Ethereum and XRP Could Power Central Bank Digital Currencies, Bank of France

[VanGogh]

 

[Andy_79]

1 hour ago, VanGogh said:

 

Could, could, could. Maybe XRP won’t go anywhere.

[VanGogh]

8 minutes ago, Andy_79 said:

Could, could, could. Maybe XRP won’t go anywhere.

When it is certain it is too late.

Seriously, go pound sand. A central bank is specifically talking about XRP. What is wrong with you!

Edited April 4, 2020 by VanGogh

[JBW]

Great news  They look at current crypto. They are not planning to make a new coin.

[enrique11]

Ethereum is a general smart-contracts platform - the "ripple" network and crypto are for fast payments that can't be gamed by miners or anyone else, and  Ethereum has a long way to go before legal jurisdictions around the world catch up with giving a wide range of smart contracts the same legal rights as conventional contracts.  Sure, Ethereum has many more developers contributing to its source code than Ripple, but Ripple it targeting a very specific industry and they don't have to worry about legal jurisdictions catching up with the smart-contracts industry for now - Ripple is about sending payments, not creating smart-contracts, and Ethereum is not, so creating a robust smart contracts platform is a harder goal that sending payments in a compliant fashion IMO, and I don't think the crypto purists like Vitalik, ETH and BTC hodlers would appreciate some aspect of ETH going the way of Ripple, so I think Ripple is way ahead of Ethereum in this respect as well as being much faster at settling txs.  Also, Ripple is proprietary and the "ripple" ledger is not and neither is Ethereum, so I think Ripple is one of the smartest crypto companies out there because they're combining the best of both worlds, proprietary software for their customer's ease of use, feature rich, and compliant with open software for a trusted ledger for all to use, and targeting a very specific use case that severely needs upgrading, so I see Ripple as likely to succeed sooner than later than most other cryptos. 

 

Edited April 4, 2020 by enrique11

[Drew]

12 minutes ago, enrique11 said:

Ethereum is a general smart-contracts platform - the "ripple" network and crypto are for fast payments that can't be gamed by miners or anyone else, and  Ethereum has a long way to go before legal jurisdictions around the world catch up with giving a wide range of smart contracts the same legal rights as conventional contracts.  Sure, Ethereum has many more developers contributing to its source code than Ripple, but Ripple it targeting a very specific industry and they don't have to worry about legal jurisdictions catching up with the smart-contracts industry for now - Ripple is about sending payments, not creating smart-contracts, and Ethereum is not, so creating a robust smart contracts platform is a harder goal that sending payments in a compliant fashion IMO, and I don't think the crypto purists like Vitalik, ETH and BTC hodlers would appreciate some aspect of ETH going the way of Ripple, so I think Ripple is way ahead of Ethereum in this respect as well as being much faster at settling txs.  Also, Ripple is proprietary and the "ripple" ledger is not and neither is Ethereum, so I think Ripple is one of the smartest crypto companies out there because they're combining the best of both worlds, proprietary software for their customer's ease of use, feature rich, and compliant with open software for a trusted ledger for all to use, and targeting a very specific use case that severely needs upgrading, so I see Ripple as likely to succeed sooner than later than most other cryptos. 

 

And, let's not forget smart contract like work continues to move forward through the likes weitswind and coil and others I'm sure.

Ripple has my bet.

[King34Maine]

Let's not forget about Xpring's Logos acquisition last year. David Schwartz mentioned (26:37 – 28:18) at the 2018 UNCHAIN Convention that they had the overall framework for Codius built but did not have the engineering resources to fully execute Codius within Ripple and would seek to do so via Xpring. David also alluded, via a Twitter comment, to the fact that the Logos team would be building DeFi products and applications on top of the XRPL and Codius. I've commented in previous posts that for the longest time, I use to think that it was a poor strategic business move for Ripple to have placed their smart contracts platform (Codius) on the back burner, yielding the space almost entirely to Ethereum and others to build upon. However, in retrospect, it was probably one of the best business decisions they could have made at the time. 

Stefan Thomas (Ripple's ex-CTO) said in Quora Q&A session: 

“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.”

With that being said, we now have positive confirmation (09:16 mark) that there will be an Interledger Foundation based in California. I think this is very good news for ILP obtaining the non-profit status in California and soon the IRS 501(c)(3) Tax Exempt Status. Obtaining this non-profit status will help to development of a streamline legal framework to host registries for all of ILP’s reference and technical documentation/specs/tutorial etc.

It goes to show you just how much time and energy went into Ripple's development/planning process at the company's inception in knowing what needed to be done 1st, 2nd, and 3rd to achieve their goal of becoming this facilitator of the Internet-of-Value (IoV). Ripple realized early on that while blockchain allowed for the creation of many varied platforms (i.e. XRPL, Bitcoin, Ethereum) these platforms were no better at communicating with each other than traditional legacy banking networks and payment channels hence the creation of the Interledger Protocol. IMHO, very few blockchain/fintech companies have built the ecosystem more than Ripple with regards to increasing interoperability among platforms in the crypto space. This is why the adoption of the Interledger Protocol (ILP) by some of major DLT consortiums (i.e. Hyperledger Quilt, R3, etc.) as the “payments router" of the Internet as well as the interoperability layer for is so transformational.  ILP not only connects all blockchain ledgers together, but it simultaneously creates competition among the different blockchain platforms/cryptocurrencies so that each will have to stand on their own code/blockchain technology.

