We've all felt it.
When the cryptomarket moves suddenly in the wrong direction, there's degrees of emotion involved, and in a market where most of the choices reflect prices based only on speculation, that's understandable.
Me? I've been trading in digital assets since 2013.
Before I discovered XRP, I traded in various cryptos, including Bitcoin. And I've seen the emotions that go along with the heights of confidence and the depths of despair. And I've been surprised - very surprised - with how each time fate deals the cryptomarket a setback, it seems to climb back higher than its previous records.
Look at what's happening now, when cautious optimism is battling with fear; 2018 was not so long ago, and the market is still jittery.
But for those that own XRP, times are changing.
We do not depend on the 'kindness of luck.' We've chosen the one digital asset with the best performance metrics. We've chosen the one digital asset with the most powerful championing organization. We've chosen the one digital asset with the fastest-growing online community. We've chosen the one digital asset used by banks and remittance processors.
And ultimately, we've chosen the one digital asset that will be used for real business.
It's this profound difference that will carry the day. The bear market of 2018 was too early for utility-based demand to emerge, but make no mistake that XRP will distinguish itself from the pack, and it will be measured and discussed by thought leaders in a way that Bitcoin never was; the entire market is changing, refocusing on what it will take to reach the next level of digital asset adoption, and the path is becoming more clear with each passing day.
The mainstream press is preoccupied with Facebook, and its plans for a stablecoin named 'Libra.'
We really can't blame them, as anything with Facebook in the title seems to garner a large amount of public interest; and after the publishing of the Libra whitepaper, there has been a surge in mainstream reporting about cryptocurrency.
This trend continued on July 18ᵗʰ, with CNBC interviewing Brad Garlinghouse about Libra, along with the associated topic of crypto regulation:
Here's a few quotes from Brad Garlinghouse:
"𝘚𝘦𝘤𝘳𝘦𝘵𝘢𝘳𝘺 𝘔𝘯𝘶𝘤𝘩𝘪𝘯 ... 𝘪𝘯 𝘰𝘳𝘥𝘦𝘳 𝘧𝘰𝘳 𝘵𝘩𝘦𝘴𝘦 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘪𝘦𝘴 𝘵𝘰 𝘣𝘦 𝘶𝘴𝘦𝘥 𝘸𝘦𝘭𝘭 𝘢𝘯𝘥 𝘵𝘰 𝘣𝘦 𝘵𝘢𝘬𝘦𝘯 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦 𝘰𝘧, 𝘪𝘵 𝘩𝘢𝘴 𝘵𝘰 𝘣𝘦 𝘥𝘰𝘯𝘦 𝘪𝘯 𝘢 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺-𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘵 𝘸𝘢𝘺.
𝘞𝘦 𝘤𝘢𝘯'𝘵 𝘦𝘹𝘱𝘰𝘴𝘦 𝘮𝘰𝘳𝘦 𝘳𝘪𝘴𝘬; 𝘢𝘯𝘥 𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘪𝘵'𝘴 𝘵𝘦𝘳𝘳𝘰𝘳𝘪𝘴𝘮 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨; 𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘪𝘵'𝘴 𝘮𝘰𝘯𝘦𝘺 𝘭𝘢𝘶𝘯𝘥𝘦𝘳𝘪𝘯𝘨; 𝘵𝘩𝘦𝘴𝘦 𝘢𝘳𝘦 𝘵𝘩𝘪𝘯𝘨𝘴, 𝘵𝘩𝘢𝘵, 𝘧𝘳𝘰𝘮 𝘪𝘵𝘴 𝘤𝘰𝘳𝘦, 𝘙𝘪𝘱𝘱𝘭𝘦 𝘳𝘦𝘢𝘭𝘭𝘺 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘧𝘰𝘤𝘶𝘴𝘦𝘥 𝘰𝘯 𝘮𝘢𝘬𝘪𝘯𝘨 𝘴𝘶𝘳𝘦 𝘸𝘦'𝘳𝘦 𝘱𝘢𝘳𝘵𝘯𝘦𝘳𝘪𝘯𝘨 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘦𝘹𝘪𝘴𝘵𝘪𝘯𝘨 𝘴𝘺𝘴𝘵𝘦𝘮.
𝘛𝘩𝘦𝘳𝘦 𝘪𝘴 𝘢 𝘩𝘶𝘨𝘦 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦 𝘵𝘩𝘦 𝘸𝘢𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘴𝘺𝘴𝘵𝘦𝘮𝘴 𝘸𝘰𝘳𝘬 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘷𝘦𝘳𝘺 𝘣𝘦𝘯𝘦𝘧𝘪𝘤𝘪𝘢𝘭 𝘵𝘰 𝘤𝘰𝘯𝘴𝘶𝘮𝘦𝘳𝘴, 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴, 𝘦𝘵𝘤...
