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I would like to invite you to read my latest blog post in the XRP Community Blog. https://xrpcommunity.blog/el-salvador-surfing-the-iov/ I am originally from El Salvador, an economy where remittances stack up to nearly 20% of its GDP. I haven't lived there for about 6 years and every time I have to send funds back home, I wish I could do it by sending XRP. Unfortunately digital assets are still not regulated there despite the huge impact these would have in the national economy. The possibility of allowing additional income for remittance recipient families in my country and the rest of the developing world is the #1 reason why I want XRP and the Internet of Value to succeed. Thank you in advance for your time!
So, I have been reading up on a few Alt-coins and one in particular sparked my interest: Dent wireless. Basically, without getting into the weeds, it allows for the sale and purchase of cellular data worldwide. Apparently they have also cut deals with some major telecoms. I have not used their app personally but some people online claim it works. That being said, the more I thought about it, the more I realized that the platform, if it ever gained steam, could be a potentially powerful pathway for small remittances, possibly better even than Ripple (at least in theory). The benefit of a crypto tied to a commodity (cell data) that so many people have, need, and use, is that the system has built in liquidity. Not only that, but it is distributed liquidity, which means no need for large scale market makers. Here is an example: I live in Hong Kong and want to send money to my cousin in Manila. I can simply sell extra data from my phone in exchange for dent, or simply buy data at any bodega, upload it, and trade for Dent. I can then send the dent to my cousin instantly. He can then trade the dent for local data and in turn resell that, to a shop owner for example. While this scenario requires at least a number of people using the app in each country, the barriers to entry are extremely low, much lower than being a market-maker in XRP or BTC. I say this because any bodega or shop owner can act as a market maker if they can sell data. Because the app allows instant transfer, almost anyone in the country could act as a market maker if they wish to. I may be missing something in the details here so please feel free to weigh in.
Somebody on Reddit clued me in to the connection between SBI Remit and Moneygram. I hadn't had a chance to look through SBI's Q2 report, and guess what it had in there? This little, inconspicuous piece: If you have any doubt just how big this is, go here and put in your zip code. I did and I almost fainted. Oh, and BTW... these guys have 25,000 agents in Africa!