Ripple(XRP)



  • Discussing Trends in Global Payments at the GCC Financial Forum

    Hundreds of international financiers, business leaders and policymakers from around the world gathered in Bahrain to discuss the future of financing at last week’s sixth annual GCC Financial Forum. Marcus Treacher, head of Ripple’s strategic accounts, spoke alongside Chris Skinner, fintech commentator and author, about future trends in the global digital payments industry.

    The speakers agreed that global transactional demands have changed. Today’s businesses need a system that can process high volumes of payments immediately. In order to discuss what future trends may emerge in global payments, the industry must first address the pitfalls of the current system and embrace opportunities to reinvent the way cross-border payments are made.

    “Global commerce is moving and banks will inevitably need to adopt updated technology to keep up. Ripple is reinventing the plumbing layer of banking, it’s a way of re-intermediating banks services to bring them into the 21st century,” said Treacher.

    Skinner echoed the need to embrace blockchain technology, noting that many governments worry about cryptocurrency, fearing that it escapes regulation, however, when implemented correctly it actually allows for more traceability than ever before.

    The two also discussed the Internet of Value and what it means for the future of the global digital payments industry. Skinner described the Internet of Value as, “a third innovation in trade and commerce,” with the prior two being the invention of money and the invention of paper money.

    Treacher added that with the Internet of Value, many machines and devices will be able to pay one another, with the ability to handle tiny amounts of money. Ripple has created a system that aligns with this vision and will enable banks to be where payments are going whereas with the systems available today, this is out of reach.

    Author:

    Amy Hirth



  • rippled version 0.50.3

    The rippled team has released version 0.50.3, which patches a reported exploit that would allow a combination of trust lines and order books in a payment path to bypass the blocking effect of the NoRipple flag. Ripple recommends that all rippled server operators immediately upgrade to version 0.50.3, which contains a patch that fixes the exploit. There are no new or updated features in the 0.50.3 release.

    Ripple will be following up with a postmortem, explaining the exploit, the timeline of events and the actions taken in more detail at a later date.

    Action Recommended

    If you operate a rippled server, then you should upgrade to version 0.50.3 immediately.

    If you operate a gateway, then you should: 1. Make sure your issuing account has not set the NoRipple flag on any trust lines 2. Your issuing account should have a zero limit on all trust lines 3. Make sure the DefaultRipple flag is set on your issuing account 4. Upgrade to rippled version 0.50.3 immediately

    If you are an individual user, then you should have the NoRipple flag enabled by default and set the trust line limit to zero on gateways that you do not trust.

    If you are an individual user, and you do not have the NoRipple flag enabled, and you discover a negative balance owed to an unknown account, then you should freeze that individual trust line.

    Impact of Not Upgrading

    If you operate a rippled server, but don’t upgrade to rippled version 0.50.3, then your server may lose sync with Ripple operated validators more frequently.

    If you operate a rippled validating server, but don’t upgrade to rippled version 0.50.3, which includes a patch for the reported exploit, then your server will validate some transactions in a payment path that bypass the blocking effect of the NoRipple flag.

    For instructions on updating rippled on supported platforms, see Updating compile version 0.50.3 from source.

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

        commit 82de944b30afef7fb6220424b62a79156e93b321
        Author: Nik Bougalis <nikb@bougalis.net>
        Date:   Mon Mar 13 15:49:21 2017 -0700
        Set version to 0.50.3
    

    Bug Fixes

    Patch a reported exploit that would allow a combination of trust lines and order books in a payment path to bypass the blocking effect of the NoRipple flag (#2050)

    Network Update

    Ripple engineers have deployed the fix to all rippled validating servers under Ripple’s operational control and will not be updating client-facing rippled servers to 0.50.3 at this time. (Editor’s note: an earlier version of this post incorrectly stated that the fix was configuration-based. The fix was to update Ripple’s validating servers to 0.50.3.)

    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.

    Other resources:




  • Gateway Bulletin: Setting Trust Line Quality with SendMax

    Summary

    When you build an automated system to send payments into the Ripple Consensus Ledger (RCL) for your customers, you must make sure that it constructs payments carefully. Malicious actors are constantly trying to find flaws in a system implementation that pays them more money than it should.

    Once such flaw was revealedtrust line quality, which affects gateways that use a SendMax value greater than the amount they deliver. This setup could result in a destination account receiving slightly higher (typically less than 1% higher) than the expected amount from the gateway’s account.

    Note: This system implementation flaw does not affect XRP balances.

    Action Recommended

    The recommended setup is to use either of the following rules:

    • Setting the SendMax value equal to the Amount * (1 + transfer rate); or
    • Setting the SendMax value as low as possible and only leaving space for slippage to buffer the transaction from failing

    A malicious user can make trust line quality changes in the ledger between when you prepare a transaction and when it is validated in the ledger. To ensure that these changes cannot cause a transaction to cost you more than you expected, it is vital to set the SendMax no higher than the maximum amount you are willing to send.

    To reduce the chance of sending a transaction that fails, add the following checks to any transaction that delivers issued currency on a trust line:

    • Does the trust line exist?
    • Is the trust line’s limit sufficient?
    • Are optional incoming balances on this trust line valued at the appropriate ratio?
    • Did the user freeze the trust line?

    Learn, Ask Questions, and Discuss

    To experiment with the Ripple Consensus Ledger technology without using real money, try out the Ripple Test Net.