... 𝘉𝘶𝘵 𝘢𝘨𝘢𝘪𝘯, 𝘪𝘵'𝘴 𝘯𝘰𝘵 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘯𝘨 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘣𝘢𝘯𝘬𝘴.
𝘠𝘰𝘶 𝘬𝘯𝘰𝘸, 𝘋𝘢𝘷𝘪𝘥 𝘔𝘢𝘳𝘤𝘶𝘴 𝘤𝘢𝘮𝘦 𝘰𝘶𝘵 𝘸𝘩𝘦𝘯 𝘩𝘦 𝘢𝘯𝘯𝘰𝘶𝘯𝘤𝘦𝘥 𝘓𝘪𝘣𝘳𝘢, 𝘢𝘯𝘥 𝘴𝘢𝘪𝘥 '𝘵𝘩𝘪𝘴 𝘴𝘱𝘦𝘭𝘭𝘴 𝘵𝘩𝘦 𝘦𝘯𝘥 𝘰𝘧 𝘞𝘦𝘴𝘵𝘦𝘳𝘯 𝘜𝘯𝘪𝘰𝘯.' 𝘛𝘩𝘢𝘵 𝘸𝘢𝘴 𝘢 𝘩𝘶𝘨𝘦 𝘤𝘢𝘭𝘭 𝘵𝘰 𝘢𝘤𝘵𝘪𝘰𝘯 𝘵𝘰 𝘣𝘢𝘯𝘬𝘴 𝘢𝘳𝘰𝘶𝘯𝘥 𝘵𝘩𝘦 𝘸𝘰𝘳𝘭𝘥 𝘵𝘩𝘢𝘵 𝘩𝘢𝘷𝘦 𝘣𝘦𝘦𝘯 𝘸𝘢𝘵𝘤𝘩𝘪𝘯𝘨 𝘣𝘪𝘨 𝘵𝘦𝘤𝘩 𝘱𝘭𝘢𝘺𝘦𝘳𝘴 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦𝘺'𝘳𝘦 𝘧𝘦𝘢𝘳𝘧𝘶𝘭 𝘢𝘳𝘦 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘤𝘰𝘮𝘦 𝘪𝘯𝘵𝘰 𝘵𝘩𝘦 𝘴𝘱𝘢𝘤𝘦.
... 𝘞𝘦 𝘯𝘦𝘦𝘥 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘤𝘭𝘢𝘳𝘪𝘵𝘺. 𝘐 𝘮𝘦𝘢𝘯, 𝘦𝘷𝘦𝘯 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘢𝘸 𝘧𝘳𝘰𝘮 𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬 𝘸𝘪𝘵𝘩 𝘓𝘪𝘣𝘳𝘢; 𝘵𝘩𝘦 𝘸𝘩𝘪𝘵𝘦𝘱𝘢𝘱𝘦𝘳 𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢𝘵𝘦𝘴 𝘢 𝘱𝘭𝘢𝘯 𝘰𝘧 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘚𝘸𝘪𝘵𝘻𝘦𝘳𝘭𝘢𝘯𝘥 𝘵𝘰 𝘩𝘢𝘷𝘦 𝘪𝘵 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘦𝘥 𝘰𝘶𝘵 𝘰𝘧 𝘚𝘸𝘪𝘵𝘻𝘦𝘳𝘭𝘢𝘯𝘥; 𝘢𝘯𝘥 𝘢𝘭𝘵𝘩𝘰𝘶𝘨𝘩 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦𝘯'𝘵 𝘴𝘱𝘰𝘬𝘦𝘯 𝘵𝘰 𝘵𝘩𝘦 𝘚𝘸𝘪𝘴𝘴 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳, 𝘐 𝘵𝘩𝘪𝘯𝘬 𝘵𝘩𝘢𝘵 𝘸𝘢𝘴 𝘵𝘩𝘦 𝘳𝘪𝘨𝘩𝘵 𝘵𝘩𝘰𝘶𝘨𝘩𝘵 𝘰𝘧 '𝘩𝘦𝘺... 𝘵𝘩𝘦𝘳𝘦'𝘴 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘤𝘭𝘢𝘳𝘪𝘵𝘺 𝘪𝘯 𝘚𝘸𝘪𝘵𝘻𝘦𝘳𝘭𝘢𝘯𝘥.' 𝘈𝘯𝘥 𝘐 𝘵𝘩𝘪𝘯𝘬 𝘵𝘩𝘦 𝘜𝘚, 𝘪𝘯 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦 𝘯𝘪𝘯𝘦𝘵𝘪𝘦𝘴, 𝘤𝘳𝘦𝘢𝘵𝘦𝘥 𝘤𝘭𝘢𝘳𝘪𝘵𝘺 𝘢𝘳𝘰𝘶𝘯𝘥 𝘩𝘰𝘸 𝘵𝘩𝘦 𝘐𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘦𝘥 𝘢𝘯𝘥 𝘴𝘰 𝘐 𝘵𝘩𝘪𝘯𝘬 𝘵𝘩𝘦 𝘴𝘢𝘮𝘦 𝘵𝘩𝘪𝘯𝘨 𝘤𝘢𝘯 𝘩𝘢𝘱𝘱𝘦𝘯 𝘢𝘳𝘰𝘶𝘯𝘥 𝘣𝘭𝘰𝘤𝘬𝘤𝘩𝘢𝘪𝘯.
