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Ripple expandability as blockchain

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Recently, i was talking(more likely just had few comments replies) with some blockchain experts in Korea via tech community and he mentioned that ripple blockchain is specially limited for its use case as now, bridging currencies and solving international remittance problem. Well... in fact all blockchain is made for their use cases, what developers intended to do with blockchain. But later it just raised me a question "is ripple as blockchain can be expandable to other functionalities?" 

First i thought it is possible as "sbi ripple asia" is leading consortium in japan to brining blockchain tech to security brokerage. But as far as i remember, no one confirms this blockchain is ripple blockchain(XRPL) that i know of.. or building new blockchain but having some advice from ripple.

And i started to dig up xrpchat and some of noticeable finding are as below

Hodor once mentioned, he wrote down all use cases with RCL(XRPL) can do. 

On 5/21/2017 at 10:12 PM, Hodor said:

Beware of the Cynic

It's tempting to think that cynical posters here on the forum have some sort of insight that you do not.  After all, popular culture and television often
portrays intelligent heroes as those that are the MOST cycnical.  Look at the character of Sherlock Holmes played by Jonny Lee Miller on "Elementary" with Lucy Liu.   It's one of my favorite shows.  Or the character of Dr. Gregory House playbed by Hugh Laurie.  

Sherlock.jpg.7bb423a7961b9db44bcb091863fab7a3.jpgHouse.jpg.3f20f152badc82c9461ef695a343c271.jpg


Both of these heroes have one thing in common: they are dripping with clever sarcasm.  So it becomes an automatic reaction for us when we read something positive to dismiss it out of hand as "fluff" or "advertising".  

So what happens when we truly encounter a new technology that is transformative and promising?  

There's a risk that we might automatically dismiss its proponents as nothing more than "fanboys" or "trumpeters" trying to make something sound good when it really isn't.  In its early years, was Google identified as an incredible buy?  Amazon?  Ebay? No, not in an obvious sense.   To make money on each of those, it required investors to look beyond the skepticism - and the unbridled enthusiasm - of the market at the time, and delve deeper into the facts.  

Transformative Use Cases

As an investor in the crypto-currency space, you must educate yourself on the other choices available, and compare them.  To do that, you need to look at the real use cases behind each of the crypto-currencies.  I won't get into a lot of the use cases for the other tokens or coins, but feel free to post in response.  Here's a few use cases I jotted down for XRP:

From Ripple (source: https://ripple.com/xrp/ ):

  • Liquidity for Banks in Replacement of Nostro Accounts
  • Forex
  • Near-Instant Payment Settlement
  • Cross-Currency Payment Settlement
  • Escrow

From the Industry (source: http://www.bankingtech.com/775302/bank-of-england-teams-with-ripple-for-cross-border-payments/ ) :

  • Real-Time Gross Settlement for Central Banks

From Ripple (source: https://ripple.com/build/payment-channels-tutorial/ )

  • Payments for things that can be transmitted near-instantly, like digital items
  • Payments for inexpensive things, where the cost of processing a transaction is a non-trivial portion of the price
  • Payments for things normally bought in bulk, where the exact quantity desired is not known in advance

From XRPChat Members:

Generic "Immutability" type use cases (source: http://www.computerworlduk.com/galleries/security/bitcoin-blockchain-what-else-could-it-be-used-for-3628558/ ):

  • digital music rights
  • Land titles
  • Identity Provisioning Services
  • Supply Chain Information
  • Online Voting  
  • Recording NASDAQ Trades
  • Smartcard Payments
  • Tracking government payments
  • Decentralized Exchange

Let me know if I've missed any.  Based on the above list, we're on track for extremely high usage of XRP.  

In the case of truly transformative tech, place your bets while it's still cheap, and buy XRP!  :victory:

 

And Joelkatz once mentioned "people are welcome to use XRP for any application they would like"

 

On 5/27/2017 at 8:06 AM, JoelKatz said:

I often get asked a question like "Does Ripple support X" where X is something people often pitch Bitcoin for. And the answer is that unless the X is international payments, Ripple probably doesn't have a go to market strategy, a marketing team, partnership agreements, revenue targets, a supported software product, and so on. But, of course, people are welcome to use XRP for any application they would like. And they may find that the lower transaction fees, faster confirmation, and additional features (such as multisign, key rotation, arbitrary assets, community credit, and so on) are valuable to them. We're absolutely thrilled to see that happen. I would love to see organic growth around XRP.

So is that meaning anyone who has interest can build up any kind of things with XRPL such as what hodor mentioned on other thread, healthcare (what ibm does), real-estates(IBREA),  and even storage (Sia, storj) streaming (livepeer) but just ripple as company is only focusing just one use case international remittance .. right? @JoelKatz @nikb @Hodor

I want to show answer from one of the ripple developer that they do not limit XRPL as What Korean blockchain expert claims....