    Other resources:



  • Ripple Selected to Participate in the Bank of England FinTech Accelerator’s Exploration of the Use of Blockchain for Global RTGS

    By

    Shanna Leonard

    Image: Shutterstock

    The Bank of England’s FinTech Accelerator announced today that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. This collaboration marks the first instance of a central bank exploring how it can use blockchain technology to enable improved cross-border payments. Ripple’s solution is built around the open and neutral Interledger Protocol and serves to power interoperable payments across different ledgers and networks. The goal of this PoC is to showcase the synchronized movement of two different currencies across two different RTGS systems and how this kind of synchronization might lower settlement risk and improve the speed and efficiency of cross-border payments.



  • rippled Version 0.60.0

    Ripple has released rippled version 0.60.0, which introduces several enhancements that improve the reliability and scalability of the Ripple Consensus Ledger (RCL), including Interledger Protocol compatibility for ledger interoperability. Ripple recommends that all server operators upgrade to version 0.60.0 by Thursday, 2017-03-30, for service continuity.

    Highlights of this release include:

    • Escrow (previously called SusPay), which permits users to cryptographically escrow XRP on RCL with an expiration date using a hashlock crypto-condition.

    • Dynamic UNL Lite, which allows rippled to automatically adjust which validators it trusts based on recommended lists from trusted publishers.

    Ripple expects Escrow, the previously announced EscrowPayChan, and fix1368, respectively, on Thursday, 2017-03-30.

    Action Required

    If you operate a rippled server, then you should upgrade to version 0.60.0 by Thursday, 2017-03-30, for service continuity.

    Impact of Not Upgrading

    If you operate a rippled server but don’t upgrade to version 0.60.0 by Thursday, 2017-03-30, when Escrow and PayChan are expected to be activated via Amendment, 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 Escrow and PayChan amendments do not get approved, then your server will not become amendment blocked and should continue to operate.

    For instructions on updating rippled on supported platforms, see Updating compile version 0.60.0 from source.

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

        commit 0df1b09a731ba0feaa5d60046e1c7dd415f5f7ed
        Author: Nik Bougalis <nikb@bougalis.net>
        Date:   Thu Mar 16 13:33:29 2017 -0700
            Set version to 0.60.0
    

    Network Update

    The Ripple operations team plans to deploy version 0.60.0 to all rippled servers under its operational control, including private clusters, starting at 7:00 PM PST on Thursday, 2017-03-16. The deployment is expected to complete within 4 hours. The network should continue to operate during deployment and no outage is expected.

    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.

    Other resources:


    Full Release Notes

    Escrow

    The rippled version 0.60.0 release includes Escrow, (previously called SusPay), which introduces a new ledger node type and several new transaction types to the Ripple network. Escrow permits users to cryptographically escrow XRP on RCL with an expiration date using a crypto-conditionpreimage-sha-256, commonly referred to as a hashlock. An XRP Escrow transaction on RCL can be used together with Interledger, to allow a payment to be routed without having to trust third-party intermediaries. We believe this will open a range of possibilities and use cases for XRP, particularly when sending high value, low volume payments cross-border.

    Payment Channels

    The amendment for Payment Channels was originally introduced in version 0.33.0, but is now ready for Payment Channels to be enabled on the production Ripple Consensus Ledger. XRP Payment Channels are intended for high volume, low value payments. They provide a method for scalable, intermittent, off-ledger settlement flowing in a single direction. For bidirectional payment channels, an XRP Payment Channel can be used in each direction. The recipient can claim any unpaid balance at any time before the channel closes. The owner can top off the channel as needed and must wait out a delay to close the channel to give the recipient a chance to supply any claims. The total amount paid increases monotonically as newer claims are issued.

    Dynamic UNL Lite

    At the core of RCL is the consensus process. Through the consensus process, validating nodes agree on a specific subset of the candidate transactions to be considered for the next ledger. Consensus is an iterative process in which nodes relay proposals, or sets of candidate transactions. Nodes communicate and update proposals until a supermajority of peers agree on the same set of candidate transactions.

    During consensus, each node evaluates proposals from a specific set of peers, called chosen validators. Chosen validators represent a subset of the network which, when taken collectively, is “trusted” not to collude in an attempt to defraud the node evaluating the proposals. This definition of “trust” does not require that each individual chosen validator is trusted. Rather, validators are chosen based on the expectation they will not collude in a coordinated effort to falsify data relayed to the network.

    The rippled version 0.60.0 release introduces new Dynamic UNL configuration options, which allow rippled to update its set of trusted validators without reconfiguring and restarting. Instead of specifying a static list of trusted validators in the config or validators file, you can configure a trusted publisher key and a URI where the publisher serves signed lists of validators. rippled will regularly query the configured URIs for the latest recommended list of validators from the trusted publishers. Configuring the validation quorum is no longer required, as rippled will automatically update its quorum based on its current trusted validator set.

    Dynamic UNL Lite is a progressive step towards fully automated dynamic UNLs, to which each client of the Ripple network determines its UNL through policies, rather than trusting a pre-provided list of validators.

    fix1368 Amendment

    Version 0.60.0 also introduces the fix1368 Amendment to fix a minor bug in transaction processing that causes some payments to fail when they should be valid. Specifically, during payment processing, some payment steps that are expected to produce a certain amount of currency may produce a microscopically different amount, due to a loss of precision related to floating-point number representation. When this occurs, those payments fail because they cannot deliver the exact amount intended. The fix1368 amendment corrects transaction processing so payments can no longer fail in this manner.

    These features underline Ripple’s continued support to improving RCL by making it more stable, distributed and scalable for settlement of global payments.

    Upcoming Features

    We do not have an update on the previously announcedSHAMapV2. At the time of activation, this amendment will require brief scheduled allowable unavailability while the changes to the hash tree structure are computed by the network. We will keep the community updated as we progress towards this date (TBA).

