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Former Ripple CTO Says Interoperability Key, He Lost Bitcoins Too

Ripple

In his just-concluded AMA, former Ripple CTO Stefan Thomas praised Ripple’s InterLedger technology, as XRP prices maintained their upward momentum. The Ripple proponent in his prelude to the AMA said that he joined Ripple in 2012 after a two-year stint adding that he was the force behind the video “What is Bitcoin?” , and author of the BitcoinJS.

Stefan, however, goes on to say that while he desired to drive mainstream adoption a reality, the inherent limitations of the BTC blockchain jaded him. Nevertheless, at Ripple, he was able to build a novel version of blockchain that was much better than Bitcoin’s blockchain. “While I was there, we built a blockchain that is 200x faster, 1000x cheaper, and vastly more energy-efficient than Bitcoin,” he wrote.

Former Ripple CTO’s BTC Loss

Thanks
to Ripple’s current CTO David Schwartz’s revealing pointers just before Stefan’s AMA, the crypto
world now knows the former CTO has had a crushing loss of BTC. David also
hinted that Stefan perhaps has had an encounter with “aliens with
extraordinary abilities.” Stefan indeed admitted to the loss of BTC, 7002
in total, a bounty he had received for his video on Bitcoin. He, though, lost
his key, which he says he has a minimal chance of recovering. 

The former Ripple CTO did answer questions surrounding XRP, trading, pizza, and programming as well as his fall out with BTC, being once an early advocate of the digital currency. Stefan has in the past tried to convince as many as can listen that Bitcoin does not work and Ripple is the answer’s to blockchain’s problems.

He says that XRP makes transactions easier than BTC ever could. According to Stefan, the coin is not the issue, but its payments protocol is. Some of the significant deficiencies Bitcoin has, is its transaction delays, energy usage, and geographic centralization, problems that XRP solves with InterLedger technology that he says he helped design in 2015.

The Ripple InterLedger Technology
Is the Key To Interoperability

In his Medium blog post on XRP’s InterLedger, Evan Schwartz, XPring‘s lead engineer, says that the innovation was born to address the neutrality problem of blockchains. The lack of interoperability between different blockchain platforms is what restricts the free movement of not just crypto but payments in other gateways such as PayPal, Apple, or Visa.

Schwartz, therefore, goes on to say that InterLedger is the answer to the question, “What would a universal network for sending value, independent of any company or currency, look like?” InterLedger’s core protocol was completed in 2017 and was then mostly used to transfer crypto trustlessly across platforms as well as in streaming micropayments. Through InterLedger’s connectors, its users can transact on the network of their preference and not have to move their assets to an exchange or any particular blockchain. Stefan’s platform Coil runs on XRP and has been used too to settle InterLedger transactions. He says that coil aims to put an open standard that enables access to better business models for creators on the web.

The post Former Ripple CTO Says Interoperability Key, He Lost Bitcoins Too appeared first on Ethereum World News.

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Stefan Thomas: Codius To Prime The Ripple (XRP) Ecosystem

Smart contracts Codius

At the end of his blog post
on Codius, former Ripple CTO Stefan Thomas winds up by writing, “Here’s to
smart contracts that aren’t terrible!” Smart contracts have been around
for a few years and are synonymous with the Ethereum platform. He says that one
of his significant assignments at Ripple was to design its smart contracts system.

However, Ripple put their smart contracts applications in the back burner while Vitalik Buterin went on to incorporate them in the Ethereum data structure. Stefan, however, states that Vitalik got the idea from Ripple. Thanks to the smart contracts system, Ethereum attracted block chain’s major developers to its platform and has been a stand out developer platform since then. He says that Ripple did make the mistake of underestimating just how much smart contracts would revolutionize the dApp developer space.

The Smart Contract innovation,
nevertheless, has taken its time to mainstream adoption, because as many
pundits have intimated in the past, it was technology way ahead of its
time.  Vitalik and his fellow Ethereum community
nonetheless, have gone on to develop a Smart Contracts architecture that is a
force to reckon with.

Codius To Prime The XRP Ecosystem

Ripple apparently delayed releasing their smart contracts system because they discovered the Codius project that would further enhance smart contracts. The Ripple’s smart contracting system, Codius, address the problem of interoperability amongst smart contracts.  Additionally, it allows its users to utilize simple programming languages such as JavaScript, Java, C++, or C#.

