Ripple(XRP)



  • Ripple(XRP) - The DepositAuth and fix1513 Amendments are Now Available

    The DepositAuth & fix1513 Amendments became available on the XRP Ledger in ledger sequence number 37,753,345 (2018-04-06T01:44:42Z).

    • The DepositAuth Amendment lets an account strictly reject any incoming money from transactions sent by other accounts.
    • The fix1513 Amendment fixes an issue where calculation switchovers were not implemented in the fee escalation queue.

    Action Required

    If you operate a rippled server, then you should upgrade to rippled version 0.90.1 immediately for service continuity.

    Impact of Not Upgrading

    If you operate a rippled server older than version 0.90.0, your server is amendment blocked. A server that is amendment blocked:

    • Cannot determine the validity of a ledger
    • Cannot submit or process transactions
    • Does not participate in the consensus process
    • Does not vote on future amendments
    • Could rely on potentially invalid data

    If you are using rippled version 0.90.0, your server is not amendment blocked but you should upgrade to rippled version 0.90.1 or higher to get important security fixes. rippled version 0.90.0 may stop or restart unexpectedly.

    For instructions on updating rippled on supported platforms, see Updating rippled on supported platforms.

    For other platforms, please compile version 0.90.1 from source. See the rippled GitHub repo for instructions by platform. For instructions building rippled from source on Ubuntu Linux, see Build and Run rippled on Ubuntu.

    Upcoming Features

    The previously announced Checks amendment has lost the support of a majority of trusted validators and is not expected to become enabled in the immediate future.

    Learn, ask questions, and discuss

    Related documentation is available in the Ripple Developer Portal, including detailed example API calls and web tools for API testing.

    To continue receiving updates about the rippled server, please subscribe to the Ripple Server Google Group: https://groups.google.com/forum/#!forum/ripple-server

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  • Ripple Invests $25 Million to Drive Innovation in Blockchain and Digital Assets



    Ripple has invested $25 million in XRP to Blockchain Capital Parallel IV, LP — the first fund to accept capital calls in digital assets — and focus entirely on the development of the blockchain space.

    The $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol.

    As open source platforms, the XRP Ledger and Interledger Protocol provide an avenue for developers to work directly with the technology and build on it. While Ripple’s primary focus has been to remove friction from cross-border payments, the investment in Blockchain Capital’s fund provides an opportunity to support and develop additional use cases beyond payments.

    “As pioneers in the blockchain sector, we have been on the frontlines and in the trenches with our portfolio companies, like Ripple, building a new crypto ecosystem,” said Bart Stephens, co-founder and managing partner of Blockchain Capital. “There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology.”

    “Whether it’s using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term.”

    As the ecosystem around blockchain continues to expand and develop, Ripple will look to support new use cases of the technology including more investments in business use cases developed by entrepreneurial teams and funds.

    “Blockchain Capital is the premiere fund for any project looking to get off the ground in the blockchain space. They have a proven track record for finding and funding the projects that matter,” said Patrick Griffin, SVP of Strategic Growth at Ripple. “This is the first fund that we’ve contributed to, and it won’t be the last. We plan to be major players in shaping the future generation of blockchain or crypto companies.”

    Ripple believes in supporting the XRP Ledger and Interledger Protocol and will continue to look for opportunities to support entrepreneurs, companies and funds that share this vision.

    To learn more about the fund visit Blockchain Capital’s website.









  • Santander Launches First Mobile App for Global Payments Using Ripple’s xCurrent


    Santander One Pay FX — the first Ripple-enabled mobile app for cross-border payments using xCurrent — is now available to Santander’s retail customers in the U.K.

    One Pay FX gives Santander’s customers the ability to make EUR and USD payments to Euro Zone countries and the U.S, respectively. International payments made on the app reach their destination within one day, versus three to five days on average for traditional wire transfers.

    With the launch of the service, Santander will become the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.

    The roll out of One Pay FX will also provide a critical service to the millions of Santander customers who depend on international payments services.


    “One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally — offering value, transparency, and the trust and service customers expect from a bank like Santander, said Ana Botín, executive chairman of Banco Santander. “Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”

    Ripple also supports cross-border payments for Santander in Spain, Brazil and Poland

    Ripple will also enable cross-border payments for Santander customers in Brazil, Spain and Poland using xCurrent. Customers in those countries will now see faster transaction times.

    “Ripple’s products, including xCurrent, help financial institutions across the globe enhance their customer experience by making the global movement of money more fluid,” said Marcus Treacher, Ripple’s SVP of customer success. “With One Pay FX, Santander customers in can now send payments across borders in a fast and simple way.”

    Santander is one of the largest banks in the world with over 133 million customers and nearly 14,000 retail branches. Santander plans to roll out the technology, to more countries and will eventually support instant payments.

    As more financial institutions like Santander adopt and build upon Ripple solutions, we can eliminate the friction in global payments, and will be one step closer to establishing an Internet of Value — where money moves as information does today.

    To learn how to use Ripple’s solutions or to become a member RippleNet contact us.



