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Kaaru

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Everything posted by Kaaru

  1. RippleNet solved SWIFT's transaction speed and high costs challenge, right? It did so through a blockchain-powered network. However, RippleNet is at the mercy of the banks, if they refuse to use it, then Ripple loses its primary clientele. What I meant was, SWIFT and the powers behind it could just as easily develop their own blockchain-powered network. After all, the technology is not exclusive to Ripple. This way, they can keep enjoying their centralized system with the benefits of the blockchain. As a matter of fact, SWIFT has already started working on a new initiative it calls the Global Payments Innovation Initiative and one of the subprojects is a blockchain network which is in its pilot phase which if you go through the details on their website, it's a response to RippleNet. I hope this makes a bit more sense of my earlier opinion @Gepster
  2. Hey everyone, I wrote the quoted article on The Merkle and I'm happy to see it's evoking a discussion. However, I would like to clarify a few things. First, the issue is not purely financial @Chris_Reevesand @Malloy . While banks prioritize making money, geopolitical power is just as important. Banks and governments are closely intertwined as I'm sure you all know and with SWIFT, each could have its way - the government exercising political power and banks earning from the high transaction fees. With RippleNet, as with all other blockchain projects, the power is being given back to the people. This may not sit well with the establishment. This was why towards the end of the article, I suggested that in the not-so-far future, this conglomerate of top banks may develop their own centralized blockchain platform which they can still use to strong arm renegades. Second, my aim was not to discredit the progress Ripple has achieved. It was purely to highlight the other factors at play. While Ripple is really working on bettering their network as has been highlighted by @King34Maine the factors at play are not strictly academic. But I agree with you Maine, the update will go a long way in making Ripple a more lucrative option for banks
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