    You can update to the new versioncompile the new version from source.

    0.60.0 Change Log

    Bug Fixes



  • Ripple Release rippled Version 0.60.2

    The rippled team has released rippled version 0.60.2, which further strengthens handling of cases associated with a previously patched exploit, in which NoRipple flags were being bypassed by using offers. Ripple requires upgrading to rippled version 0.60.2 immediately. There are no new features in the 0.60.2 release.

    Note: This does not affect XRP transactions.

    Ripple will be following up with a postmortem, explaining the previosuly patched exploit, the timeline of events and the actions taken in more detail at a later date.

    Action Required

    If you operate a rippled server, then you must upgrade to 0.60.2 immediately.

    If you are an individual user, then you should have the NoRipple flag enabled by default and set the trust line limit to zero on gateways that you do not trust.

    If you are an individual user, and you do not have the NoRipple flag enabled, and you discover a negative balance owed to an unknown account, then you should freeze that individual trust line.

    Impact of Not Upgrading

    If you operate a rippled server, but do not upgrade to rippled version 0.60.2, then your server may lose sync with Ripple operated validators more frequently.

    If you operate a rippled validating server, but do not upgrade to rippled version 0.60.2, which prevents NoRipple flags from being bypassed by using offers, then your server will validate some transactions in a payment path that bypass the blocking effect of the NoRipple flag using offers.

    For instructions on updating rippled on supported platforms, see Updating compile version 0.60.2 from source.

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

        commit 7cd4d7889779e6418270c8af89386194efbef24b
        Author: seelabs <scott.determan@yahoo.com>
        Date:   Thu Mar 30 14:25:41 2017 -0400
            Set version to 0.60.2
    

    Bug Fixes

    Prevent the ability to bypass NoRipple flags using offers (#7cd4d78)

    Network Update

    The Ripple technical operations team plans to deploy rippled version 0.60.2 to all rippled servers under its operational control, including private clusters, starting at 2:00 PM PDT on Thursday, 2017-03-30. The deployment is expected to complete within 4 hours. The network should continue to operate during deployment and no outage is expected.

    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.

    Other resources:




  • Ripple  New Features Increase Transaction Throughput to Same Level as Visa

    Image: Shutterstock

    When faced with the issues of today’s antiquated cross-border payment system, we often focus on the difficulties of scalability with banks struggling to handle the amount of transactions, causing it to take three to five days to complete. In a time where you can send a text message to someone across the world in an instant, days can seem like an eternity. Ripple’s hope is that instead of waiting days we can move money the way information is moved today, creating the Internet of Value. But as fintech companies continue to grow, concerns are mounting around scalability and performance. Those who cannot solve these issues by increasing their transaction throughput (measured by transactions per second) to the level of companies like Visa and American Express will be left behind.

    We’re excited to be introducing several new features that improve the Ripple Consensus Ledger (RCL) and Interledger Protocol (ILP), by bringing the Internet of Value to life. ILP can now communicate with RCL to meet the needs of digital assets, traditional payments, and the traditional financial world, creating a network that can interconnect all the world’s value on ledgers. Ripple is now the best suited network to accomplish this.

    The two new features Escrow and Payment Channels, which help to increase the performance and scalability of RCL, became active for all users today. Escrow allows RCL and ILP to communicate to secure XRP for an allotted amount of time or until certain conditions are met. This can be used to hold funds until a service is completed, or until a moment in time such as a birthday. The benefits to Escrow are two-fold:1) it completes this task securely without having to trust intermediaries; and 2) no single institution is in charge of holding the funds. Banks traditionally have done this through the use of a vault, but this is the first readily available feature of its kind that facilitates this for digital assets.

    As digital assets have become more popular, many have realized that these technologies weren’t designed to handle high levels of volume, and as a result the transactions are slowing from seconds to days. To solve this issue, Ripple built their own Payment Channel specifically designed for XRP, the digital asset native to RCL. An XRP Payment Channel allows transaction throughput to increase to tens of thousands of transactions per second, bringing our scalability to the same level as Visa. With the capability to send money as fast as a credit card swipe, XRP Payment Channels have the ability to transform the way people send money and the payments industry as a whole.

    The new features will allow companies to adopt RCL and ILP, and those using the technology will receive the benefits of XRP, providing them with a faster, cheaper experience for cross-border payments.. XRP is the best liquidity option particularly in emerging markets where liquidity is difficult and banking infrastructure is old or non-existent, because it increases flow and enables better usability. This milestone highlights the strengths of XRP, together with ILP.

    Ripple’s long term goal is to make the Internet of Value possible, and in order to accomplish this the right infrastructure must be in place. With the new features implemented, ILP and RCL will provide that necessary infrastructure, unlocking our future for enabling the Internet of Value. The ability to send tens of thousands of transactions per second is not only a massive step toward the IoV, but it continues to help Ripple progress as the category leader in global payments. We look forward to this new world order, where Ripple will propel the financial industry into a new definition of how value is transferred.



  • MUFG Joins Ripple’s Global Payments Steering Group

    MUFG’s banking arm The Bank of Tokyo-Mitsubishi UFJ (BTMU), the third largest bank in the world and largest bank in Japan, publicly announced today that it is joining Ripple’s Global Payments Steering Group (GPSG). As the first Japanese bank joining GPSG, MUFG will join Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC in overseeing the maintenance and enhancement of payment transaction rules and formalized standards for commercial use of Ripple’s network.

    “We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly,” said Brad Garlinghouse, Ripple’s CEO. “While many others continue to play in the sandbox, we’re thrilled MUFG has joined us in our mission to revolutionize payments globally.”