  • Ripple - A Vision for the Internet of Value

    Science fiction films and television shows are packed with mouthwatering examples of futuristic technology. Warp speed travel on the USS Enterprise, Stormtroopers riding speeder bikes on the planet Endor, psychic crime prevention systems employed by PreCrime, and intelligent androids aboard the USCSS Prometheus, just to name a few.

    But most of these same films also come up short when revealing the payment technology of the future. Outside of throwaway lines about credits or using rare commodities as barter, much of mainstream Sci-Fi ignores the limitless possibilities for how and why we pay for things in the future.

    Of course, some of what seems like futuristic technology is already coming to pass. We can now wave a smartwatch to pay for a Coca-Cola from a vending machine or for groceries in a checkout line. Apps allow us to split a restaurant bill on the spot. Vacation resorts and cruises provide a wearable that functions as an all-in-one room key, credit card and more.

    But these are device or localized payment innovations. What remains difficult today is paying in entirely new and novel ways. Paying over distance, specifically across borders and currencies, is also challenging because existing payment infrastructure is hopelessly antiquated, making long-distance payment applications slow, expensive and cumbersome.

    Fortunately, the emerging Internet of Value is beginning to radically improve our payments experience. The financial counterpart to the Internet of Information, the Internet of Value is the ability for value to be exchanged as easily as information. Just as speed and access to information on the Web have expanded knowledge, so will an Internet of Value bring down the cost of financial services, speed up money transfer, and deliver access to the furthest reaches of the world. This Internet of Value will effectively democratize finance.

    A Day in the Life

    So beyond smartwatches and apps, what functional changes might the Internet of Value bring in the near future? Micropayments and international payments to name a few. Consider what the Internet of Value might facilitate in just one ordinary morning.

    6:30 am – The alarm on your phone goes off using a custom made song. As you hear “Wake Up Sleepy Head,” a song commissioned on a lark with friends from a Swedish heavy metal band, you realize you forgot to deactivate it. A doubly painful lapse because your phone is simultaneously cataloguing the play and sending a micropayment in Swiss Francs directly to the band’s PayPal account.

    7:25 am – Showered and changed, you hustle down the hallway late with no time to make a real breakfast. Grabbing the last protein bar from the cupboard, the shelf sensor for your Pantry App notes an empty space and pings your smartwatch asking if you’d like more. With a mouthful of bar, it’s easier to press confirm than reply by voice. The Pantry App sends payment in colones and a reorder notification directly to the Costa Rican company that supplies your bars. They in turn queue up a delivery by Amazon drone for after work. Based on your presets, Amazon automatically debits your delivery fee in USD.

    7:55 am – On the way to airport in your auto-piloted Lyft, you tap “passing priority” on your account. The car slides into the passing lane and begins issuing micropayment offers to the cars ahead of you, asking if they’ll move out of the way. Fortunately, everyone’s in a generous mood and gladly accepts your payment so you can reach the airport on time.

    8:15 am – Satisfied you’ll arrive for your flight with time to spare, you begin planning for the trip ahead. You have all the necessary paperwork and tickets for your trek visiting production locations across Europe, but you realize you forgot to line up wifi coverage. No problem. You enable country-hopping on your cellular account so that it automatically locks you into country specific wifi accounts on all your devices. As you power on your iPad and laptops, they — along with your phone and watch — will automatically connect to local providers and pay them directly in their preferred currencies for the time used from your central account.

    11:37 am – Over water now, you power on the screen in the seat in front of you to complete your customs entry paperwork. A few quick swipes pre-populates the forms, and you’re prompted to renew your Global Entry EU account to speed your passage through customs. The device asks for payment and you tap your U.S.-based corporate card to the screen. The provider in Brussels instantly confirms receipt of funds in Euros and approves your application renewal.

    Not only does money move as fast as information in these examples, but the Internet of Value makes it possible to instantly fund orders and send payment across currencies. These same exchanges today could take weeks for fully settled funds to arrive.

    On a macro-economic level, the Internet of Value could also help drive down the cost of goods and transactions because it enables more liquidity. In today’s country-specific systems, companies and banks must tie up large sums of money in local currencies for countries in which they do business in order to facilitate transactions. An Internet of Value that eliminates the need for these accounts, suddenly frees up large sums of cash that can be more effectively put to use in the economy.

    While these examples might not rise to the level of science fiction story material on their own, they are use cases for how the Internet of Value could fundamentally improve our daily lives and dramatically remake the global economy.

    Of course, it will take a village to make these possibilities a reality. No one company can build the Internet of Value on its own. Just like the growth of the early web, it will require collaborations and partnerships between many entities. We’re committed to doing our part, and excited to work with device makers, financial institutions and more to realize the Internet of Value.

    By working together, we can make transactions easier, faster and cheaper, opening up an entirely new universe of possibilities. And by embedding these applications within automobile, wearable and other technology innovations, the Internet of Value might just make a cameo in the next Ridley Scott feature.



  • Ripple (XRP) Community Comes Together for Blockchain Week

    At Ripple, we’ve always pledged our commitment to helping build XRP liquidity and a healthy and trusted market. Without question, we are huge fans.

    XRP is uniquely set apart. Proven faster (seconds vs. minutes), more scalable (1,500 transactions per second) and less costly (fractions of a penny) than other digital assets, XRP is ideally suited for removing friction from global payments.