Thank you in advance.

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17 minutes ago, MDBK said:

Recently, i was talking(more likely just had few comments replies) with some blockchain experts in Korea via tech community and he mentioned that ripple blockchain is specially limited for its use case as now, bridging currencies and solving international remittance problem. Well... in fact all blockchain is made for their use cases, what developers intended to do with blockchain. But later it just raised me a question "is ripple as blockchain can be expandable to other functionalities?" 

First i thought it is possible as "sbi ripple asia" is leading consortium in japan to brining blockchain tech to security brokerage. But as far as i remember, no one confirms this blockchain is ripple blockchain(XRPL) that i know of.. or building new blockchain but having some advice from ripple.

And i started to dig up xrpchat and some of noticeable finding are as below

Hodor once mentioned, he wrote down all use cases with RCL(XRPL) can do. 

 

And Joelkatz once mentioned "people are welcome to use XRP for any application they would like"

 

So is that meaning anyone who has interest can build up any kind of things with XRPL such as what hodor mentioned on other thread, healthcare (what ibm does), real-estates(IBREA),  and even storage (Sia, storj) streaming (livepeer) but just ripple as company is only focusing just one use case international remittance .. right? @JoelKatz @nikb @Hodor

I want to show answer from one of the ripple developer that they do not limit XRPL as What Korean blockchain expert claims....

Thank you in advance.

My thoughts:

Ripple as a company is trying to focus only on Payments problem.

Why?

Because its a multi-trillion dollar problem.

Cross border remittance is alone 27 trillion problem.

Current payment system is expensive and slow, So I guess Ripple wants to just focus on 1 problem and be efficient in solving that problem.. They are way ahead of competitors.. Before 5 years no one could have though that Central banks will adapt blockchain technology.. I think banks are adapting blockchain much faster and most of them will start using XRP..

Ripple was placed itself as a established and trusted entity in the Payments sector. So going forward once they solve Payments problem, they will start focusing on other use cases that has a good market potential.

I truly believe in Ripple's strategy.

I don't believe in a company that says that I can solve N number of problem.. 

"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times." - Bruce Lee

Ripple has been just keeping their focus on solving the payments problem is what makes them unique in the game field. 

Also they made investment in a start-up called Omni few months back, I am not sure what is their idea about it. But I am confident that they should be having some surprises..

 

 

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I believe that SBI is involved in insurance also, and they are very enthusiastic and committed to Ripple/XRP. We'll likely see something come into the insurance arena from that partnership, IMO.

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5 hours ago, MDBK said:

with some blockchain experts in Korea via tech community

I suggest you name them

5 hours ago, MDBK said:

Recently, i was talking(more likely just had few comments replies) with some blockchain experts in Korea via tech community and he mentioned that

First it was experts, pluralis, then it was just one a "he" singularis.

Grammar is important . . . as mr Holmes surely had deduced reading your post.

So @mdkb what is your mission with that OP? Lacking knowledge or trying to FUD with way too many words?

Edited by zenkert

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@mdkb I wrote a mini-series for an application of RippleNet for the Risk Markets here.

I will write a detailed outline for an application of RCL to Real Estate Rights at some point and share. Before Ripple ever existed, I had done a few years of work on how to structurally reduce Liquidity Risks in the Real Estate markets. Real Estate Rights are huge, maybe bigger than Ripple & Payments; maybe not, but ummmm IDK both are absolutely huge opportunities.

One of the generally valid business models for blockchains IMHO, is addressing Liquidity Risks. Ripple is addressing Liquidity with XRP (reducing nostro/vostro capital risk) in the FX payment markets. A few other blockchains are functionally are doing the same thing, but dont seem to realize it yet.

Liquidity as a challenge is uniquely communal, & blockchain as a solution is uniquely communal... yet Liquidity Risk is not unique to any single market, opportunity knocks.

These are transaction networks, Flow, aka "Liquidity" (or flow of whatever the network does) must flow through the network for the network to be successful.

Edited by KarmaCoverage

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Sorry if i confuse you. 

It is single expert that i talked and bunch of others together. I know him as expert because he’s been sharing insider’s info(at least for within Korea) for long time. And been around quite a few conferences around world. It is anonymous community and he, personally doesn’t like crypto, but sees future in blockchain.

I am not here to spread FUD. I am also hodler and wants to stop spread FUD. And if you felt that i am here to spread FUD due to my grammar, Please kindly forgive my english as it is my second language. I should mention it at the first time.

My whole purpose of this post is to check and show how wrong that Korean expert is. As i could find some thoughts of xrpl use cases by xrpchat community.

1 hour ago, zenkert said:

I suggest you name them

First it was experts, pluralis, then it was just one a "he" singularis.

Grammar is important . . . as mr Holmes surely had deduced reading your post.