    We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across
    borders, instantly,” said Brad Garlinghouse, Ripple’s CEO. “While many
    others continue to play in the sandbox, we’re thrilled MUFG has joined
    us in our mission to revolutionize payments globally.”

    As one of the largest banks in the world, MUFG is continually looking to utilize fintech to improve customer experience and contribute toward global expansion of financial services. They’ve chosen to partner with Ripple to address the pain points of existing systems and challenges of cross-border payments, including delays, cost, and lack of visibility. Additionally, Ripple’s network is the only blockchain bankers’ network with defined rules, standards and governance for cross-border payments.

    “We are pleased to join Ripple’s Global Payments Steering Group,” said Hirofumi Aihara, General Manager, MUFG Digital Innovation Division. “MUFG is working extensively in fintech to provide better services to our customers and society. Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”

    We’re excited to welcome MUFG to our growing global community, and look forward to our ongoing work together in building the rules and governance of a completely modern payments network.

    To learn more about joining Ripple’s global network, contact us.

    Author,

    David Patterson

    Source:www.Ripple.com

    Donate me (Cowbay) on Following:

    XRP: rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy

    BTC: 1H9AFcYdZb6mt3wDHg1hc2AjnqrXzmv4xo



  • Ripple Hires Former Business Director at SWIFT gpi Marjan Delatinne

    Delatinne joins Ripple as the Sales Director for Europe and will be based in the London office. Image: Shutterstock

    Ripple is thrilled to announce the addition of a new team member, Marjan Delatinne, who will join us as the Sales Director for Europe. Delatinne will lead our sales efforts for financial institutions in Europe. She will sell Ripple’s commercial blockchain solution to banks looking to offer more competitive cross-border payment services and to join Ripple’s growing global network.

    Delatinne joins us from SWIFT where she worked for ten years, most recently in charge of selling their Global Payments Innovation (gpi) offering. She also led EMEA customer engagement for SWIFT gpi. Prior to SWIFT, she worked at Euroclear and the Bank of New York Mellon. With more than two decades of experience in sales leadership roles, Marjan has gained valuable insights into the financial industry and payment infrastructures globally that will be a huge asset to the team.

    We spoke with Marjan to learn more about her experience and what she is looking forward to most at Ripple.

    What initially interested you about Ripple?

    My previous experiences convinced me that the financial industry is in dire need of technology that facilitates faster payments. The industry is looking for modern payments solutions which are built on the latest technology, not outdated infrastructure. Ripple understands how banks function and has adapted to serve them, whereas the incumbents have lost touch with what banks and banks’ customers really want.

    I was also compelled by Ripple’s vision of the Internet of Value – a future in which money moves instantly, inexpensively and transparently. It is such an important initiative to move money the way information already moves, and I want to help facilitate it.

    What about your new role is most exciting to you? What do you think will be the most challenging aspect of your new role?

    What I find most exciting about this role will also be the most challenging: creating a critical mass for a  network, where banks around the world are utilizing Ripple for cross-border payments. It’s a large, ambitious project to take on. Of the blockchain companies in the market, Ripple stands apart with the most advanced blockchain solutions, real customers already moving money, and an extraordinarily talented team. I think we have the key ingredients to make it happen. The journey itself will be exciting and demanding, but I believe we will win, and once this is accomplished we will have revolutionized the payments industry.

    SWIFT’s gpi is seen as a competitive play with Ripple – coming from the SWIFT gpi department, do you view them as competitors?

    This is an interesting question; we can answer this by putting ourselves in our bank customers’ shoes. The financial industry is composed of a variety of players, differing in size, organizational models, technological restrictions, etc. which creates different needs. SWIFT gpi aims to improve the existing infrastructure that banks have already implemented for some.

    On the other hand, I believe that Ripple is offering a completely new and transformative solution by combining the messaging rail with the real time settlement of a payment transaction. This is offering a way for banks to create a better user experience that hasn’t been possible before. Ripple’s goal is to help banks be successful and SWIFT is a bank owned organisation. So I don’t see us as competing against SWIFT.

    What do you think the future of payments and fintech will look like?

    Nobody knows for certain how the future of payments will pan out, but my hope is that Ripple’s vision for the Internet of Value becomes a reality. When we make that happen, it will have far-reaching economic and social impact on the world.



  • Ripple Q1 2017 XRP Markets Report

    n order to continually improve the health of XRP markets globally, we
    will share regular updates on the state of the market including
    quarterly sales, commentary on previous quarter price movement and
    related company announcements.

    Quarterly Sales In Q1 market participants purchased $6.7MM directly from XRP II, LLC*, Ripple’s registered and licensed money service business (MSB). These buyers tend to be institutional in nature and their purchases include restrictions that help mitigate the risk of market instability due to large subsequent sales.

    Market Commentary: A Quiet Start to a Raucous Ending Though Q1 2017 began much in the same way as Q4 2016, quietly, it ended with a dramatic spike in market activity.

    During January and February daily volatility** decreased to 2.47%, significantly lower than Q4’s already stable 3.26%. Average daily volume in those first two months fell to $1.22M, 55% lower than Q4 volumes, and the price slowly moved lower, briefly touching $0.00538 in early March, a level not seen since May of 2016. Much of the decrease in activity could be attributed to the temporary exit of a few prominent market makers, or relative demand for BTC driven by hopes of its ETF approval. Whatever the reason, Q1 2017 was one of the most challenging XRP markets in a long time.