    While we are laser-focused on furthering this specific use case, XRP is much bigger than Ripple. Recall that the XRP Ledger was created before the formation of Ripple and has always been and will always be an open-source project that exists independently of the company.

    Like all open-sourced, decentralized technology — it’s powered by a growing community. XRP’s diverse community consists of financial institutions, exchanges, wallets, validators, educators, developers, market makers, enthusiasts, entrepreneurs and more.

    Much of this group will be in New York City for Blockchain Week next month. As special thanks to those who are building liquidity, validating transactions, developing on the XRP Ledger, looking to xRapid as a liquidity solution and sharing the good word about XRP’s many benefits, we’re hosting a special night.

    This VIP gathering will feature a live music performance by Snoop Dogg. While this is an invite-only event, we will offer 10 tickets via Twitter over the coming weeks.

    Together, let’s raise a glass to celebrate the passion, focus and innovation of the XRP community and the revolutionary nature of the technology behind it!

    How to Win

    To win a ticket to XRP Community night, we invite you to participate in two @Ripple contests this month.

    1. Twitter Trivia: 4pm PST on Thursday, April 26
    2. Make the Meme: 3:30pm PST on Wednesday, May 2 to 3:30pm PST on Thursday, May 3

    We ask that you carefully read and follow the rules for each contest to be eligible to win.

    Please note this is a private event. Tickets can not be purchased, and we will limit admission to those on the invite list and our contest winners. Please note this does not include travel.

    Twitter Trivia Rules

    • Twitter trivia begins promptly at 4pm PST on Thursday, April 26.
    • We will share three questions via @Ripple and ask the community to respond with their answers before 5pm PST.
    • To be eligible, you must answer all three question in a single tweet, mention @Ripple and include #XRPCommunity in your response.
    • You will have only one chance to respond; your first tweet will be considered your entry.
    • The first eight participants to get all three answers to trivia questions correct will win one ticket to XRP Community Night.
    • We will DM you at 6pm PST on Thursday, April 26 if you are a winner, and you will have 12 hours to respond confirming your acceptance of the ticket and your ability to join us at XRP Community night.
    • We will publicly announce all eight winners at 4pm PST on Friday, April 27.

    Make the Meme Rules

    • Make the meme runs for 24-hour period starting at 3:30pm PST on Wednesday, May 2 and ending at 3:30pm PST on Thursday, May 3.
    • We will share two images and prompts, and ask the community to create captions for each image.
    • To be eligible, you must include the prompt to which you’re responding (“p1” or “p2”), mention @Ripple and include #XRPCommunity in your response.
    • You will have only one chance to respond to each prompt; your first tweet for each will be considered your entry.
    • We will select the best caption for each of the two images, and the two participants responsible for them will each win one free ticket to XRP Community Night.
    • We will DM you at 6pm PST on Thursday, May 3 if you are a winner, and you will have 12 hours to respond confirming your acceptance of the ticket and your ability to join us at XRP Community night.
    • We will publicly announce the two winners at 4pm PST on Friday, May 4.
    • We will also share the finalists’ memes via @Ripple and credit their handle following the contest.

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  • Ripple Q1 2018 XRP Markets Report

    To continue to provide transparency to the XRP ecosystem globally, we share regular updates on the state of the market, including quarterly sales, relevant XRP-related announcements and commentary on previous quarter market developments.


    Quarterly Sales

    In Q1 2018, market participants purchased $16.6 million directly from XRP II, LLC — our registered and licensed money service business (MSB). XRP II, LLC is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Additionally, the company sold $151.1 million worth of XRP programmatically, as a small percentage of overall exchange volume. These sales represented 0.095 percent (9.5 basis points) of the $160.0 billion traded globally in XRP in Q1. Significantly larger volumes of XRP were traded in Q1, particularly during the first half of the quarter, resulting in a notional increase in programmatic sales by Ripple.


    Escrow

    In Q1 2018, XRP was released out of a cryptographically-secured escrow account. Three billion XRP was released out of escrow (one billion in January, February and March). However, 2.7 billion XRP was put back into new escrow contracts — 900 million in months 56, 57 and 58. The remaining 300 million XRP are being used in a variety of ways to help invest in the XRP ecosystem.

    Market Commentary: A Volatile Quarter, but XRP Market Share Increases

    The rally that began in Q4 2017 continued into the start of the new year, before retracing consistently throughout the remainder of the quarter. The total market capitalization of all digital assets stood at $603.7 billion at the start of 2018, climbed to $835.5 billion by January 7, and finished the quarter at $263.5 billion — a 56.3 percent decline over the course of the quarter.


    XRP’s Fall Representative of Overall Digital Asset Market

    XRP’s overall market capitalization mirrored that of the overall digital asset market, though at times it was somewhat exaggerated in comparison. XRP began the quarter at $1.91 and finished the quarter at $0.51, a 73 percent drop from January 1. On March 31, 2018, XRP was up exactly 100 percent from the rally that began December 11. Broadly, Q1 market participants did not differentiate between different digital assets. While the Q4 rally was more sequential in nature, with interest in one asset waning as it increased in another, the Q1 retracement was indiscriminate, with the market collectively exiting positions. In fact, on February 25, XRP’s minimum 30-day correlation to the other top nine digital assets was 76 percent.