𝘛𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘴𝘰𝘮𝘦 𝘢𝘳𝘦𝘢𝘴 𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘦𝘳𝘦'𝘴 𝘯𝘰𝘵 𝘤𝘦𝘳𝘵𝘢𝘪𝘯𝘵𝘺, 𝘣𝘶𝘵 𝘵𝘩𝘦 𝘴𝘦𝘤𝘳𝘦𝘵𝘢𝘳𝘺 𝘪𝘴 𝘳𝘪𝘨𝘩𝘵: 𝘈𝘵 𝘵𝘩𝘦 𝘤𝘰𝘳𝘦, 𝘵𝘩𝘦 𝘧𝘶𝘯𝘥𝘢𝘮𝘦𝘯𝘵𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯𝘴 𝘢𝘳𝘰𝘶𝘯𝘥 𝘒𝘠𝘊, 𝘰𝘳 '𝘬𝘯𝘰𝘸 𝘺𝘰𝘶𝘳 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳,' 𝘢𝘯𝘥 𝘈𝘔𝘓, '𝘢𝘯𝘵𝘪-𝘮𝘰𝘯𝘦𝘺 𝘭𝘢𝘶𝘯𝘥𝘦𝘳𝘪𝘯𝘨;' 𝘵𝘩𝘦𝘳𝘦 𝘩𝘢𝘴 𝘵𝘰 𝘣𝘦 𝘢 𝘭𝘦𝘷𝘦𝘭 𝘱𝘭𝘢𝘺𝘪𝘯𝘨 𝘧𝘪𝘦𝘭𝘥 𝘣𝘰𝘵𝘩 𝘧𝘰𝘳 𝘯𝘦𝘸 𝘦𝘯𝘵𝘳𝘢𝘯𝘵𝘴 𝘢𝘴 𝘸𝘦𝘭𝘭 𝘢𝘴 𝘭𝘦𝘨𝘢𝘤𝘺 𝘦𝘯𝘵𝘳𝘢𝘯𝘵𝘴."
It was a powerful interview, and served to add additional clarity onto Brad Garlinghouse's multi-tweet that he'd sent out directly after Steven Mnuchin's press conference on July 15ᵗʰ.
My take on this topic is that there is very little appetite for trusting Facebook enough to give them a 'pass' on traditional bank requirements such as AML or KYC, and that the US, among a list of other countries, is going to hold Facebook accountable for these regulatory requirements.
Ripple, on the other hand, has years of practical experience navigating these same regulatory requirements, and my guess is that banks, corporates, and remittance processors know and understand this key difference, as well as the regulators that are familiar with blockchain technology and the major players involved.
Even though the interview may not have contained many surprises, it was still an effective and high-profile communication from Ripple's CEO, and I recommend XRP fans listen to what was said.
SWELL 2019 Taking Shape
SWELL 2019 is more well-defined, and the official website has been updated with a new look and feel, along with fresh information about the agenda during the two-day annual conference.
It was February of this year when Amy Hirth, Ripple's Head of Global Events confirmed that Singapore would be the next destination city for SWELL, and the site has been updated with that theme. The conference will take place over a Thursday and Friday, November 7ᵗʰ and 8ᵗʰ.
Like prior years, the event will feature a concept of 'FlashTalks' along with traditional presentations. In prior years, Ripple has dramatically announced the keynote plans for its SWELL Conference, and I expect this year will be consistent; thus far we don't know who these specific speakers will be.