    A bright spot was Bitstamp’s successful launch of XRP for USD, EUR, and BTC currency pairs on January 16th. That alone was not enough to turn the tide however, and XRP markets failed to show much life until March 23rd, what was easily the most significant day of the quarter.

    On March 23, XRP rallied from $0.0072 to $0.0112, a 56% price increase on an impressive $19.7M in volume, a 1103% increase over the average daily volume up to that point in Q1. Clearly something had changed, but why such a powerful shift in sentiment? Though always difficult to discern in real time, in hindsight, a few key developments may have had an impact.

    As the month drew to a close, the Bitcoin scaling debate raged on with no end in sight.

    Throughout the quarter, Ripple, became more vocal about commitment to XRP and the Ripple Consensus Ledger (RCL) as part of its long-term strategy.

    Ripple announced a new relationship with BitGo to build an enterprise wallet, as well as Payment Channels and Escrow, important RCL features that increase transaction throughput to levels comparable with those of Visa’s network.

    Ripple continued to sign up banks to commercially deploy its enterprise
    blockchain solution and join its global payments network. Announcements included the addition of MUFG the world’s third largest bank, 47 banks in Japanand network expansion into the Middle East and India through NBAD and Axis Bank.


    The last point is particularly important. Markets are clearly connecting the dots that banks which join the Ripple network today are prospective users of XRP liquidity in the future. Growing bank membership of the Ripple network creates opportunities for Ripple to deepen those customer relationships and cross-sell liquidity solutions built on XRP, all of which should be beneficial to the asset.

    Lastly, there are a few data points which warrant close monitoring going forward. The percentage of off-ledger trading was only 25.2% in Q4, but that leapt to 71.1% in Q1. Interestingly, and very much related, the percentage of XRP flows that originated from BTC in Q4 was only 45.1%, and that grew to 66.6% in Q1. The data suggest most of the growth in trading volume is coming from off ledger BTC/XRP activity, which supports the theory that the rally in Q1 was driven by market recognition of Bitcoin’s risks, as well as XRP’s advantages.

    Why is this significant? In Q1 2017, XRP grew substantially in both price and volume due to off-ledger inflows via Bitcoin. In order for any asset to be successful it needs ample liquidity, something XRP attracted during the quarter. This was a reassuring sign of progress towards the eventual fiat liquidity XRP requires to ultimately be successful for payments, its natural use case.

    Q2 2017 We’ve put our ear to the ground and have been listening to important feedback from the XRP community. This includes the need for greater visibility and transparency into Ripple’s vision, strategic use cases for XRP, and plans to increase liquidity and decentralization. To that end, we plan to increase our communications cadence to address this feedback. We also look forward to having a large presence at Consensus in New York in May.

    In addition, you may want to watch out for specific announcements in Q2 regarding potential ways to use RCL’s new Escrow feature, as well as our plan to implement a systematic markets operation program designed to add liquidity to the market especially during volatile periods.

    BY,

    Miguel Vias



  • Ten New Customers Join Ripple’s Global Payment Network

    Ripple is proud to announce the addition of 10 new customers to our
    growing global network. These financial institutions include MUFG, BBVA, SEB ,Akbank, Axis Bank ,YES BANK, SBI Remit Cambridge Global Payments, Star One Credit  and  UnioneZforex.com,


    representing some of the world’s largest banks, innovative smaller
    banks, and payment service providers (PSPs). As the only blockchain
    provider that has real use cases and customers using our solution
    commercially, more and more customers are turning to Ripple for
    cross-border payments.

    “The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating,” said Ripple CEO Brad Garlinghouse. “People know Ripple is the only blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”

    Here are just a few examples of how this new group of customers are using Ripple to significantly reduce the time and cost associated with global transactions:

    • BBVA, one of the top 50 largest banks in the world, is using Ripple to enable real-time payments between Europe and Mexico.
    • Digital banking pioneer and one of Turkey’s largest private banks, Akbank, is the first bank in Turkey to adopt blockchain and is a model for other banks who want to make faster cross-border payments without the need for correspondents.
    • Star One is the first credit union to offer Ripple remittances to customers via eZforex.com, demonstrating how smaller banks can lower costs and achieve much greater reach for their customers.
    • Cambridge Global Payments and Earthport are collaborating with Ripple to improve the customer experience, increase the reach and reduce the cost of real-time cross-border payments.

    These ten customers are now among the most forward-thinking financial institutions around the world, who are committed to moving beyond the sandbox and are using Ripple’s enterprise blockchain solution to move real money around the world today.

    Several of the financial institutions commented on their use of Ripple’s blockchain network:

    Hirofumi Aihara, General Manager, Bank of Tokyo-Mitsubishi UFJ, a member of MUFG:

    “We are very pleased to be working with Ripple to provide new types of payments services to change our customers’ experience using the power of the blockchain technology. To demonstrate our commitment to the technology, we are joining the Japan Bank Consortium to collaborate with other Japanese banks move to commercial use of Ripple’s global network. I do believe we can bring our experience from the Japan Bank Consortium to the Global Payments Steering Group.”

    Tolga Ulutaş, Executive Vice President in charge of Akbank Direct Banking:

    “We are excited and happy to be the first bank in Turkey to take the important step of using blockchain technology for international money transfer services. We believe that this new phase in technology will increase speed and transparency for our customers while at the same time reducing costs and providing a higher quality of service.”

    Amresh Acharya, Group President and Head, Global Indian Banking, YES BANK:

    “India is the largest recipient of personal remittances in the world, and as a leading Indian bank with a strong focus on technology, we are glad to partner with Ripple to realize the enhanced efficiencies of blockchain for real time cross-border payments. This partnership is a continuation of YES BANK’s ethos of using state-of-the-art technology intervention to offer a superior banking experience to our customers.”