Consequently, Codius will significantly lower the smart contract creation barrier. Unfortunately, back then, the innovation did lack a neutral method for paying for its costs. However, with Ripple’s InterLedger technology completed, this is no longer a hindrance. A new version of Codius was therefore released and is even more versatile in the use of programming languages. The supercharged platform promises better prospects for developers than Ethereum’s smart contracts. It has lesser transaction costs that Ethereum’s model, which is also plagued by high latency, lack of scalability, and a convoluted programming model.

Codius Working With Coil

Codius will be used alongside Coil, another brainchild of Stefan. While answering questions on the connection between Coil, Codius and InterLedger in his Reddit AMA, he says:

“We have one developer working on Codius full-time at the moment. Our hypothesis is that once there are a number of websites earning money through Web Monetization, they will be looking to spend that money on hosting and Codius could be the next step towards keeping those funds circulating in the InterLedger ecosystem.”

The platform is meant to de-link web content earnings from web advertising, also referred to as the Internet’s” original sin.” Through Coil’s innovative platform, the internet can become an open marketplace for content creators and their supporters. To do this, however, an open protocol unhampered by the current crop of third-party payment platforms is required. Through InterLedger from Ripple, Coil can encourage a web environment that rewards those who contribute to it.

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Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive

Ripple

The Internet of Value (IoV) needs
interoperability in order to thrive. As such, open standards like Ripple’s InterLedger
Protocol could help it achieve just that.

InterLedger Protocol and Interoperability

InterLedger Protocol (ILP) was designed to solve a pressing
issue in the blockchain space; the ability of a decentralized app to purchase
resources without being restricted to a particular blockchain network. The InterLedger
Protocol aims at creating a universal network for sending value, and it would
be independent of any company or currency.

The network is composed of
independent operators that serve as decentralized exchanges. The protocol makes
it possible for users to carry out transactions natively on any blockchain of
their choice, without having to transfer their assets to a centralized platform
or a specific network for trading. With InterLedger, users can be able to send
BTC, and the recipient would automatically receive XRP or any other
cryptocurrency of their choice.

It is no brainer that for the
internet of value to achieve its primary objective and thrive, it will need interoperability ,and InterLedger Protocol just does that. The protocol is
beneficial because it helps users connect to any network or payment system in
the world without having to switch from their current networks or change the
ways the systems work.

Read: Ripple Expands Partnership With
Bill & Melinda Gates Foundation

The technology has been used to carry
out transactions by the Bank of England while the Bill & Melinda Gates
Foundation used it to power new open-source software MojaLoop. The InterLedger Protocol helped this software connect to
various payment systems and help people in the underbanked and unbanked areas
of the world have access to financial services.

Ripple’s ILP Could Help the Internet of Value Thrive

No doubt, Ripple is one of the
leading and most creative payment systems. In June 2017, the company
open-sourced the first BTC plugin for its ILP, which would help users carry out transactions across
multiple ledgers, not just the XRP ledger.

Also Read: How InterLedger Plans on
Connecting All Blockchains Belonging to XRP, ETH, BTC and More

Following the activation of the
plug-in on its ILP, Ripple proceeded to carry out a single transaction on seven
different ledgers. This singular transaction passed through private
blockchains, public networks, a traditional payment channel, and a centralized
ledger. While transactions might not pass through so many ledgers, Ripple
insisted that the test was carried out to show that their ILP can work
excellently with distributed ledgers.

Back then, Ripple CTO Stefan Thomas gave
his opinion saying “that’s where the
future is going. We think that in the future all different ledgers will be tied
together and transactions will be very seamless. So, we want to make sure that
our customers are going to be set up for success in that world.”

Ripple has banking applications that
rely on XRP, and with the interoperability feature of its ILP, the crypto
company would play a crucial role in the advent and growth of the internet of
value over the coming year. A Twitter user, seems to agree with this fact, as
he believes that money would move fast with Ripple ILP.

Ripple’s technologies are getting
adopted by banks and financial institutions all over the world, and with this
vast network at its disposal, Ripple is best placed to lead the advent of the
internet of value.

Gradually, ILP as part of Ripple’s
software, will become the standard protocol for connecting banks’ cash ledgers.
It will be an exciting journey towards that end.

The post Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive appeared first on Ethereum World News.

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Coil—Funded by Ripple, May Save Americans from Ads and Subscriptions

Ads

Americans are tired of two things: cobbling together
multiple streaming services to sate their entertainment needs, and ads
according to a 13th edition of Deloitte’s annual Digital Media Trends survey
reports Variety, an
entertainment business news site. And they have reasons to be fatigued from
consumer over choice thanks to an explosion of subscription based entertainment
services like Netflix, Hulu, Amazon Prime and many more planning to break and
be part of this foray. All of them, despite this finding, are thriving because
of the economic, social and emotional power of devoted fans and magnified by
investment of these firms availing immersive content on demand.