This altruistic act underscores the principled character of the leadership behind Ripple and their dedication to seeing the growth and evolution of the Internet-of-Value (IoV). Ripple could have patented ILP’s technology, however, they knew that the influence of the Internet came from the fact that it served as a gateway to connect everyone. The Internet can accomplish this because it is not a single network or system but a network of networks with information being sent across multiple platforms using open-source proprieties.  This allows communication across the Internet to be seamless irrespective of what provider people are associated with. Ripple understood the same way the open-source TCP/IP protocol gave rise to the greatest economic stimulus/engine the world has ever known in the Internet, the same principles needed to be applied to ILP in order to see their vision for the IoV to come to fruition. The leadership at Ripple understood that ILP was the “rising tide to lift all boats” not just XRP. Stefan Thomas (Ripple’s former CTO) talks @ 46:58 about how XRP was "designed to be used as the settlement asset on ILP" with "payment channels built in a certain way that is incredibly efficient" despite the presence of other cryptocurrencies like Bitcoin, Ether and Lumens. Also, the other stroke of genius by the Ripple team is how they gifted ILP as an open-sourced piece of technology to the W3C to oversee the development of ILP so that it remains a neutral platform for anyone to us. Basically, make ILP the worldwide standard (via W3C) allowing all currencies/blockchain tech to compete openly and freely, but all the while knowing that XRP will have the upper hand. Ripple's Art-of-War strategy of empowering its rivals/competition while simultaneously using them to further its Internet-of-Value (IoV) agenda is brilliant! 

Stefan Thomas went on to say in that same Q/A (3rd question down):

"Finally, on the Interledger front we are moving on from working on the protocol and are starting to look at early use cases. We’ll 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 think this quote pretty much encapsulates the current state of affairs with the advent/proposal of a collateralized stable coin feature that would also allow peg assets on the XRPL to some external value with liquidity guaranteed by the ledger mechanics itself (02:30 - 02:50). 

On 4/4/2020 at 2:35 PM, enrique11 said:

"Ethereum has a long way to go before legal jurisdictions around the world catch up with giving a wide range of smart contracts the same legal rights as conventional contracts."

I whole-heartedly agree with you on this point. This is an area where Ripple is light-years ahead of any other blockchain company/platform. Because these smart contract platforms will operate globally, moving data/value within these systems in a lawfully obligatory way requires that there are defined standards. Utilizing a similar governance scheme, analogous to the (RippleNet Committee), to seamlessly on-board Banks/FIs from vastly different geographic and regulatory environments onto RippleNet, I can easily see Ripple applying a similar strategy for developing/integrating a smart contract legal framework layer (i.e. Codius) into RippleNet.

-Sorry for the long post-

Edited April 9, 2020 by King34Maine

[xerxesramesepolybius]

Read the orginal Banque de France doc.

https://www.banque-france.fr/sites/default/files/media/2020/03/30/fact_sheet_-_central_bank_digital_currency_30_march_2020.pdf

where exactly is the mention of XRP or Ripple?

can you guess?

Nowhere.

[nakedzzrp]

Another hopium YouTuber spreading bullshit

[VanGogh]

5 hours ago, xerxesramesepolybius said:

Read the orginal Banque de France doc.

https://www.banque-france.fr/sites/default/files/media/2020/03/30/fact_sheet_-_central_bank_digital_currency_30_march_2020.pdf

where exactly is the mention of XRP or Ripple?

can you guess?

Nowhere.

That's because you have linked to the wrong page. Here's the correct page: https://publications.banque-france.fr/sites/default/files/media/2020/02/04/central-bank-digital-currency_cbdc_2020_02_03.pdf  It's on page 28. The link from the original article is the one for the "internal report": https://www.cryptoglobe.com/latest/2020/04/bank-of-france-touts-ethereum-and-xrp-to-power-central-bank-digital-currencies/

Please take your misinformation elsewhere. 

Edited April 5, 2020 by VanGogh
clarity

[Trentsteel]

9 hours ago, xerxesramesepolybius said:

Read the orginal Banque de France doc.

https://www.banque-france.fr/sites/default/files/media/2020/03/30/fact_sheet_-_central_bank_digital_currency_30_march_2020.pdf

where exactly is the mention of XRP or Ripple?

can you guess?

Nowhere.

Just another cartoon character on this forum... 

[SquaryBone]

Every xrp youtuber out there: "Oh boy, here I go speculating again!"

[VanGogh]

7 hours ago, SquaryBone said:

Every xrp youtuber out there: "Oh boy, here I go speculating again!"

Far more informative and useful than you are. 

[xerxesramesepolybius]

On 4/4/2020 at 6:12 PM, VanGogh said:

Seriously, go pound sand. A central bank is specifically talking about XRP. What is wrong with you!

Only talking about it as a hypothetical option and they are a pretty dismissive of it.

No need to get so excited. There must be hundreds of central bank, commercial bank and consultancy papers mentioning Ripple/XRP as examples of something. Sadly that does not mean they are endorsements.

 

 

 

 

 

 

[VanGogh]

9 minutes ago, xerxesramesepolybius said:

Only talking about it as a hypothetical option and they are a pretty dismissive of it.

No need to get so excited. There must be hundreds of central bank, commercial bank and consultancy papers mentioning Ripple/XRP as examples of something. Sadly that does not mean they are endorsements.

 

 

 

 

 

 

So go put your money elsewhere, and spend your time elsewhere too. You are simply a contrarian who adds no value here.