    Mr. V Srinivasan, Deputy Managing Director, Axis Bank:

    “We are committed to using innovation in technology to make banking simple and convenient for our customers. Remittances have been a key strategic area for us, we at Axis are excited with the tie-up and the potential that the use of blockchain technology could deliver in enabling real-time affordable money transfers. We have commenced work with Ripple and are in active discussions with other Banks on the network to collaborate and test various use-cases across retail and corporate remittances.”

    Paula da Silva, Head of Transaction Services, SEB:

    “We are implementing cross-border payments in real-time over Ripple. For us this is a first step in exploiting the advantages of using blockchain and distributed ledger technology in the payment area. We appreciate our partnership with Ripple.”

    To learn more about joining Ripple’s growing global settlement network, please contact us.



  • Ripple(XRP) Release rippled RPM version 0.60.2-2

    Ripple has released a new rippled 0.60.2-2 RPM that contains an update to the validator-keyssign data with their validator key.

    There are no changes to rippled with this version.

    Action Required

    If you operate a rippled validator server that was set up using validator-keys and would like to sign data with your validator key, then you should update to the rippled 0.60.2-2 RPM.

    Impact of Not Upgrading

    If you operate a rippled server but you don’t update to the rippled 0.60.2-2 RPM, then your rippled instance will continue to operate normally.

    If you operate a rippled validator server that was set up using validator-keys but don’t update to the rippled 0.60.2-2 RPM, then you will be unable to sign data using your validator key.

    For instructions on updating rippled on supported platforms, see Updating compile version 0.60.2-2 from source.

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

      commit 7cd4d7889779e6418270c8af89386194efbef24b
      Author: seelabs <scott.determan@yahoo.com>
      Date:   Thu Mar 30 14:25:41 2017 -0400
          Set version to 0.60.2
    

    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.

    Other resources:




  • Ripple - XRP Liquidity to Deepen with Listings on Six New Exchanges

    Earlier this year we announced our partnership with BitGo to make it easier for banks and payment providers to use XRP for global payments. Today we are pleased to share we have expanded our partnership with BitGo,

    which will see XRP listed on several leading digital asset exchanges:Bitso,Coinone bitbank, and SCI’s BuyBitcoin. Additionally ,AlphaPoint will be adding XRP to their platform so that their exchange customers can easily list XRP, and separately,Quoine’s QRYPTOS exchange will list XRP in Q2 2017.SBI Virtual Currencies also plans to list XRP later this year.

    By working with a greater number of exchanges across different countries to list XRP, we can better serve the growing demand for global payments in both major currency corridors and emerging markets. This is ultimately because the more XRP is traded against different currencies, such as the Korean won (Coinone) and the Mexican peso (Bitso), the more liquid it becomes.

    “Listing XRP on several new exchanges reduces the friction for our customers to send payments into these rapidly growing markets,” notes Asheesh Birla, VP of Product at Ripple. “Within hours our customers can get-up-and-running with payments into a new country.”

    As XRP liquidity increases through these additional exchange listings, cross-border payments become easier for financial institutions to make, particularly in emerging markets. This is crucial because making payments in many emerging market currencies can be costly: it requires multiple currency traders and pre-funded local currency accounts in the destination country – effectively trapping cash. Instead, banks and payment providers can use XRP to settle these payments on demand, and in a highly liquid and low volatility state, XRP could lower liquidity costs for banks by approximately 98 percent.

    BitGo Co-founder & CEO Mike Belshe, commenting on the announcement, said: “Ripple’s momentum in making cross-border payments a reality with XRP is palpable. We’re excited to be working with Ripple, and we’re proud to have been selected by them to help exchanges and their users secure XRP. We expect 2017 will be a very strong year for XRP.”

    XRP is a digital asset with a clear use case – it’s the best digital asset for payments. We are pleased to see the continued demand for XRP via these new exchange listings as it ultimately enables us to provide our customers one frictionless experience to send money around the globe, particularly in those markets that need this service the most. Our ongoing work with BitGo and these new exchanges will allow us to fulfill that commitment and builds on the significant momentum established by XRP’s previous listings on Bitstamp and Kraken.

    To learn more, please visit ripple.com/xrp.




  • Ripple (XRP): The Digital Asset for Payments

    #XRP fastest, cheapest & most scalable digital asset, enabling real-time global payments

    Tweet this

    https://twitter.com/intent/twe...




  • Ripple(XRP) - Does It Matter How I Pay?


    Image: Shutterstock






    There are seemingly many new ways to make payments today. Have you ever wondered when you buy a cup of coffee, “Does it matter if I pay with a smartphone app?” Or, if you are a global company looking to send money overseas, have you asked, “Does it matter if my bank uses a blockchain or distributed ledger solution to connect with the beneficiary’s bank?”

    I am excited to share a new article, “Does It Matter How I Pay?,” that I recently co-authored with Alaina Gimbert, Senior Vice President and Associate General Counsel at The Clearinghouse, and Joseph Torregrossa, Assistant Vice President and Counsel at the Federal Reserve Bank of New York, published in the American Bar Association’s publication, Business Law Today.[1]

    Today, new apps for smart phones, new peer-to-peer payment networks, and new blockchain and ledger systems offer to meet the needs of consumers and businesses in ways that legacy payment methods do not. Our article discusses how payment laws and consumer protections apply — or do not apply — to some of the new ways to pay.