If you want to attend personally this year, the site also has a link to request an invitation: https://swell.ripple.com/#
Boubyan Bank is a Kuwaiti Islamic bank with 44 branches throughout the oil-rich country. ¹ ²
Ripple has been making enormous progress in the Middle East, and Boubyan Bank is the latest to join RippleNet; on July 18ᵗʰ, the bank announced that they'd joined the network. Several news sites covered the announcement, which quoted officials from the bank, including the Deputy CEO of the bank, Abdullah Al-Tuwaijri, who indicated that Boubyan Bank will soon begin to offer fund settlement to any location worldwide by using RippleNet.
The announcement was fantastic news, and adds one more bank to the growing list of banks that have added RippleNet to their technology stack.
A little over a month ago, Coil advertised a new program for content creators that have decided to help pioneer its platform. The promotion is called the "Coil Boosting Pilot," and it will continue throughout it's 'boosting period:'
Coil explained a bit more on their blog about the program:
"𝘘𝘶𝘢𝘭𝘪𝘧𝘺𝘪𝘯𝘨 𝘤𝘳𝘦𝘢𝘵𝘰𝘳𝘴 𝘸𝘪𝘭𝘭 𝘱𝘦𝘳𝘪𝘰𝘥𝘪𝘤𝘢𝘭𝘭𝘺 𝘳𝘦𝘤𝘦𝘪𝘷𝘦 𝘣𝘰𝘰𝘴𝘵𝘪𝘯𝘨 𝘱𝘢𝘺𝘮𝘦𝘯𝘵𝘴 𝘰𝘯 𝘵𝘰𝘱 𝘰𝘧 𝘵𝘩𝘦𝘪𝘳 𝘳𝘦𝘨𝘶𝘭𝘢𝘳 𝘦𝘢𝘳𝘯𝘪𝘯𝘨𝘴 𝘧𝘳𝘰𝘮 𝘊𝘰𝘪𝘭. 𝘐𝘯𝘪𝘵𝘪𝘢𝘭𝘭𝘺, 𝘸𝘦 𝘸𝘪𝘭𝘭 𝘴𝘦𝘯𝘥 𝘣𝘰𝘰𝘴𝘵𝘪𝘯𝘨 𝘱𝘢𝘺𝘮𝘦𝘯𝘵𝘴 𝘰𝘯 𝘢 𝘮𝘰𝘯𝘵𝘩𝘭𝘺 𝘣𝘢𝘴𝘪𝘴, 𝘣𝘶𝘵 𝘵𝘩𝘦 𝘧𝘳𝘦𝘲𝘶𝘦𝘯𝘤𝘺 𝘮𝘢𝘺 𝘦𝘷𝘰𝘭𝘷𝘦 𝘰𝘷𝘦𝘳 𝘵𝘩𝘦 𝘤𝘰𝘶𝘳𝘴𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘪𝘭𝘰𝘵."
While the original participants such as myself had already benefited from the first round of payments, Coil's second payment was sent out to me, the original participants, and the new program members on July 17ᵗʰ to the delight of many content creators.
If you're curious to learn more, or would like to sign up for the program yourself, read more about it in Coil's official blog: https://coil.com/p/coil/Coil-s-Boosting-Pilot-for-Creators/n8aqDrVti
Coil has decided to work with the team at Puma to integrate Coil and enhance its functionality as it's used on iOS devices; while browser plugins work too, a close collaboration with a browser development team is much more beneficial to a platform such as Coil.
On July 16ᵗʰ, the Puma official Twitter account sent out an update:
The link in their first tweet navigates to the Apple iOS app store, where the Puma browser is available for download.
This is great progress for Puma, and for the Coil subscribers who would like to read Coil articles over iOS devices. Congrats to the team at Puma on their latest deployment.