So @mdkb what is your mission with that OP? Lacking knowledge or trying to FUD with way too many words?

 

Edited by MDBK

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36 minutes ago, KarmaCoverage said:

@mdkb I wrote a mini-series for an application of RippleNet for the Risk Markets here.

I will write a detailed outline for an application of RCL to Real Estate Rights at some point and share. Before Ripple ever existed, I had done a few years of work on how to structurally reduce Liquidity Risks in the Real Estate markets. Real Estate Rights are huge, maybe bigger than Ripple & Payments; maybe not, but ummmm IDK both are absolutely huge opportunities.

One of the generally valid business models for blockchains IMHO, is addressing Liquidity Risks. Ripple is addressing Liquidity with XRP (reducing nostro/vostro capital risk) in the FX payment markets. A few other blockchains are functionally are doing the same thing, but dont seem to realize it yet.

Liquidity as a challenge is uniquely communal, & blockchain as a solution is uniquely communal... yet Liquidity Risk is not unique to any single market, opportunity knocks.

These are transaction networks, Flow, aka "Liquidity" (or flow of whatever the network does) must flow through the network for the network to be successful.

Well thank you for your reply. At least can show him there is someone who built something out of xrpl(or... rcl)

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7 hours ago, xrp_moonjet said:

My thoughts:

Ripple as a company is trying to focus only on Payments problem.

Why?

Because its a multi-trillion dollar problem.

Cross border remittance is alone 27 trillion problem.

Current payment system is expensive and slow, So I guess Ripple wants to just focus on 1 problem and be efficient in solving that problem.. They are way ahead of competitors.. Before 5 years no one could have though that Central banks will adapt blockchain technology.. I think banks are adapting blockchain much faster and most of them will start using XRP..

Ripple was placed itself as a established and trusted entity in the Payments sector. So going forward once they solve Payments problem, they will start focusing on other use cases that has a good market potential.

I truly believe in Ripple's strategy.

I don't believe in a company that says that I can solve N number of problem.. 

"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times." - Bruce Lee

Ripple has been just keeping their focus on solving the payments problem is what makes them unique in the game field. 

Also they made investment in a start-up called Omni few months back, I am not sure what is their idea about it. But I am confident that they should be having some surprises..

 

 

Brad Garlinghouse said as much in the Yahoo interview with his peanut butter and jelly analogy. Don't want to spread the peanut butter too thin on the sandwich by doing to many things at once. Do one thing, right, to perfection, then move on to something else. 

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9 hours ago, Ralphadayus said:

Brad Garlinghouse said as much in the Yahoo interview with his peanut butter and jelly analogy. Don't want to spread the peanut butter too thin on the sandwich by doing to many things at once. Do one thing, right, to perfection, then move on to something else. 

I happen to stumble upon a Quora Q&A  session by Stefan Thomas, Ripple's CTO, a couple weeks ago where he talked about the up-coming ILP+XRP mash-up and how he and his team would be "challenging a lot of use cases for distributed protocols that are currently using custom tokens with much simpler solutions that use ILP/XRP instead. (Think custom communications protocols that are for one purpose only being disrupted by the Internet.)” I take this as Ripple planning to “disrupt” your so-called, "specialty markets" like Tron, Golem, Siacoin, Civic, etc. He went on to say: "I worked on Ripple’s smart contract system Codius back in 2013–2015. Back then, our conclusion was that a viable smart contracts ecosystem requires a standard for payments first. Contracts need to be reviewed to be trusted and that’s expensive if you need a new contract for each type of asset because every ledger has a different protocol/API. Thus, Interledger was born.” "Now that Interledger exists, we are revisiting the idea of building smart contracts. We just released a proof-of-concept for a new version of Codius that is built on Interledger. You can expect to see more on this in 2018." Like you mentioned, Ripple is following Brad Garlinghouse's "Peanut Butter Manifesto" mantra of focused-driven use-cases.  Ripple, up until now, has been known for its laser-like focus on building its institutional grade network (xCurrent/xRapid/xVia/ILP) for all things related to payments (i.e. cross-border, retail, B2B, and P2P). However, now that they have successfully scaled RippleNet, increased Interledger Protocol (ILP) integrations, and escalated xRapid adoption—they are now beginning their vertical growth strategy. Just like what they did in the payments arena by teasing out and honing in on the area with the greatest friction (i.e. cross-border payments), and thus, the most lucrative venture. They are now starting to apply that same focused-driven approach to revisit and develop defined use-cases for Codius and ILP/XRP that Stefan mentioned.

Edited by King34Maine

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1 hour ago, King34Maine said:

"Now that Interledger exists, we are revisiting the idea of building smart contracts. We just released a proof-of-concept for a new version of Codius that is built on Interledger. You can expect to see more on this in 2018."

Ripple has always been fascinating, but this is getting really interesting around the edges :popcorn1:

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