    In addition, XRP had its highest volume quarter in history, with a total of $160.0 billion notional traded.


    Market Share of XRP Doubles

    Though XRP largely followed broader market price action in Q1, there were some significant deviations. For example, while the total market capitalization of all digital assets was the same on both November 24, 2017 and March 31, 2018, XRP’s share of that market capitalization doubled, rising from 3.56 percent to 7.57 percent — a continuation of a trend that first began in 2017.

    XRP’s share of overall market volume (6.9 percent) also grew significantly compared to its share in Q4 (5.3 percent) and 2017 overall (5.0 percent). Part of the increase in XRP’s share of volume was driven by 18 new venues listing XRP in Q1, including both US-based Abra and Uphold. This brought the total number of exchanges that list XRP to more than 60.

    XRP’s volume was also driven by the extension of more than $16 million in new XRP loans from XRP II, LLC to market makers. A significant pain point for digital asset liquidity providers is the need to purchase or borrow assets in order to provide both bids and offers. Now, with the ability to secure cost-effective, capital-efficient XRP loans, market makers are less challenged to get involved in XRP markets. The added flexibility also allows liquidity providers to tighten spreads as their margins aren’t hampered by the high costs of sourcing inventory or by the risk of holding significant amounts of inventory.

    For Ripple, this additional liquidity is useful for xRapid as it increases the capacity of order books to support cross-border payments. Also, incremental liquidity in order books will lower volatility over time, further increasing XRP’s ability to provide on-demand liquidity for xRapid.


    Important News Moments

    Q1 was dominated by headlines across the digital asset market. Those headlines ranged from specific xRapid customer announcements to regulatory developments around the globe.


    xRapid

    In Q1, Ripple announced five new xRapid pilot customers — Western Union, Cambridge Global Payments, MercuryFX, IDT and MoneyGram. The pilots, which involve live transactions, have continued to prove that xRapid can lower liquidity costs and dramatically increase payment speed and transparency using XRP. In Q2, Ripple will look to grow the number of xRapid pilots and work to move existing pilots into production.


    Changes to Major Index Prices

    On January 8, Coinmarketcap.com unexpectedly removed South Korean digital asset exchanges from all of its index prices. The decision seemed to be motivated by increasing premiums, sometimes as high as 40 percent on the Korean exchanges, which were dislocating prices on the site. The change artificially erased $100 billion in market value, which resulted in significant market turbulence. While it impacted all digital asset prices, XRP’s relatively high share of volume from the South Korean market meant its displayed price dropped disproportionately versus other top digital assets. XRP fell 19.1 percent versus an average of 7.2 percent for the other top five digital assets by market capitalization on Coinmarketcap.com’s index price.


    Continued Regulatory Developments

    While the Coinmarketcap.com index adjustment drove Q1 volatility initially, the primary driver of price action throughout the quarter seemed to be an anticipation of a more restrictive regulatory environment for digital assets across the globe. Local regulators became increasingly concerned about consumer protection in their respective countries. In early January, rumors swirled about an outright ban of digital assets in South Korea. Within days of that report, the country’s finance minister stated that an outright ban on digital assets was unrealistic. The mixed reports, coupled with already turbulent market activity, drove 30-day volatility of daily returns to 23 percent on January 10, XRP’s second-highest volatility level following its April 2017 run up in price.

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    China furthered its tougher regulatory stance, increasing the scope of its bans on digital asset trading. While initial coin offerings (ICOs) and digital asset-to-fiat currency exchange trading had already been banned in China, local regulators expanded the ban to over-the-counter (OTC) trading, digital asset trading on foreign exchanges and providers of online wallet services.

    We also saw regulators take action against specific exchanges. In January, the CFTC subpoenaed Bitfinex and Tether to investigate whether Tether had backed each of its digital coins with U.S. dollars held in reserve. And in Japan, regulators engaged Coincheck, which suffered the largest hack in digital asset history, resulting in the loss of $534 million worth of NEM tokens.

    The volatility of January spurred some financial institutions to ban cryptocurrency purchases using their credit cards. Around the same time, Agustín Carstens, general manager for the Bank for International Settlements (BIS), described bitcoin as “a combination of bubble, Ponzi scheme, and an environmental disaster.

    Further, many countries called for the G20 to consider how to regulate digital assets at their meeting in March. The Financial Stability Board noted to the G20 that rules are needed to ensure consumer protection, yet said “cryptoassets do not pose risks to global financial stability at this time.”

    The G20 ended its March meeting stating, “We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly.” Additionally, the G20 announced it will continue monitoring the technology, collecting more information through the summer to ensure its regulatory recommendations capture risk without stifling innovation.

    This viewpoint lays the foundation for a thoughtful regulatory framework.

