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GiantGox

MUFG coin integrates Ripple?

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@GiantGox

The thought has crossed my mind several times. It seems unlogical for MUFG, having Ripple in such close proximity, not to use their expertise, technology (including the patented part) as well as SBI's roadmap. It could have huge implicantions if this would all get further intertwined. Actually unstoppable if you ask me..

Edited by Amigo

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22 minutes ago, GiantGox said:

The diagram indicates that the system integrates MUFG coin and RC-Cloud (Ripple).

Where does it indicate that? I do not see this to be honest. I am also wondering how MUFG interacts with Ripple. Is MUFG then a IOU on XRPL? Is MUFG served on its own ledger and only crosses XRP via ILP eventually? Somebody smarter and more informed than me may chime in here. 

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5 minutes ago, xh3b4sd said:

Where does it indicate that? I do not see this to be honest. I am also wondering how MUFG interacts with Ripple. Is MUFG then a IOU on XRPL? Is MUFG served on its own ledger and only crosses XRP via ILP eventually? Somebody smarter and more informed than me may chime in here. 

https://translate.google.co.jp/translate?sl=ja&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fpr.fujitsu.com%2Fjp%2Fnews%2F2017%2F10%2F10-2.html&edit-text=&act=url

Because this is a joint project between MUFG and Mizuho Bank and Sumitomo Mitsui Banking Corporation.

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This is the first example of many to come this year where FIAT moneys will start to get on steroids to face the challenge from cryptos.

I expect more of such implementations to be announced. I see the MUFG-coin as competition to cryptos. Maybe a market maker like @tulo can give more insight about that but if there is a stable coin like this to use as a market maker in a similar way cryptos are used today they will take a lot of space displacing cryptos to smaller markets. Specially if those stablecoins can be moved overseas.

 

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I have always had the impression that MUFG's coin is a proprietary blockchain, a-la Hyperledger Fabric. 
The whole point of the coin being clearing among participating institutions (see SBI's regional tokens initiative). 

I would think, the only place the coin and xrp would meet is at exchange (see SBI VC for example). 

Regardless, I haven't seen a decent volume of any peculiar token on RCL recently that would look like MUFG's coin, or any bank's coin for that matter. 

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4 minutes ago, Graine said:

I have always had the impression that MUFG's coin is a proprietary blockchain, a-la Hyperledger Fabric. 
The whole point of the coin being clearing among participating institutions (see SBI's regional tokens initiative). 

I would think, the only place the coin and xrp would meet is at exchange (see SBI VC for example). 

Regardless, I haven't seen a decent volume of any peculiar token on RCL recently that would look like MUFG's coin, or any bank's coin for that matter. 

Japan’s Largest Bank MUFG Will Open Cryptocurrency Exchange: Local Reports
https://www.ccn.com/japans-largest-bank-mufg-will-open-cryptocurrency-exchange-local-media-reports/

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The report originally published in Japanese also said users will be able to withdraw money from their bank accounts into an app on their smartphones. The money will be converted at a rate of one MUFG coin to 1 yen.

So basically similar to tether. But backed by Japan.

 

Edited by Essq

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12 minutes ago, GiantGox said:

Japan’s Largest Bank MUFG Will Open Cryptocurrency Exchange: Local Reports
https://www.ccn.com/japans-largest-bank-mufg-will-open-cryptocurrency-exchange-local-media-reports/

I know. But still, no news indicates that the coin will be an IOU on RCL. Seeing how Ripple is forsaking the IOU part of RCL and focuses on XRP-XRP and off-ledger settlement, I'm more inclined to believe in proprietary blockchain effort. 

Unless, of course, you know some insider info and this is your way of telling us. 

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10 minutes ago, Graine said:

I know. But still, no news indicates that the coin will be an IOU on RCL. Seeing how Ripple is forsaking the IOU part of RCL and focuses on XRP-XRP and off-ledger settlement, I'm more inclined to believe in proprietary blockchain effort. 

Unless, of course, you know some insider info and this is your way of telling us. 

Yes, I really think the advent of ILP makes IOUs on the RCL obsolete. I mean RCL does allow trading of IOUs on a resilient distributed platform, but all the third party risk is still there, and most ledger operators would rather conduct the trades over their own systems.

Edited by corak

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3 minutes ago, Graine said:

I know. But still, no news indicates that the coin will be an IOU on RCL. Seeing how Ripple is forsaking the IOU part of RCL and focuses on XRP-XRP and off-ledger settlement, I'm more inclined to believe in proprietary blockchain effort. 

Unless, of course, you know some insider info and this is your way of telling us. 

yeah, i feel like RXL/XRPL IOUs dont matter so much in a world of Interledger

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48 minutes ago, Graine said:

I know. But still, no news indicates that the coin will be an IOU on RCL. Seeing how Ripple is forsaking the IOU part of RCL and focuses on XRP-XRP and off-ledger settlement, I'm more inclined to believe in proprietary blockchain effort. 

Unless, of course, you know some insider info and this is your way of telling us. 

No, I don't have any insider information.

They said that the users don't need to have bank accounts to use the smartphone app.

It means that they use 2 different system for payments and settlement.

Like this.

fujitsu-smartphone-app-english2.thumb.png.09a70ba37bf5c0904a802a42bc5004b7.png

And the smartphone app is same as what SBI Ripple Asia introduced on TV.

So they obviously use Ripple.

Quote

The bank is also developing automatic teller machines to enable consumers to withdraw MUFG coins onto their phones, the Japanese newspaper said. The ATM is expected to be rolled out by spring 2018, and will also enable users to change MUFG coins into cash.

https://ca.reuters.com/article/technologyNews/idCAKCN0Z02KE

I have more information, but it's all written in Japanese.

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