Ripple’s Big Plans for 2020: XRP as a Medium of Exchange & Not as a Speculative Investment

  • XRP price drops on Sept. 2017 level on Dec. 27th But seeing much development especially in Japan
  • Big banking executives went from skepticism to advocacy about digital assets
  • 2020 Ripple will be focused on new utility and use cases for XRP & new products to come

2019 is just about to come to an end. The year saw cryptocurrencies experiencing tremendous growth and first-ever working President, Donald Trump, tweeting about Bitcoin and cryptocurrencies. As Ripple CEO Brad Garlinghouse said, that moment couldn’t have been predicted.

For the third-largest cryptocurrency, price wise it has been a bad year. XRP dropped to a new low to $0.186 on Dec. 27, a level last seen in late Sept. 2017 during the bull run.

Down 95% from the all-time high, XRP is currently trading at $0.194, as per Coincodex.

2019 was a Big Year

XRP price might only be going down but the cryptocurrency is seeing much development especially in Japan.

“In Japan, almost every bank has started to work with XRP, what you may know as Ripple,” said David Jevans, CEO of CipherTrace.

Also, as Garlinghouse shared in the special holiday episode of The Ripple Drop, Ripple bagged MoneyGram in 2019 that uses the digital asset XRP to move funds. The transition from the skepticism towards digital currencies among MoneyGram executives to advocacy has been an ‘aha’ moment for Garlinghouse.

2019 saw the number of companies using XRP growing to 17 including TransferGo, Interbank, Euro Exim Bank, MoneyGram, Bitso, Bittrex, Bitstamp, FlashFX, Viamericas, Bitrue, Mercury FX, Coins.ph, goLance, Nium (formerly InstaReM), SBI Virtual Currencies, Catalyst, IDT, SendFriend, and Cuallix.

What was surprising in 2019 was how quickly people went from not caring about privacy to very concerned about how much Facebook and Google own their private data, shared Asheesh Birla, SVP of Product at Ripple.

Privacy he said became a mainstream topic of discussion in 2019 when it could have taken a lot longer.

XRP as a Medium of Exchange

Cryptocurrencies have been in existence for a few years now but they are still a speculative asset. Especially for XRP, it isn’t to fund the company either as Ripple CTO David Schwartz clarifies.

“Nobody buys XRP to give Ripple money to do things. We were vc/angel funded and were going to build regardless. We started selling XRP only after there was a market price and for negligible amounts compared to our other funding.”

However, now the company is focused on becoming a medium of exchange, “Our vision is to use digital currencies as a medium of exchange, not as a speculative investment,” said Ripple’s CEO in Brazil, Luiz Antonio Sacco.

The company is working towards expanding partnerships with Brazilian banks by 2020 as demand for cheap and instant solutions in the international remittance market grows rapidly.

In October, Ripple invested in Bitso to expand operations in Latin America with a focus on Brazil.

Now Big Things Coming for 2020

Going into 2020, the Ripple team is expecting big things.

Garlinghouse sees continued consolidation in 2020 as there is no need for 3,000 cryptocurrencies and 99% will eventually go away.

Breanne Madigan, head of the Global Institutional Markets at Ripple meanwhile is excited to build on On-Demand Liquidity (ODL) that leverages XRP.

“We here at Ripple are focused on new utility and use cases for XRP through our Xpring initiative and we are excited about new products to come in 2020,” projected Madigan.

Another thing that Ripple will focus on next year is fake volume as Madigan said, “We think about a lot in the Ripple, and we have made some noise about it is the persistence of fake volumes in the industry.”

As for, in the next decade, Ethan Beard, SVP of Xpring sees cryptocurrencies replacing the underpinnings of the infrastructure of the finance industry.

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Author: AnTy

US Space Authority, NASA, to Hire Data Scientist with Blockchain and Crypto Asset Knowledge

The new data scientist position published on LinkedIn on Sept 21 terms having blockchain and cryptocurrency knowledge a ‘plus’.

As the world moves towards new technologies, there seems to be an increasing interest in blockchain-based skills in the hiring departments of traditional heavyweight companies in various industries. The latest job listing from NASA shows an affinity to blockchain and cryptocurrency knowledgeable applicants.

The aerospace and aeronautics company is looking for a data scientist to work in NASA Jet Propulsion Laboratory Company in Pasadena, California. The data scientist selected is expected to conceptualize and develop innovative applications for the laboratory and conduct earth orbiting missions. Furthermore, the scientist will become a member in a team of other scientists who make up the JPL’s Innovation Experience Center (IEC).

NASA Places Priority on Blockchain

The job requires a number of technical qualifications including proficiency in Cloud Computing and Big Data, knowledge in deep learning frameworks and major frontend frameworks such as Node, D3.js, Flask, Vea and React. While all these skills are expected on the job, listing blockchain and cryptocurrency knowledge comes as a shock to the community.

The company post states having skills in the field as a bonus qualification on the job. It reads,

“Experience with cryptocurrency and Blockchain is considered a plus.”

An Affinity to Blockchain

In the past few months, NASA has shown its affinity to blockchain as the company announced a number of projects to be built using the decentralized technology. In early January, the company announced its plan to build a blockchain solution to manage the air traffic and security. The open source platform enhances aircraft privacy and anonymity while providing a secure and efficient method for communication between air traffic officials.

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Author: Lujan Odera

Justin Sun Announces Upcoming Staking Plan for Tron Partners

Tron is now introducing a new staking incentive plan, announced Tron CEO, Justin Sun on Sept. 21.

This upcoming staking plan, Sun says would involve a fair, decentralized distribution of staking revenues.

For each block, Sun explains, the most voted 127 nodes that is Tron partners will receive TRX rewards in proportion to the votes they receive.

The maximum reward for one block is 160 TRX.

What does this Mean for Tron Network

The idea behind this is to encourage greater user participation and smoother engagement with staking from more exchanges, wallet, and partners.

Furthermore, greater turnout and higher stake ratio across the network, Sun says will bring about a more active community and a more robust network economic system.

This will also increase the lock-up amount from users within the TRON ecosystem, he said.

The long list of benefits of this staking just doesn’t end here.

Sun further states how this TRX incentive plan means fewer unnecessary dividend distribution transactions that will lead to less bandwidth consumption and greater network robustness.

The staking plan for Tron partners would also result in more Tron nodes and partners including increased global and community participants which mean greater decentralization of Tron network.

“A foundation for more complex consensus and incentive plans, signaling more possibilities for future development,”

Sun said.

With Great Rewards, comes Great Responsibility

With cryptocurrencies today trading 70 to 90 percent below their all-time high, staking is becoming a popular way to make easy money, in some cases coin holders score up to 30% rewards.

Coins like PundiX — leading with 18.46% yield, IOStoken, Cosmos, Waves, Qtum, VeChain, NEO, NEM, and EOS are coins that offers staking rewards.

However, staking is not just about making easy money, it has become a powerful incentive for participating in governance.

So, it is vital that coin holders understand the responsibility that comes with locking up their digital currencies.

In other news, MakeDao’s Dai stablecoin will be implemented on the Tron through Loom Network, a layer second scaling solution for the Ethereum blockchain.

Loom believes moving dai — the largest DeFi token with more than $337 million locked away in contracts — to other chains will help it grow.

Price wise, TRX is up 2 percent in the last 24 hours while trading at $0.017 as per Coincodex.

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Author: AnTy