    Additionally, positive developments continued at the country level:

    1. Mexico’s Senate approved a bill that creates a regulatory framework for fintech, including digital assets. Now awaiting the president’s approval, the bill creates the foundation for greater enterprise adoption.
    2. The European Commission issued a Fintech Action Plan that embraces many new technologies. The Commission is studying digital assets and will issue a report on their use cases later this year.
    3. The United Kingdom’s government announced a Cryptoassets Task Force to ensure the country will “be at the forefront of harnessing the potential benefits” while safeguarding against risk.

    If you’re interested in the last two quarterly reports, you can find Q4 2017 here and Q3 2017 here.



  • Ripple - Ask Me Anything with Brad and Cory

    Watch this recording of Ripple CEO Brad Garlinghouse being interviewed
    by Chief Market Strategist Cory Johnson that aired live on Wednesday
    April 25, 2018. The two discussed the 2018 Q1 XRP Markets Report,
    Ripple’s new customers over the quarter, updates in the XRP ecosystem
    and more. Please standby for a full transcript of the livestream.




  • Ripple (XRP) - xVia Opens New Doors in Emerging Markets

    Emerging markets have revealed a new and critical challenge for global payments. Instead of relying on traditional banking systems, consumers in these regions use a variety of platforms to make payments, access banking services and take part in commerce within and outside of their countries.

    In Vietnam, a tech-oriented, new generation have made digital wallets a dominant force and, in Africa, mobile money is a primary avenue for commerce. A recent study also found that across South East Asia almost 30 percent of online sales occur on social media.

    Digital commerce in these regions is booming, bringing more people into the global economy, but the underlying payment systems supporting their transactions are becoming increasingly fragmented.

    Adding further complexity, billions of new people each year are accessing financial institutions for the first time ever. In India alone, more than a billion new people are expected to be banked over the next five years.

    We need a better way for money to move around the world — one that syncs these disparate systems and can keep pace with expanding financial inclusion.

    xVia as a solution

    xVia allows for financial institutions and businesses to easily send payments to and from emerging markets by leveraging the benefits of RippleNet — Ripple’s decentralized global payments network.

    By providing a standard API solution, xVia lets companies that want to send payments — payment providers, digital wallets and other corporates — quickly scale their businesses, differentiate their services and address their customers’ unique needs. The individuals and businesses that rely on them can send payments faster and cheaper anywhere in the world.

    Similarly, for corporate marketplaces and financial institutions that are looking to scale, xVia provides the only quick and simple way to send payouts to new corridors while also creating a faster and more reliable user experience.

    In this manner, xVia serves as a vehicle for a variety of different players within the global payments ecosystem to interact and complete transactions directly — no longer requiring custom connections. It can also help smaller businesses that want to leverage the same technology and standardized ruleset to send real-time, traceable payments around the world.

    New xVia customers

    Today, we’ve announced five new customers: FairFX, Exchange4Free, RationalFX, UniPAY and MoneyMatch. They will leverage xVia’s standard API solution to power payments through RippleNet and access new markets, including emerging markets faster and more efficiently.

    As RippleNet grows, we’ll continue to add a broad array of payment providers, from telcos and mobile wallets, to more traditional financial institutions. This way we can support and provide a leading financial network that can address the needs of a more interconnected and diverse global economy.

    We’ll also continue to improve our technology and sync our capabilities to make payments even faster. Ripple’s goal is to provide a fluid flow of money that can help provide opportunity both into and out of emerging markets, but also broadly around the world.

    As money begins to travel around the world with less barriers and higher speeds, we believe that we can get one step closer to an Internet of Value — a world where money can move like information does today.

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  • Ripple (XRP) announcing Xpring (pronounced Spring)


    In the world of blockchain and digital assets, there are hundreds, if not thousands, of interesting entrepreneurs flowing into the space. At Ripple, we want to act as a proverbial spring for the most serious ones — making sure they have the key essentials to grow their businesses and prosper.

    That’s why today we are announcing Xpring (pronounced Spring). Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way.

    As a major contributor to the XRP Ledger codebase and large holder of XRP, we often hear from entrepreneurs and developers that they’d like support in one form or another to help them with their XRP-related projects. As one of the few blockchain companies with traction for a non-speculative use case, we feel we’re uniquely positioned to support entrepreneurs in a meaningful way.

    In order to offer the best support, we need a great team. That’s why we’re bringing on Ethan Beard as a Senior Vice President to lead Xpring and Ripple’s developer program. Before moving into an advisor role at several technology companies, Ethan served as Director of the Facebook Developer Network from 2009-2012, where he oversaw worldwide developer relations, operations and product marketing for the Facebook API.

    “I love helping startups leverage new technologies and developments to grow. At Facebook, we saw companies in areas like gaming, music, and news use our platform to become big businesses, said Ethan Beard, SVP at Ripple. “Blockchain and digital assets have the ability to solve important problems and XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around.”

    At Ripple, we will continue to use XRP to help financial institutions remove friction from global payments. However, the characteristics of XRP and the XRP Ledger – superior speed, scalability and stability — make it perfect for entrepreneurs looking to solve problems across identity, trade finance, gaming and virtual goods, provenance, real estate, insurance, digital media and many other industries. Xpring’s entrepreneurs and companies will leverage XRP for use cases like these, among others.

