya, a major business and commercial hub in Tokyo, Japan.

McCaleb relayed that during that time, a proper technique to purchase or sell Bitcoin has not been devised yet.

He added that he set up the Mount Gox Bitcoin Exchange because he desired to experiment with Bitcoin and to learn more about it as a technological system.

The computer programmer and software developer affirmed that he found his new endeavor then as quite interesting for himself.

He also mentioned that he decided to create a Bitcoin application to understand the virtual asset’s technology better.

He later considered the Mount Gox Bitcoin Exchange as his hobby and realized that people started to utilize it.

Stellar Co-Founder’s Decision to Give up Running Mount Gox

After engaging with his cryptocurrency exchange occupation for quite some time, McCaleb realized that he was uninterested in managing the Mount Gox Bitcoin Exchange for the long haul.

He thought about finding someone to replace him as its administrator. The digital currency enthusiast shared that there was a time when he took part in BitcoinTalk.

He described this gathering as an event involving participants who were aware of Bitcoin and possessed an account.

McCaleb said that, during that time, the Bitcoin world was quite different from what it is at present.

At BitcoinTalk, he cited that he initially saw roughly 2,000 participants. Then, he later found out that this population of Bitcoin aficionados ballooned to 5,000 to 10,000 people.

McCaleb remarked that he encountered Mark Karpeles on that occasion.

Karpeles was reportedly a potential replacement who McCaleb considered to manage the Mount Gox Bitcoin Exchange.

He remarked that Karpeles appeared like he could handle the responsibility. However, McCaleb later concluded that he found his likely successor as inept.

On His Thoughts about Bitcoin Mining and Its Consensus Dilemma

McCaleb always thought about Bitcoin being a fantastic idea. Nonetheless, the Stellar co-founder remarked that the mining aspect of the cryptocurrency has always disturbed him.

He pointed out that, if a person could resolve the consensus algorithm without mining, then that would, apparently, be a better scenario.

McCaleb reasoned that it is because people spend billions of dollars on mining.

He cited that plenty of individuals do not realize how mining is such a massive drain on the economy of Bitcoin.

The technology businessman explained that it is principally because all the money has to flow out yearly to remunerate the people who perform the mining and to pay for electricity.

McCaleb affirmed that such a situation is, indeed, a considerable drag on the system, aside from the environmental issues it entails.

Techpreneur’s Fervent Admiration of Bitcoin

McCaleb went on to discuss to Terpin about how he found Bitcoin as magnificent.

Before Bitcoin, McCaleb said that he thought that there was no solution to the consensus challenge the cryptocurrency was set out to resolve.

He said that Bitcoin inspired him, just like it did with other virtual currency enthusiasts.

It made him begin contemplating the other methods on how to address the consensus dilemma, which is genuinely what Bitcoin mining was about, he cited.

Besides, McCaleb shared that he came up with the idea that led to the founding of Ripple, which he is a founder, and served as its Chief Technology Officer until 2013.

The computer programming specialist pointed out that, along the way, he and his team realized that there are plenty of other things people can do with a network, and not just a virtual token.

He said that it occurred to him that people could perform things like representing other types of value in the form of virtual fiat money, as what decentralized exchanges and stablecoins have demonstrated.

McCaleb expressed his deep appreciation of Bitcoin for being obviously and immensely decentralized.

Plus, he remarked that he also liked the fact that there is no central firm driving the cryptocurrency forward.

McCaleb described such attributes as to be what makes Bitcoin a genuinely extraordinary cryptocurrency prototype.

However, he mentioned that the virtual token is quite challenging to reproduce. He went on to describe that there is a middle ground between that aspect.

Furthermore, he said that it is similar to a completely decentralized Uber transportation service, in which there is an establishment that is assisting in getting the network started.

McCaleb said that Bitcoin makes a person think, and allows people to carry on working on the cryptocurrency until it achieves a particular stage of development.

Technopreneur’s Thoughts about Stellar and its Future

McCaleb does not consider himself as a disruptor, but he said that he finds himself drawn to things that upset the status quo.

The founder of Mount Gox Bitcoin Exchange and co-founder of Ripple launched Stellar, a network system in 2014.

This value-transfer network targets to become a faster and more affordable platform to send money.

McCaleb narrated that he raised funds to establish a team that led him to fundraising efforts, with PayPal and Stripe’s executives helping him.

He performed this measure instead of relying entirely on an open-source community. Terpin acknowledged that Stellar is among the most winning projects at building a community.

During his thirty-minute conversation with McCaleb, they dealt on the subject of airdrops, a frequently employed strategy in the blockchain sector, to disseminate digital token to people.

In spite of the aggressive airdrop strategy of Stellar, McCaleb affirmed that they had retreated lately from this measure.

Furthermore, the co-founder and Chief Technology Officer of the open-source, decentralized protocol for virtual currency to fiat money transfers admitted that Stellar and the entire industry has yet to overcome the challenge of making network effect.

He explained that this is among the dilemmas of cryptocurrency in general.

McCaleb pointed out that he does not think that any projects have indeed performed the making of a network effect yet, especially for payments.

He said that both sides of it are necessary.

He also explained that this reality of creating a network effect is the reason why some aspects of the cryptocurrency industry are not found useful as of the moment.

McCaleb relayed that this is one of the grounds why people were interested in cryptocurrencies, though they are not employed around the world.

It is due to the lack of a massive network between cryptocurrency holders and people who are accepting these digital tokens, he pointed out.

He confirmed that this matter is a difficult problem to address.

Terpin queried McCaleb if Stellar, which relished plenty of early supporters, had any intentions of setting up an independent fund, similar to the EOS Blockchain Venture Capital Company, NEO’s New Economic Entrepreneur’s Fund, and Cardano’s EMURGO Fund.

The interviewee answered that, at this time, they do not have any of those plans yet.

McCaleb confirmed that they had bestowed grants to various firms, though they were never for operations.

At this point, he said that they are debating internally whether they should have an independent fund.

McCaleb said they might set up their own, but in a way that is not similar to the other cryptocurrency exchanges.