Deloitte
Findings

According to the survey,
47 percent of Americans are frustrated by the increasing number of subscription
based entertainment services. However, up-to 57 percent are frustrated when
they “
when content vanishes because rights to their favorite TV
shows or movies have expired” and because of this Kevin Westcott, Vice Chairman
of Deloitte, is convinced that Americans “may be entering a time of
‘subscription fatigue.” He adds that despite the boom “consumers want choice —
but only up to a point.” Furthermore, of the 2,003 responders, 77 percent were
of the opinion that pay TV ads should not exceed 10 seconds.

Here’s what a Redditor had to say:

“The thing is that you don’t even have to have them all at once too. There’s no contract and it’s a monthly subscription. All you have to do is catch up on what you want over the course of a few months and then switch. I’ve decided to only keep 2 TV streaming services at a time and it’s working out just fine for me. It’s not like you’re going to be watching 15 different shows on 7 different services all at the same time.”

Why subscription is preffered by Businesses

But what could be triggering businesses to shift to this
model? At first, it is easy to see why. There is guarantee of repeat business
and businesses can easily scale hence delivering on their objectives. Coupled
with auto-renew where content access is dependent on subscription the model is
simply irresistible.

In auto-pilot mode, customers won’t run out of content
simply because they have failed to pay. This way, “Predictability is not often
a concern in a subscription-based strategy. It’s easier to get the needed data
on the financial aspect of running a business” according to Eva Guerrero, the
proprietor of EGDental.

At the same time, customers draw benefits “since the
understanding that our customers’ spending decision is largely driven by their
budget, we’re able to use a subscription-model offer to ease them into our
services. At the end, this strategy makes bundling our other services in one a
better option for them” says Nicholas Dutko, the CEO of Auto Transport Quotes.

Enter Coil

Luckily, there is a channel where Americans can vent their frustrations. Launched last year, Coil proposition could attract content creators diversifying their revenue streams and searching for the best offers. The fragmentation and “content” vanishing is largely because “micro-payments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” After Twitch, Google and Wikipedia experiment last year, it was demonstrated that creators can monetize their content by paying a $5 subscription fee as they receive XRP tips from users who have installed Coil’s browser extension. With Coil, the aim is to fix a “broken ad-supported web” and widespread adoption would surely reduce the number of webs and even reduce the shift to subscription models.

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Former Ripple CTO's Blockchain Project Coil Enters Closed Beta

“Coil, a new company founded by Ripple’s former chief technology officer Stefan Thomas, has launched a closed beta.

The project – which aims to allow web content creators to better monetize their work – was announced in May, when Thomas departed Ripple. In an interview, Thomas detailed the closed beta, describing the initiative as a way to level the playing field for content creators.

“If you’re big you can have a subscription service like Netflix or Spotify. If you’re big you can collect enough data about people to make a lot of money with ads like Facebook or Google,” he said, going on to add:

“If you’re small it’s actually very hard right now to make money on the web.”

Coil has not announced the beta publicly, Thomas said, though it has begun inviting certain select parties (those interested can sign up here).

Thus far, few websites have joined the platform, he continued, noting that “we did some passive integrations with some sites like Wikipedia, Youtube, Twitch.”

While at Ripple, Thomas co-created Interledger, an interoperability protocol that facilitates payments across different networks. This technology, which is open source, is now being used as the basis of Coil.

Thomas also helped to create Codius, a smart contract platform that Ripple developed- in-house but ultimately shelved in 2015 due to technological challenges and a lack of compelling use cases. In June, however, Thomas revealed that Codius would be incorporated into Coil.

Coil allows readers, watchers and listeners to compensate content creators through micropayments. It’s a model that has been tried multiple times in the industry, including the browser-focused startup Brave, which raised $35 million in an ICO last year. Thomas also cited Patreon and Flattr, but highlighted an important aspect that distinguishes Coil.

With Coil, he said, “you’re getting paid in real time,” allowing content creators to explore new business models.

“You can now make a service where maybe you need to rent a server for every user that comes by,” he explained, adding that other possibilities include downloading or uploading a file, sending an SMS, or streaming music that triggers a licensing fee.