    As of today, Xpring has already offered support to:

    • Scooter Braun, entertainment talent manager, entrepreneur and founder of SB Projects, who is pursuing several endeavors that will use XRP to improve artists’ ability to monetize and manage their content.
    • Stefan Thomas, inventor of the Interledger Protocol (ILP), creator of BitcoinJS, co-founder of TxtBear, who just launched a new venture Coil to use XRP and the Interledger Protocol (ILP) for various micropayments applications, such as facilitating “bite-sized” purchases of media. You can learn more about Coil here.
    • Thomas McLeod, serial entrepreneur, co-founder and CEO of Omni, who will soon integrate XRP as a currency into Omni’s marketplace.
    • Bart and Brad Stephens, co-founders of Blockchain Capital, who have the first fund to accept capital calls in digital assets with a focus on driving innovation in the blockchain sector.

    “Blockchain technology and digital assets like XRP will provide artists with new distribution channels and revenue streams,” said Scooter Braun, founder of SB Projects. “This creates more space for artistic freedom, and I’m excited our team is among the first in the entertainment industry to lean into the blockchain movement. This is only the beginning as we will continue to build out more use cases for XRP. ”

    While the Xpring
    team is already vetting hundreds of amazing projects, they remain open
    to hearing from serious entrepreneurs and businesses. For questions or
    to learn more, please visit Xpring’s website.



  • Mitsubishi Corporation, Krungsri and Standard Chartered Pilot Payments from Thailand to Singapore on RippleNet

    Mitsubishi Corporation, Standard Chartered and Bank of Ayudhya (Krungsri) — a Thailand subsidiary of MUFG Bank — jointly announced a pilot test for payments between Singapore and Thailand with xCurrent.

    With production volume growing on RippleNet at an exponential rate, this pilot is further marked as a unique milestone by the inclusion of Mitsubishi Corporation. Like many of their Fortune 500 peers, Mitsubishi Corporation’s is pursuing faster, more transparent and traceable solutions for global liquidity management.

    Many multinational corporations have to create buffers of liquidity throughout the world, forcing them to sit on pools of idle cash. This dormant capital is subject to foreign exchange, counterparty and fraud risks, as well as administrative burdens, making cross-border payments even more complicated for these entities.

    The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.

    As a result, like much of the consumer market that has turned to fintech companies for cross-border remittances, a growing base of enterprises are turning to fintech providers to address their global payment needs. To maintain a competitive edge, many financial institutions have begun to adopt new technology like Ripple’s blockchain-powered solutions.

    To learn more about Ripple’s solutions or to become a member of RippleNet contact us.

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  • Growing Support for an XRP Symbol

    Over the past month, we’ve watched and listened as a grassroots movement to create an XRP symbol has taken shape within the XRP community.

    In tweets, forums and blogs, members underscored that Ripple is just one entity using XRP to solve real business problems around the world, and in this way, using Ripple’s name or logomark to represent the full breadth and depth of the XRP ecosystem doesn’t make sense. The community also highlighted that this usage is incorrect, as both Ripple and its logomark only represent our private, for-profit company and are protected elements of our brand. The community wants a symbol free of corporate trademarks that might one day be included in the Unicode Standard, like Bitcoin’s “₿”.

    Not only do we agree that the time has never been better for XRP to get its own visual identity — one that captures the digital asset’s utility, speed and independence — but we also want to show our support by leveraging our design and legal teams to propose an option.

    The new XRP symbol we’re proposing exemplifies the unique attributes that differentiate XRP from other digital assets. Its “x” refers, in part, to XRP’s role in efficiently moving money across borders. An “x” also mathematically suggests a multiplier effect — where entities are building on one another to create something bigger — the same way the community drives innovation with XRP and the XRP Ledger.

    Up and down arrows represent sending and receiving — a value exchange, like the two sides of completing a transaction, and the possibility of increased connectivity across different entities. The organic shape of its curves is suggestive of the human form — a nod to the community that supports XRP and its ecosystem.

    Most importantly, no one entity or business holds legal rights to this new symbol, and it is simple to draw, allowing for easy adoption by anyone.

    As innovators build on the XRP Ledger and develop new use cases for XRP, this XRP symbol is now available for your use.

    Please click here if you are interested in downloading our proposed symbol. We also encourage you to review the Github repository that hosts a wide variety of community-driven designs.



  • Ripple CEO at Money20/20 Europe: Blockchain Hype Outpaces Reality


    On day one of Money20/20 Europe, leaders from the world’s biggest banks
    to newly minted FinTech startups focused on two themes – innovation and
    partnership – with much of the conversation centering on the increasingly important role of blockchain technology across the industry.

    Ripple CEO Brad Garlinghouse took the conversation one step further.
    In his fireside chat entitled, “Blockchain, digital assets and
    reimagining global payments,” Garlinghouse bluntly informed moderator
    Simon Taylor, co-founder of 11:FS,
    that “experiments are not a business model” and called attention to the
    hype outpacing reality in the blockchain and crypto space – noting that
    “it’s way out of whack.”

    “Ripple is going deep with customers, solving real problems and seeing real progress,” Garlinghouse went on to say. He explained that Ripple uses blockchain technology and the digital asset, XRP, to address the major pain points in cross-border payments – making them dramatically faster (from days to minutes), lower cost (40-70% savings) and more transparent (similar to other banking services today).