    In considering whether emerging payment methods fundamentally differ from legacy payment systems, we highlight:

    It does matter how you pay; however, the part that matters—from a legal perspective—is not the means of initiation (i.e., payment via mobile app) or infrastructure (i.e., blockchain), but rather who is providing the payment service to the payor and payee and the characteristics of the payment service.

    For example, is the payment service being provided by a bank or by a nonbank payment service provider? Characteristics of the payment method like this one matter because, taken together, they determine the legal framework that applies to the payment — and that ultimately determines the rights and responsibilities of consumers and businesses when they make and receive payments.

    At Ripple, we recognize it can take time to understand and trust new technologies. I am proud of our role in contributing to the broader financial community’s knowledge of blockchain technology, as well as the confidence we have built with our growing global network.

    To learn more about Ripple, please contact us.

    [1] The views expressed in the article are the authors’ own and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.










  • Ripple (XRP) New trading Exchange 

    Bitsane introduces Ripple trading:

    XRP/BTC:https://bitsane.com/exchange/x...



  • Ripple(XRP) Release rippled Version 0.70.0

    Ripple has released rippled version 0.70.0, which introduces several enhancements that improve the reliability, scalability and security of the Ripple Consensus Ledger. Ripple recommends that all rippled server operators upgrade to version 0.70.0 by Thursday, 2017-06-29, for service continuity.

    Highlights of this release include:



  • Ripple(XRP) The Internet of Value: What It Means and How It Benefits Everyone

    Venture capitalist William Mougayar calls blockchain “the second significant overlay on the internet, just as the web was the first layer back in 1990”. When most people think of blockchain, Bitcoin instantly comes to mind. But the potential that excites Mougayar and many others goes far beyond financial transactions made using such digital currencies. It touches on what we at Ripple have for many years called “the Internet of Value.”

    What is the Internet of Value?

    Our vision is for value to be exchanged as quickly as information. Although information moves around the world instantly, a single payment from one country to another is slow, expensive and unreliable. In the US, a typical international payment takes 3-5 days to settle, has an error rate of at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year.

    With the Internet of Value, a value transaction such as a foreign currency payment, can happen instantly, just as how people have been sharing words, images and videos online for decades. And it’s not just money. The Internet of Value will enable the exchange of any asset that is of value to someone, including stocks, votes, frequent flyer points, securities, intellectual property, music, scientific discoveries, and more.

    Blockchain enables value exchange

    Until now, selling, buying or exchanging these assets has required an intermediary like a bank, marketplace (physical or digital), credit card company, or third-party booking service like Airbnb. Blockchain technology, including Ripple’s solution, allows assets to be transferred from one party directly to another, with no middleman. The transfer is validated, permanent, and completed instantly. At last value will be able to move around the world as information does.

    Investment management service, Rathbones summarizes this potential as:

    “…promising to do for value what the internet has done for information:
    decentralise control, remove asymmetries, and change the way we transact
    and interact with everything. From money transfers and asset trading,
    through healthcare provision and music downloading to collaborating and
    sharing of resources, blockchain promises to enable, empower and
    revolutionise. And disrupt.”

    We’re already seeing significant applications of blockchain in the real world. Nasdaq is using it to help firms manage shares. 

    The Baltic nation of Estonia is securely storing the healthcare records

    for more than one million of its citizens on distributed databases,
    Japanese airline Peach Aviation recently became the third commercial
    carrier to accept cryptocurrency as payment for flights,

    while the musician Imogen Heap built her own blockchain to release a single directly to her fanbase.

    Connecting blockchains is the key

    At the moment, there exists a multitude of competing blockchains which do not necessarily connect with one another, so assets cannot be exchanged like information just yet. For the internet of value to become a reality, industry standards must be adopted in order to homogenize the world’s different financial systems.

    This is why Ripple, along with a growing community of financial institutions and payments providers, support Interledger Protocol (ILP), which standardizes how to instantly settle transactions across different ledgers and networks. ILP can be thought of much like the protocol HTTP used in web address that became the global standard for online information exchange.

    Critically, ILP can allow all assets of value – including cryptocurrencies like XRP, existing currencies like the euro or US dollar, and other securities (stocks, bonds, and commodities) – to be exchanged by people.

    Ripple’s vision for the second era of the internet

    At Ripple, we believe the most significant benefit of the internet of value will be for payments. We provide one, frictionless experience to send money globally using the power of blockchain. Making cross-border payments faster, cheaper, and reliable will bring major benefits to consumers, businesses, banks and governments, while also introducing a standard protocol for how every institution and individual connects across various networks to exchange data. Doing this will:

    • Connect billions of people around the world to transact
    • Give rise to entirely new businesses and industries
    • Increase financial inclusion for millions of underbanked consumers

    We believe this process of standardization will have a transformative impact on our world comparable to the way the shipping container standardized commerce in the 1950s and drove globalization, or how the standardization of web protocols in the 1980s gave us the digital information economy we know today.

    Let the second era of the internet begin.

    To learn more about the banks using Ripple’s solution to send real-time global payments, please contact us.

    By,

    Shanna Leonard



  • Ripple - Nine Things You Need to Know About XRP

    Over the past few months, the world’s most famous digital asset, bitcoin, has had its share of the overall digital asset market capitalization drop by nearly half , from 80% to just over 40%. This is largely due to the rise of other digital assets that have driven the market’s total cap to break the $100 billion barrier.

    Of these new assets, XRP is the one that is really turning the heads of market watchers and financial institutions. Since January, its value has surged from $0.006 to $0.30 by the end of May, while its growth of nearly 6500% since the start of 2016 compares favorably against bitcoin’s 700% increase. Through its holdings of XRP, Ripple is now one of the most valuable startups in the US, after Uber, Airbnb, Palantir and WeWork.

