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Altcoinbonanza

Ripple's new competition

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It is apparent that Ripple is no longer the new kid on the block in regards to its ILP and the many uses of its native currency xrp. There are now over 5 groups, and more will surface I'm sure, that are wanting a greater slice of the old big boys club dealing with the old legacy banking systems. Does anyone have any input on this developing scenario. I am of the take that competition is needed to improve on a companies methods and systems better enabling them to scale and improve with serious competitors. I would like to hear from others on what the landscape may hold for Ripple given the new string of competition now in view.

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Well we have the R3CEV which is a distributed ledger startup which plans to "spread the use of technology across the world's financial markets" http://www.coindesk.com/distributed-ledger-firm-r3cev-gains-three-more-banking-partners/. They currently have about 25 banks involved and Goldman Sachs is one of them. 

IBM is involved with an open ledger project which is supported by banks like JP Morgan this project will "allow businesses to build custom distributed ledger solutions, without needing to rely on open, public blockchains such as those offered by bitcoin and Ethereum" http://www.coindesk.com/ibm-launches-open-source-blockchain-project-backed-by-linux-and-big-banks/

Standard Chartered is creating a "distributed ledger project for trade finance"  http://www.coindesk.com/dbs-and-standard-chartered-developing-distributed-ledger-for-trade-finance/ They are considering possibly to work with other distributed ledgers in order to meet certain goals by 2016. Interesting because 2016 is the year of deployment according to Chris Larsen (host on BB) on his recent Breaking Banks appearance. 

SBI Sumishin Bank is "developing a proof-of concept aimed at exploring blockchain banking" http://www.coindesk.com/japan-bank-sbi-sumishin-blockchain-proof-of-concept/ Of course this may be a small scale ledger perhaps but non the less still an active player 

Sir David Walker with Setl stated "By simplifying the process of payments and settlement Setl should be able to deliver significant operational efficiencies which will benefit all market participants, and most importantly, reduce costs borne by savers and investors." Setl is "a blockchain project that aims to streamline the way assets are exchanged" http://www.coindesk.com/bitcoin-and-trading-execs-team-up-to-disrupt-settlement/ According to Setl this is a proof of stake project.

So here are the known distributed ledger competitors and granted some may not even be a concern for Ripple but I think they bring serious platforms to the arena.

 

 

 

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OK. I have not read this article on R3CEV. I will read this and appreciate your input. This is very encouraging to know. I know that Ripple has the first mover advantage over current seeming competitors so a relief to know that R3 is looking to learn from Ripple's experience. Thanks T8493

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14 minutes ago, Altcoinbonanza said:

OK. I have not read this article on R3CEV. I will read this and appreciate your input. This is very encouraging to know. I know that Ripple has the first mover advantage over current seeming competitors so a relief to know that R3 is looking to learn from Ripple's experience. Thanks T8493

Another quote. Mr. Belinky from Santander:

Quote

And R3 is sort of protocol agnostic right. So I would imagine that once they arrive at whatever use case they want to attack, or if they arrive at a payment use case, then I would imagine that they would at least consider Ripple as one of the options to implement it.

Source: http://www.ibtimes.co.uk/santander-talks-about-its-plans-ripple-evangelist-1525041

It is not clear which use cases will be attacked by these "competing" ledger. 

See also this article:

http://www.ibtimes.co.uk/ripple-chief-chris-larsen-sorting-out-payments-will-aid-innovation-securities-settlements-1533687

Chris Larsen says:

Quote

We totally respect what they (=R3CEV) are trying to do and we have had some good discussions. I think there is ways we can work together and help each other, since we are kind of focused on different components of where the tech is going.

 

Edited by T8493

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44 minutes ago, T8493 said:

Another quote. Mr. Belinky from Santander:

Source: http://www.ibtimes.co.uk/santander-talks-about-its-plans-ripple-evangelist-1525041

It is not clear which use cases will be attacked by these "competing" ledger. 

See also this article:

http://www.ibtimes.co.uk/ripple-chief-chris-larsen-sorting-out-payments-will-aid-innovation-securities-settlements-1533687

Chris Larsen says:

 

Thanks for the awesome research here. Definitely R3 is very much in the pre-infant stage of development here. This answers many questions for me. 

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2 hours ago, Altcoinbonanza said:

Standard Chartered is creating a "distributed ledger project for trade finance"  http://www.coindesk.com/dbs-and-standard-chartered-developing-distributed-ledger-for-trade-finance/ They are considering possibly to work with other distributed ledgers in order to meet certain goals by 2016. Interesting because 2016 is the year of deployment according to Chris Larsen (host on BB) on his recent Breaking Banks appearance. 

So we know this Standard Charter ledger is also ripple - http://www.gtreview.com/news/asia/banks-develop-blockchain-based-platform-for-trade-finance/

 

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5 hours ago, ClemondFlinch said:

So we know this Standard Charter ledger is also ripple - http://www.gtreview.com/news/asia/banks-develop-blockchain-based-platform-for-trade-finance/

 

Beautiful. You see, i knew there would be others out there smarter than me on these issues. Thanks ClemondFlinch. I will read this and add to my research on Ripple. 

Edited by Altcoinbonanza
misspelled word

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You know, i stand corrected here. I thought that some of these protocols where direct competition with Ripple but now i understand that Ripple really does have the first mover advantage here against all other distributed ledgers that are vying for a slice of this $14 trillion dollar market. Ripple is in a similar position as Bitcoin was in 2009 when Bitcoin was the first successful digital currency to survive as a viable answer to the internet's double spend problem. Bitcoin remains the number one leader inspite of its scalability challenges and is transaction speed. Not many will doubt this to be true. Ripple is in a beautiful position to take the lead with their niche market which is very specialized, if you ask me. They have taken the bull by the horns and stuck to their goal of targeting a specific legacy market and to be the best in that market. I am in full anticipation of the tsunami impact that this company is having and its awesome outcome. 

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I know we'd like to downplay the competition, but I think R3's new ledger will be a real challenger. They ARE going to build one, its been confirmed many times.

Also "Hyperledger" is now an open source distributed ledger framework, so surely they will try to tackle cross borders payments too.

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15 hours ago, karlos said:

I know we'd like to downplay the competition, but I think R3's new ledger will be a real challenger. They ARE going to build one, its been confirmed many times.

Also "Hyperledger" is now an open source distributed ledger framework, so surely they will try to tackle cross borders payments too.

I believe your right Karlos. I forgot to mention this one. This is the one the Blythe Masters in involved with?

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