    But Garlinghouse was also quick to point out the difference between Ripple’s solutions and other services, such as Apple Pay, that put a slick front-end on the same old infrastructure.

    “Everything that happens below these services – down the stack – hasn’t changed. Ripple’s point of view is that to truly unlock innovation in the payments ecosystem, you have to start way down at the bottom,” Garlinghouse explained. “If you can reset the rail – the base layer – you can really unlock innovation.” In this way, Ripple is just an enabler, a new base layer on which others can build.

    So, what would compel banks, in particular, to replace this old infrastructure, questioned Taylor? Garlinghouse provided some color. For Ripple’s customers – everyone from banks to payment providers to corporations looking to improve international payouts – the business case for leveraging blockchain and digital assets is an easy one.

    “As a society, we are relying on rails built 50 years ago to enable cross-border transactions,” said Garlinghouse. “Our customers are asking themselves: ‘If I want to be competitive for the next 10 years – for the next 50 – do I want to be dependent on what is effectively a horse and buggy system in a world of Teslas?’”

    Garlinghouse was not alone in calling attention to problems with global money transfer. In discussing with Charlotte Hogg, CEO Europe at Visa, the needs of merchants at PayPal, Jim Migats, head of global core payments, noted that cross-border payments should be as easy and affordable as any kind of payment that exists.

    Similarly, Ralph Hamers, CEO of ING, used global payments in his keynote as an example of a traditional offering rife for change. This was after emphasizing that banks and financial institutions can no longer differentiate through a product—that they must differentiate through a service or experience.

    The conversation then turned to the digital asset, XRP. Garlinghouse shared how Ripple uses XRP as “a tool to fund real-time liquidity” during transactions. Taylor pointed out that XRP provides an alternative to pre-funded nostro and vostro accounts around the world.“

    Finally, Garlinghouse highlighted that XRP and the XRP Ledger are open source, and Ripple is only one participant in the XRP ecosystem, that many participants use the asset and build on the XRP Ledger.

    When Taylor pointed out that Ripple owns a lot of XRP, Garlinghouse clarified, “Ripple today owns about 60% of XRP. We continue to use it for various incentives to try and build the XRP ecosystem. We have announced a number of different programs around the world – ranging from accelerator programs to those that gain customer adoption.”

    One of those program, Garlinghouse concluded, is Ripple’s new University Blockchain Research Initiative. He said, “We’re working with 17 universities around the world and we’re contributing to $50M to fund research in blockchain and cryptocurrency. All boats rise.”

    For more, listen to Garlinghouse and Taylor’s discussion on 11:FS’s FinTech Insider podcast on Thursday, June 6.



  • Ripple Introduces the University Blockchain Research Initiative

    Interest in blockchain is soaring, with a groundswell of activity taking place on the campuses of the world’s top universities. From new business use cases — such as making cross-border payments faster, lower cost and more transparent — to uses of blockchain for good, students and faculty globally are emerging as major contributors to the creation of a more robust and valuable blockchain and payments ecosystem.

    As one of the most mature companies in the space, Ripple is uniquely suited to partner with the academic community and help lead development of this ecosystem. That’s why, today, we’re excited to announce the University Blockchain Research Initiative (UBRI), a collaboration with top universities around the world to support and accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

    Ripple has committed over $50 million in funding, subject matter expertise and technical resources to UBRI’s first wave of university partners —17 prestigious institutions around the world. These schools will determine their own research topics and priority areas of focus, while also partnering with Ripple to:

    • Collaborate on research and technical development that will stimulate widespread understanding and innovation in blockchain.
    • Create new curriculum to meet high student demand for learning about blockchain, cryptocurrency and other FinTech topics.
    • Stimulate ideas and dialog among students, faculty, technologists and business leaders on topics of shared interest.

    The initial UBRI partners represent a broad cross-section of geographies and markets, as well as a rich blend of academic disciplines.

    For example, as the regulatory conversation continues to evolve in the public sector, the Center for Information Technology Policy (CITP) at Princeton University is creating an UBRI program that will study the policy impact of cryptocurrencies and blockchain in the U.S. and around the world.

    At The University of Pennsylvania, UBRI is supporting select MBA-MS candidates each year in a newly established Wharton-Engineering dual-degree program. This funding aims to prioritize students working on blockchain or cryptocurrency.

    As part of UBRI, Ripple is also participating in MIT Computer Science and Artificial Intelligence Lab’s new FinTech initiative made up of a nearly a dozen companies across the financial services industry to work with groups of CSAIL’s 116+ researchers on topics like blockchain, cryptocurrencies, cybersecurity and global payments.

    In Europe, Delft University of Technology in the Netherlands and the University of Luxembourg are building a new blockchain research program inside their Departments of Computer Science and Engineering with the help of UBRI.

    UBRI’s complete list of partners is as follows:

    As the traditional backbone of innovation, universities uniquely offer an independence and rigor that the private sector cannot. They also are responsible for training the workforce of the future, helping to address the demand for technological solutions and talent to solve the world’s hardest financial problems.

