Banks are not so ready 'to shake hands' with blockchain

Banks are not so ready 'to shake hands' with blockchain

Insights on the organization of EOS mainnet, banks don't want to use xRapid and improvements of the new protocol released by Golem.

Despite the announced launch on June 10th, EOS mainnet is still not working properly

Nobody wants to stake and vote for the delegates as currently, it’s too risky without the proper tools.

This is getting ridiculous. This situation raises two questions. One question is 'does anyone seriously hold these tokens or all this amount is totally intended for speculations?' The second is more serious. How come that this multi-billion project is completely unusable for normal users? Why should anyone compile the tool for voting and use it from a command line?

There were some talks that now EOS is a decentralized network, everything is in hands of the community and if had built a wallet and voting tools, the project would have been more centralized. If the community doesn't trust them in building the wallet, why trust them in the first place, with building the EOS blockchain? It's just a tool.

Let's imagine some guy promises to build you a big house, a mansion, for you and your family to live in for decades. You pay him, say, $200 million. In the end, you get a big house, but it's located somewhere in the tundra and it doesn't have any doors or windows. This guy says his work is done, you can do whatever you want with your house and disappears, of course with all your money. This is how the launch was organized. Is it good? You decide.

David Schwartz from Ripple says that banks aren’t ready yet for blockchain

He admits that the feedback from many banks about their XRP isn’t very positive.

All banks want their transactions to stay private, that's natural for them. What is amazing is that Ripple somehow manages to stay arrogant, claiming they aren't a part of blockchain market, having their own unique view, and not respecting other projects. Maybe they think that by discrediting the whole market they could make xRapid look better?

Last time Brad Garlinghouse declared that bitcoin will fail in the end. Now it's David Schwartz telling that banks are not interested in blockchain, even in XRP. But the possible truth is, and they can't admit it, that it's not the blockchain technology that the banks aren't interested in. It's xRapid. The consequences of such statement could be devastating for Ripple. As we see, everyone is excited about blockchain, from governments to banks who do their own researches, and big companies who adopt blockchain technologies developed by various projects on the open market.

But for somewhat unknown reason banks don't want to use xRapid, and specifically, XRP as a vessel for transportation of the value. Maybe they can use something else, but not xRapid. If the market would have realized this, the price of XRP would fall off the cliff, and that's the asset that everyone was buying in hopes it would become used one day. That's why we see such behavior from Ripple officials.

Golem has released a new version of their protocol

This new version, labeled 0.16.0, contains a lot of improvements, both in network and in Golem client. Now requestors can define the specifications of the machine they want to give the task to.

Golem project always was one of the most innovative projects in the space. Building the world's first decentralized supercomputer is an ambitious task. The most appealing is that it actually works, requestors get their scenes rendered, providers lend their computing power and complete the tasks, getting rewarded by GNT tokens in the process.

No greed, no buzz all over the news, just the team silently getting its job done, according to the whitepaper. Crypto would be a much better place if all projects were like this one.


0.3302 USD


0.06769 USD

Related news

Mercury FX Makes Its Largest Payment Via RippleNet, Illustrates How Ripple’s XRP Saves time and Money for Businesses

Mercury FX is trying to change the way people and businesses make international transactions. Their mission is to beat banks by providing customers with lower “exchange rates and lower transaction fees on all international transactions.” They aim to replace current systems with blockchain to improve and replace the way businesses interact with each other. “Whether it’s receiving or sending currency internationally, we will always provide a better service, with better exchange rates and at a lower cost than the banks,” Mercury FX claims. In a series of tweets, @mercury_fx_ltd shared how easily and efficiently one of their clients, Mustard Foods, was able to send funds internationally. “We’ve made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. UK-based Mustard Foods saved £79.17 and 31 hours on the transaction. “As a food production company supplying 500+ restaurants in the UK & Europe, we pay suppliers around the world to get quality ingredients for our customers. Faster, cheaper payments allow us to fulfill orders quickly and grow our business.’ James Durrant, Commercial Director.” Endorsements from thriving businesses is pretty much the best way to spread the use of blockchain technology. It’s important for not just the people of the cryptocurrency space to see, but also the skeptics of the financial world to witness the capabilities of cryptocurrency. Transactions like the one made by the UK-based, international company Mustard Foods highlight the ability that blockchain and cryptocurrency have to change the way people do business. As previously stated by Mercury FX, the aim is not just to disrupt, but replace the old guard. And the strategic cooperation with Ripple could make it possible. “We believe that the more established blockchains will eventually replace the SWIFT network alongside other frankly clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually.” When companies realize they could save money and simultaneously speed up their processes, it will be a no-brainer for them to integrate blockchain transactions into their businesses models. The post Mercury FX Makes Its Largest Payment Via RippleNet, Illustrates How Ripple’s XRP Saves time and Money for Businesses appeared first on ZyCrypto.

XRP Price Analysis: XRP/USD Behavior is Demonstrating Strong Downside Vulnerabilities

Ripple’s XRP was trading up with modest gains in the latter part of Wednesday, just some 0.60%. XRP/USD continues to move within a narrowing range-block formation. The price is subject to a breakout, with risks pointing to the downside. Recent Price Behavior Ripple’s XRP is seen holding very modest gains of 0.6% in the latter […] The post XRP Price Analysis: XRP/USD Behavior is Demonstrating Strong Downside Vulnerabilities appeared first on Hacked: Hacking Finance.

Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
Ethereum World News

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.