    Yet, like all digital assets, XRP is often a source of confusion, mystery and speculation. So, let’s clear the picture with 9 things you need to know about XRP.

    1.   XRP is the only digital asset specifically designed for financial institutions and payment providers

    A lot of digital assets lack a clear purpose. They may be used to store value, purchase commodities or for consumer transactions, but were not created with a single explicit application in mind. By contrast, XRP is specifically about the transfer of value and built for enterprises, making it one of the few digital assets with a real, clear use case behind it.

    2.   It acts as a bridge between fiat currencies

    Some digital assets, like Bitcoin, aim to replace existing government-backed currencies. XRP works with fiat currencies on more than ten digital exchanges to help transfer value across borders quickly and efficiently. For example, a Mexican company needing to pay a supplier in Korea today would either need to pre-fund an account in Korea or go through a foreign exchange provider like a bank. Both options are expensive and slow. With XRP, the company’s Mexican bank or local payment provider allows the company to make the payment instantly and on demand. With no account pre-funding or foreign exchange fees, XRP makes for a faster, cheaper settlement.

    3.   XRP enables faster, cheaper and more reliable cross-border payments

    XRP offers banks and payment providers a reliable, on-demand source of liquidity for cross-border payments. Today, it takes about 3-5 days to send money from one country to another through a bank, which usually involves high fees the risk of the payment being delayed (or never go through altogether). Alternatively, businesses can pre-fund nostro accounts in the recipient’s country, which ties up capital. XRP is part of a solution that fixes all these shortcomings,with an average settlement time of 4 seconds, at a fraction of the cost. By allowing financial institutions to source liquidity on demand, in real time, without having to pay foreign transaction fees or pre-fund nostro accounts, XRP will help them to expand into new markets, lower foreign exchange costs and provide faster payment settlement for its customers.

    4.   It is part of an overall network solution for faster cross-border payments

    Ripple is committed to solving the issues with cross-border payments and create an Internet of Value where we move money as efficiently as we exchange information. Our solution involves creating a common standard for payments and using XRP as the digital asset that will bring together currently disconnected ledgers and blockchains.

    5.   XRP operates at a scale and speed far greater than Bitcoin

    Bitcoin can process up to seven transactions per second, any of which can take more than two hours to clear. Compare that with a traditional payments service like Visa that averages 2,000 transactions per second and you can see that Bitcoin does not have the scalability to meet typical customer demands. The XRP Ledger processes more than 1,000 transactions per second and can scale to the same throughput as Visa, all in real-time.

    6.   It is secure

    The XRP Ledger is where XRP transactions occur and are recorded. It is an open-source code base that is supported by a community of trusted validators and a team of full-time engineers that actively develops and maintains the ledger. Since day one, we’ve made the XRP Ledger more resilient and resistant to a single point of failure by decentralizing it, a process that continues today.

    7.   XRP is more sustainable than mined digital assets, like Bitcoin

    Bitcoin is a mined digital asset, meaning that new coins are constantly created by huge datacenters processing complex math problems, or “proof of work”. This inefficient system demands massive amounts of electricity – the cost of producing one coin could power 3.67 US homes for a day – and has been called “unsustainable”. XRP is not a mined digital asset so every single unit of the currency that exists now has already been created, with most owned by Ripple (55 billion of which is held in escrow) and the rest held by companies and individuals.

    8.   XRP is the future

    It’s a question of WHEN, not IF, banks and other financial institutions begin using digital assets in their day-to-day business operations and it will be interesting to see who the winners and losers in the digital asset space will be. We are confident that XRP will succeed because it has a purpose – enabling financial institutions to send money across borders quickly, cheaply, and easily – that is relevant to businesses and consumers everywhere.

    9. It’s easy to buy

    There are different ways to buy XRP depending on who you are. If you’re a financial institution, it’s best to contact Ripple directly. If you’re an individual investor, you’ve got many ways to buy – you can visit any one of the digital exchanges that lists XRP and do it that way.



  • Ripple (XRP) Release rippled version 0.70.1

    The rippled team has released rippled version 0.70.1, which corrects a technical flaw in the newly refactored consensus code that could, in rare cases, cause a node to get stuck in consensus due to stale votes from a peer. Ripple requires upgrading to rippled version 0.70.1 immediately.

    There are no new features in the 0.70.1 release.

    Action Required

    If you operate a rippled server, then you should upgrade to 0.70.1 immediately.

    Impact of Not Upgrading

    • If you operate a rippled validator server, but do not upgrade to rippled version 0.70.1, then your rippled validator server could experience increased loss of synchronization with the network.

    For instructions on updating rippled on supported platforms, see Updating compile version 0.70.1 from source.

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

    commit 3bfd9de6779994e5bbbba864791429e2f7360947
      Author: Nik Bougalis <nikb@bougalis.net>
      Date:   Wed Jun 28 07:15:07 2017 -0700
            Set version to 0.70.1
    

    (Note: a previous version of this announcement incorrectly reported the version-setting commit ID as 5044f2354cbf39c52f6ff910fdff368b9801ef67.)

    0.70.1 Change Log

    • Allow compiling against OpenSSL 1.1.0, which allows compiling under the latest version of Fedora. (#2151)

    Bug Fixes

    • Log invariant check messages at “fatal” level (#2154)

    • Fix the consensus code to update all disputed transactions after a node changes a position (#2156)

    Network Update

    The Ripple technical operations team deployed rippled version 0.70.1 to all rippled servers under its operational control, including private clusters, on Sunday, 2017-07-09.

    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.

    Other resources:



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