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Convergence


Silkjaer
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3 hours ago, Streamliner said:

Convergeance is very significant because it means the xCurrent partners may be automatically switched over to the Convergence product. This possibly means that all xCurrent partners will have xRapid enabled automatically.

Ripple's ultimate plan is to have all xCurrent users use xRapid and in turn XRP.

so that means technically you will be able to say soon, that Xrapid is used by over 100 financial institutions...  ?

If thats true, imagine the liquidity it will bring to the market. which will include following.

  1. liquidity from SBIVC 
  2. consortium banks of SBI which includes roughlty 80% of japanese banks
  3. Thai banks that are parts of contract of SBI banks.
  4. all the banks in india that are supported by Ripple net (which means around 80% population  in India in future, as per Ashish birla's recent interview)
  5. Middle east banks such as KFH and more
  6. 40 to 50 central banks Ripple is in talks with.

When convergence takes place, will that mean there is no difference between any of the Ripple products, Does that mean Xcurrent is Xrapid. ...? 

If above is true, it seems like a map of Xrp taking over the global financial system to me.

Suddenly 100 billlion xrp dont seem enough to me to take care of whole world's needs, and dont forget at the moment only 40 billion are in circulation. 

i am more and more hopeful everyday about xrpthestandard. 

I think we being a part of xrp chat family,  are so lucky that we can see "history in making" 

Nobody knows the future but things seem very positive ... 

What do you guys think.... ?

 

Edited by RDS
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23 minutes ago, RDS said:

so that means technically you will be able to say soon, that Xrapid is used by over 100 financial institutions...  ?

no

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Quote

Hi All - for clarity -- we have 3 products - xCurrent (in production) and 2 more on the way - xVia & xRapid. They will be on a 'convergence' release soon. There isn't a software actually called 'convergence'.

— Jim Chauncey-Kelly (@JChaunceyKelly) August 17, 2018

 

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I am wondering if the xCurrent partners so far only exist in countries, for which the relevant XRP/fiat pair exist.

If so, the converged product should theoretically enable all current xCurrent partners to do XRP enabled settlement, when released... !?

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15 minutes ago, XRPBaseCurrency said:

This means every partner will use Xrapid. Why wouldn't they anyway for the savings? What bank doesn't want to save on costs?

No it does not. Read more carefully. 

The way I understand it, It simply means that xCurrent and xVia customers can easily acces xRapid payments trails when they want to. It doenst mean they all will immediately. In the end they hopefully they will though. But we are not there yet. More regulations and testing will have to occur first imho. 

Edited by Plikk
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2 minutes ago, Plikk said:

No it does not. Read more carefully. 

The way I understand it, It simply means that xCurrent and xVia customers can easily acces xRapid payments trails when they want to. It doenst mean they all will immediately. In the end they hopefully they will though. But we are not there yet. More regulations and testing will have to occur first imho. 

Of course they will. Name one bank that doesn't want to save money. Just one.

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44 minutes ago, RDS said:

so that means technically you will be able to say soon, that Xrapid is used by over 100 financial institutions...  ?

If thats true, imagine the liquidity it will bring to the market. which will include following.

  1. liquidity from SBIVC 
  2. consortium banks of SBI which includes roughlty 80% of japanese banks
  3. Thai banks that are parts of contract of SBI banks.
  4. all the banks in india that are supported by Ripple net (which means around 80% population  in India in future, as per Ashish birla's recent interview)
  5. Middle east banks such as KFH and more
  6. 40 to 50 central banks Ripple is in talks with.

When convergence takes place, will that mean there is no difference between any of the Ripple products, Does that mean Xcurrent is Xrapid. ...? 

If above is true, it seems like a map of Xrp taking over the global financial system to me.

Suddenly 100 billlion xrp dont seem enough to me to take care of whole world's needs, and dont forget at the moment only 40 billion are in circulation. 

i am more and more hopeful everyday about xrpthestandard. 

I think we being a part of xrp chat family,  are so lucky that we can see "history in making" 

Nobody knows the future but things seem very positive ... 

What do you guys think.... ?

 

Nice way of thinking about how it might work, I hope you are right.  Until now I had understood XCurrent has a "switch" that would turn XRapid on.  Now when the user do a payment there will be a choice, perhaps with explicit information about the relative cost savings between XCurrent and XRapid, in such a case it would be very difficult not to choose the cheapest option.

On Amazon I get an Amazon price and a list of other vendors with cheaper alternative prices.  When the cost saving is very little I will often just go on to use Amazon, the bigger the price saving the more likely that I "switch" from Amazon default to use the alternative cheaper system.

Technologically this does not seem to be very big change but psychologically "convergence" provides an easier way to start using XRapid, .

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1 hour ago, zerpdigger said:

 

I understand its not another software bro, what i meant was when everything gets merged or gives the impression of being merged, the lines between xcurrent and xrapid will be blurred hence the name wouldnt matter and xcurrent paves the way for xrapid gradually. 

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57 minutes ago, RDS said:

I understand its not another software bro, what i meant was when everything gets merged or gives the impression of being merged, the lines between xcurrent and xrapid will be blurred hence the name wouldnt matter and xcurrent paves the way for xrapid gradually. 

yes its a software stack thats interoperable/integrated by design, this has been clear since day one though: xvia, xrapid, xcurrent can all communicate/utilise each other

but this doesnt equate to: 'thus we can say everyone on xcurrent (or xvia or ripplenet whatever) is therefore using xrapid, so nurnurnur bitcoiners'

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