“The website gets the money instantly as you’re on the website, so they can actually react to it and provide extra services,” Thomas said, concluding:

“That’s never been possible before, so we’re excited to see what people build with that.”

Coil image by Guillaume de Germain via Unsplash

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Tipping Now Possible On Coil With Ripple’s XRP TipBot Integration

One of Ripple (XRP) programmer, Wietse Wind has come out to announce the integration of Coil, with XRP TipBot, signifying that tipping is now possible on the platform and that content creators can now integrate Coil on their platform to receive donations from supporters.

“I am very proud to announce the integration of @Coil with @XRPTipBot Congratulations to the @Coil team with their #launch, and special thanks to @sharafian_ and @baltazar223 – Register at http://Coil.com , and Top-up / auto-donate when you visit a donation page.”

XRP TipBot is a bot that allows Reddit users to send Ripple XRP to each other through Reddit comments and tweets.

“To start tipping XRP, you have to deposit XRP to your XRPTipBot-account first,” XRPTIPBot said on its platform.

The Genesis Of The Glorious Journey: Coil

Not long, Stefan Thomas, former CTO of Ripple and inventor of the Interledger Protocol, announced he was stepping down to launch his own project Coil. According to him, the coil project will ease micropayments for content management.

Thomas did not sever ties with Ripple since the idea will be dependent on Ripple’s XRP and Interledger Protocol.

Project coil monetization will completely rely on XRP tokens for monetization. Everywhere, micropayments are very useful today, especially in monetizing ideas (contents).

With Thomas reintroduction of micropayment, which has been regarded as somewhat uneasy in the past, it will be a major boost for XRP since the idea will monetize, using the cryptocurrency XRP, instead of supporting content by ads, selling data or paywalls.

People are not aware of the full functions of Coil, however, they are getting to understand the advancements inherent in this unmatchable innovation.

According to Thomas, “Coil will use Interledger to make the web a more vibrant market for apps and content, where everyone’s contributions are rewarded.”

While this idea has semblance with Steemit where content owners are compensated, Steemit among other popular platforms doing things in relation to Coil are mostly condemned. This is because many of the content posted on this platform are upvoted using bots on most occasions.

To keep Coil growing, Ripple’s Xpring has supported the idea in cash and kind since it was launched.

Girl in a jacket

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Malta, Not South Korea, Is now the Leading Trader of XRP, says Ripple Exec. Cory Johnson

Cory Johnson is the Chief Market Strategist at Ripple and he joined the company back in March, 2018. Prior to Ripple, Mr. Johnson worked at Bloomberg TV primarily covering technology on both TV and Radio for Bloomberg. He is a former fund manager and his task at Ripple can be summarized as explaining the Ripple company and XRP to investors and the world at large.

Cory Johnson promised to do just that when he stated the following after joining Ripple:

I’m going to try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand what we’re doing.

It is therefore no surprise that Cory Johnson has tweeted that Malta is the new leading trader of XRP and not South Korea. The tweet can be found below:

Mr. Johnson was responding to an article that highlighted the four countries and territories of Malta, Bermuda, Gibraltar and Liechtenstein as being the most cryptocurrency friendly on the globe. In the article by Nathaniel Popper, he states that the officials in these countries have recently passed laws, or have legislation in the pipeline, to make their countries more welcoming to cryptocurrency companies and projects.

With respect to Cory Johnson’s quarterly market report for the 2nd quarter of 2018 (that was co-authored by Miguel Vias), it states that the Ripple company sold $73.53 Million in XRP during this time period. This amount accounted for 0.125% of the global XRP volume. This figure is welcome for such a low percentage means that the Ripple company has no intentions of flooding the markets with XRP. As a matter of fact – and in the same report – Ripple managed to release 3 Billion XRP from Escrow in Q2 and locking back 2.7 Billion XRP back to the same Escrow.

The report also noted that XRP has had a similar percentage decline to that of Bitcoin (BTC) during the same period. BTC declined by 8.2% in Q2 whereas XRP declined by 9%. Such stability in line to that of the King of Crypto, makes XRP suitable as a base pair in exchanges. Another option would be to have a good amount of your crypto portfolio in XRP to hedge against large price fluctuations during times of market turmoil.

The quarterly report also touched on the Coil project run by Stefan Thomas, Xpring and the entrance of large wallstreet firms into the crypto space. These companies include: Goldman Sachs, JP Morgan, Nasdaq, Fidelity and Nomura. The entrance of these firms into crypto is a clear indication of growing interest by institutional investors in the potential of digital assets.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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