    Now is the perfect time to support research and study in blockchain, cryptocurrency and digital payments at universities around the world.



  • fix1543, fix1571 & fix1623 Amendments Open for Voting

    Previously introduced in rippled version 1.0.0, the fix1543, fix1571 and fix1623 amendments are now open for voting.

    • The fix1543 amendment enforces reserved flag ranges on escrow, payment channel, and ticket transactions.
    • The fix1571 amendment changes the EscrowCreate transaction to require the Condition or FinishAfter field (or both) and also fixes a flaw that incorrectly prevents time-based Escrows from being finished in some circumstances.
    • The fix1623 amendment adds delivered amount metadata to CheckCash transactions that cash a check for a flexible amount.

    Action Required

    If you operate a rippled server, then you should upgrade to version 1.0.0 by Tuesday, 2018-06-19 00:00:00 UTC, for service continuity.

    Impact of Not Upgrading

    If you operate a rippled server but don’t upgrade to version 1.0.0 by Tuesday, 2018-06-19, when the fix1543, fix1571 and fix1623 amendments are expected to become enabled on the network, then your server will become amendment blocked, meaning that your server:

    • Cannot determine the validity of a ledger
    • Cannot submit or process transactions
    • Does not participate in the consensus process
    • Does not vote on future amendments
    • Could rely on potentially invalid data

    If the fix1543, fix1571 and fix1623 amendments do not become enabled, then your server will not become amendment blocked and should continue to operate.

    Learn, ask questions, and discuss

    Related documentation is available in the XRP Ledger Dev Portal, including detailed example API calls and web tools for API testing



  • Ripple has released rippled version 1.0.1

    Ripple has released rippled version 1.0.1, which includes fixes for issues identified by Ripple engineers and reported by external security researchers. These issues, when exploited, could cause a rippled instance to restart or, in some circumstances, stop executing.

    While these issues can result in a denial of service attack, none affect the integrity of the XRP Ledger and no user funds, including XRP, are at risk.

    Action Required

    If you operate a rippled server, then you should upgrade to rippled version 1.0.1 as soon as possible.

    Impact of Not Upgrading

    • If you operate a rippled server, but do not upgrade to version 1.0.1 as soon as possible, then your server may experience restarts or outages.

    Upgrading

    For instructions on updating rippled on supported platforms, see Updating rippled.

    The SHA-256 for the RPM is: 4bfa27b0e1e1979f2bc042edb9dd11ae4119dac6be087813dadcc67572877189

    The SHA-256 for the source RPM is: 60279abc65476b0a96ddedcd23338ce1c6fb5481ab94fe8b8c856448044e3ebe

    For other platforms, please compile v1.0.1 from source. See the rippled source tree for instructions by platform. For instructions building rippled from source on Ubuntu Linux, see Install rippled on Ubuntu.

    The first log entry should be the change setting the version:

    commit 8429dd67e60ba360da591bfa905b58a35638fda1
    Author: Nik Bougalis <[email protected]net>
    Date:   Mon Jun 4 16:36:22 2018 -0700
          Set version to 1.0.1
    

    Network Update

    The Ripple operations team plans to deploy version 1.0.1 to all rippled servers under its operational control, including private clusters, starting at 3:00 PM PST on Thursday, 2018-06-14. The deployment is expected to complete within 5 hours. The network should continue to operate during deployment and no outage is expected.

    Other Information

    Acknowledgements

    Ripple thanks Guido Vranken for discovering and responsibly disclosing an off-by-one error in the base64 decoder logic when handling malformed input.

    Bug Bounties and Responsible Disclosures

    Ripple welcomes reviews of the rippled codebase and urges reviewers to responsibly disclose any issues that they may find. For more on Ripple’s Bug Bounty program, please visit https://ripple.com/bug-bounty/.

    Boost Compatibility

    When compiling rippled from source, you must use a compatible version of the Boost library. Ripple recommends Boost 1.64.0 for all platforms.

    Other compatible versions differ by platform. Boost 1.58.0 is compatible on Linux but not on Windows. On macOS, Boost 1.58.0 is not compatible with the Clang compiler version 4.0+.

    Learn, ask questions, and discuss

    Related documentation is available in the XRP Ledger Developer Portal, including detailed reference information, tutorials, and web tools.

    Other resources:

    Upcoming Features

    The previously introduced fix1543, fix1571 and fix1623 Amendments in XRP Ledger version 1.0.0 are now open for voting. Ripple expects these amendments to become enabled on Tuesday, 2018-06-19.

    An upcoming version of rippled will switch to using the Boost.Beast library instead of the Beast library from the rippled source code. As part of this change, the minimum supported version of Boost will change to be a version incorporating Boost.Beast.

    Ripple does not expect to enable the SHAMapV2, Tickets, or OwnerPaysFee Amendments before the next release of rippled. These Amendments have been disabled in the source code so rippled version 1.0.1 will not show them as available. Ripple plans to re-introduce some or all of these amendments in a future version of rippled.

    1.0.1 Change Log

    Bug Fixes

    • Improve JSON exception handling

    • Fix a corner case when decoding base64: Under some corner cases, the base64 decoder would not allocate enough memory, which could result in spurious errors.


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