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SBI makes company with R3. And R3 and Ripple have started cooperation.

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31 minutes ago, Julian_Williams said:

what is atomic settlement?

ILP can be run in either Atomic or Universal mode. https://interledger.org/interledger.pdf

  • RippleNet runs like this .. Section 3 is Atomic mode, which requires Notaries.. but transaction are "deterministic". This used Escrow, but was abandoned
  • Internet of Value runs like this.. Section 4 is Universal mode, which is technically "optimistic". This uses Payment Channels
Quote

While the Atomic mode uses notaries to ensure proper execution of a payment, the Universal mode relies on the incentives of rational participants instead to eliminate the need for external coordination.

The Atomic mode of the protocol provides atomicity (the state or fact of being composed of indivisible units) for payment chains in which the participants can agree upon a group of notaries. The Universal mode uses the incentives of rational actors to enable practical payments between participants that do not all share trust in any institution or system.

I'm assuming the same technical rational is applied to Corda's system's use of notaries and that is why I assume the Corda system runs in atomic mode.

I'd be interested to hear some technical explanation behind the difference between how Corda achieves data privacy and how Enigma.io achieves data privacy. I believe the latter uses zero knowledge proof, but does Corda simply keep the data siloed? 

Edited by KarmaCoverage

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1 hour ago, djdhrubs said:

Are all R3 owned XRP transactions gonna be performed off exchanges?

Time will tell, but their video only shows that company A can request to be paid by company B using XRP. B can then pay this using XRP. As it stands from the demo, there is no exchange to fiat. Until this exist, I don't know that anyone will use it.

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23 minutes ago, mandelbaum said:

This is probably the biggest news to hit any project yet.

Wonder what will happen when Japan and Korea wakes up to these news.

https://www.r3.com/ecosystem/

Every bank I have used since I was 16 is on that list.

Repeating myself but why is this important unless/until fiat bridging is built in... Which I hope will come

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11 minutes ago, Tehol_Beddict said:

Repeating myself but why is this important unless/until fiat bridging is built in... Which I hope will come

You are probably right, but SBI has a big voice, and to see XRP being actually integrated into the core of SBIs global tactics could make massive waves over there.

The idiot-fork that happened a few weeks ago put SBI into a bit of a squeeze. Well, now a platform that institutions like BNY Mellon, HSBC and Citibank are using have given it credibility, and XRP is at its core.

Edited by mandelbaum

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14 minutes ago, Tehol_Beddict said:

Repeating myself but why is this important unless/until fiat bridging is built in... Which I hope will come

Presumably these settlements will involve finalising real-world obligations and would therefore require a conversion rate of some sort to make it useful? In the case of a house settlement, surely a house can't simply be valued in XRP? There must be a dollar equivalence in play, at least, until XRP is the sole global currency/unit of measure.

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17 minutes ago, Tehol_Beddict said:

Repeating myself but why is this important unless/until fiat bridging is built in...

doesn't it or im lost

 

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33 minutes ago, fiik said:

doesn't it or im lost

 

It calls what would normally be called the XRP-ledger, the XRP network. Exchanges might be a part of that "network". SBI VC exchange wants to make a bit of money doing this right, and the preferred xRapid exchanges in other areas have already been chosen. The magic is that everything happens in the background, the user only sees a price and a settlement time.

Edited by mandelbaum

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42 minutes ago, liquid153 said:

Dumb question, what are the benefits to enterprises and banks using Corda vs xcurrent/xrapid

The banks have invested in R3 themselves, that was a big part of the adoption question back in 2015. R3 had a network of banks that was unobtainable for Ripple to get into themselves. Ripple makes the Rails for the trains, R3 owns the trains and the banks move their money with the trains. It makes sense, as R3 is one of the actual real SWIFT competitiors as in the sense of a network of banks. Ripple makes money working with them. It is part of an evolution.

Now, let´s see whats going on with Bluezelle/Temenos and SAP.

https://ripple.com/insights/meet-bluzelle-a-fully-licensed-provider-of-ripple-software-solutions/

https://twitter.com/BluzelleHQ/status/1069881316378722304

 

Edited by mandelbaum

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1 hour ago, mandelbaum said:

Every bank I have used since I was 16 is on that list

I thought I saw blood bank and sperm bank on there ( being a donor) I'll accept zerps as payment :D mind you I've never made a withdrawal from either.  :banana: another domino falling on the road to adoption. 

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1 hour ago, fiik said:

doesn't it or im lost

 

According to the demo, company a is requesting to be paid in XRP. Company B is paying in XRP. The exchange rate is only calculated to determine how much XRP company B will pay to company A. The is no actual fiat/xrp exchange.

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2 hours ago, Tehol_Beddict said:

Time will tell, but their video only shows that company A can request to be paid by company B using XRP. B can then pay this using XRP. As it stands from the demo, there is no exchange to fiat. Until this exist, I don't know that anyone will use it.

My thoughts exactly.  Companies, banks, FIs could send XRP to each other previously,  if they wanted.  So Corda makes it easier. 

But they would have to do their own conversion between XRP to FIAT or just hold the XRP.. I'm not sure who would want to accept payment in XRP right  now, only to hold it.  It seems like the volatility could be killer if they wanted to make payments at a later date with it.  That's a lot of risk.

xRapid, on the other hand,  includes the conversion and minimal risk, but also would likely be less impactful to price appreciation. 

FIs and Banks using XRP to make payments through Corda would lead to longer hold times and could have a significant impact on price, but I would think there would need to be more stability in price for this to be used in a meaningful way.

In short, this would be massive if it were to be heavily used; however it would lead to FIs and Banks being exposed to tremendous risk and/or a lot of effort to quickly get converted back to Fiat on the receiving end... Likely a manual conversion.

Don't see it at this point.

Edited by spiras

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