DWeb - short for 'Decentralized Web' - bills itself as more than a conference. Its official site indicates:
"𝘋𝘞𝘦𝘣 𝘊𝘢𝘮𝘱 𝘪𝘴 𝘢 𝘧𝘰𝘶𝘳-𝘥𝘢𝘺 𝘳𝘦𝘵𝘳𝘦𝘢𝘵 𝘧𝘰𝘳 𝘥𝘳𝘦𝘢𝘮𝘦𝘳𝘴 𝘢𝘯𝘥 𝘣𝘶𝘪𝘭𝘥𝘦𝘳𝘴. 𝘍𝘰𝘳 𝘵𝘩𝘰𝘴𝘦 𝘸𝘩𝘰 𝘸𝘢𝘯𝘵 𝘵𝘰 𝘤𝘳𝘦𝘢𝘵𝘦 𝘢 𝘞𝘦𝘣 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘮𝘰𝘳𝘦 𝘰𝘱𝘦𝘯, 𝘱𝘳𝘪𝘷𝘢𝘵𝘦, 𝘴𝘦𝘤𝘶𝘳𝘦 𝘢𝘯𝘥 𝘧𝘶𝘯. 𝘈 𝘋𝘦𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘦𝘥 𝘞𝘦𝘣 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘭𝘰𝘤𝘬𝘦𝘥 𝘰𝘱𝘦𝘯 𝘧𝘰𝘳 𝘨𝘰𝘰𝘥. 𝘋𝘞𝘦𝘣 𝘊𝘢𝘮𝘱 𝘪𝘴 𝘢 𝘱𝘭𝘢𝘤𝘦 𝘸𝘩𝘦𝘳𝘦 𝘥𝘪𝘷𝘦𝘳𝘴𝘦 𝘱𝘦𝘰𝘱𝘭𝘦 𝘤𝘢𝘯 𝘧𝘳𝘦𝘦𝘭𝘺 𝘦𝘹𝘤𝘩𝘢𝘯𝘨𝘦 𝘪𝘥𝘦𝘢𝘴 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘪𝘦𝘴, 𝘭𝘢𝘸𝘴, 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 𝘢𝘯𝘥 𝘢𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵𝘴 𝘸𝘦 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘮𝘰𝘷𝘦 𝘧𝘰𝘳𝘸𝘢𝘳𝘥."
In fact, the retreat is located on a farm overlooking the Pacific Ocean, nearby San Francisco. It's a convenient location, because I'm guessing that most of the developers attending the multi-day gathering live around the Bay area.
The gathering started in 2016, and takes its work very seriously. The theme for 2018 motivated entrepreneurs and other attendees to follow-through on the ideas, echoing concepts from Larry Lessig, the founder of Creative Commons: ³
"... 𝘵𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘧𝘰𝘶𝘳 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘴 𝘯𝘦𝘦𝘥𝘦𝘥 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦 𝘴𝘰𝘤𝘪𝘦𝘵𝘺: 𝘵𝘦𝘤𝘩, 𝘵𝘩𝘦 𝘭𝘢𝘸𝘴, 𝘵𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘯𝘰𝘳𝘮𝘴."
The retreat advertised Adrian Hope-Bailie, Head of Services at Coil, as one of its speakers, and published an in-depth profile (I'd call it a short biography) of Stefan Thomas.
The profile by Shannon Wu provided background on Stefan Thomas including his early 'Bitcoin years', and summarized his professional history after joining Ripple as well, ending with his thoughts about Coil and the topic of scaling.
Here is the one excerpt from Shannon Wu's article that I found most interesting:
"𝘈 𝘣𝘪𝘨 𝘵𝘢𝘬𝘦𝘢𝘸𝘢𝘺 𝘪𝘯 𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯𝘴 𝘵𝘰 𝘥𝘦𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘦𝘥 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘢𝘯 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘪𝘯 𝘩𝘰𝘸 𝘤𝘰𝘮𝘱𝘭𝘦𝘹𝘪𝘵𝘺 𝘤𝘢𝘯 𝘤𝘳𝘦𝘦𝘱 𝘶𝘱 𝘰𝘯 𝘸𝘦𝘭𝘭-𝘪𝘯𝘵𝘦𝘯𝘵𝘪𝘰𝘯𝘦𝘥 𝘴𝘰𝘧𝘵𝘸𝘢𝘳𝘦 𝘢𝘳𝘤𝘩𝘪𝘵𝘦𝘤𝘵𝘴 𝘢𝘯𝘥 𝘮𝘢𝘬𝘦 𝘢 𝘱𝘳𝘰𝘫𝘦𝘤𝘵 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘪𝘯𝘨𝘭𝘺 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵 𝘵𝘰 𝘮𝘢𝘯𝘢𝘨𝘦.
𝘔𝘢𝘯𝘺 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘦𝘳𝘴 𝘸𝘪𝘭𝘭 𝘩𝘢𝘱𝘱𝘪𝘭𝘺 𝘣𝘶𝘪𝘭𝘥 𝘤𝘰𝘮𝘱𝘭𝘦𝘹 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘺 𝘢𝘴 𝘭𝘰𝘯𝘨 𝘢𝘴 𝘵𝘩𝘦𝘺 𝘧𝘦𝘦𝘭 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘢 𝘨𝘰𝘰𝘥 𝘩𝘢𝘯𝘥𝘭𝘦 𝘰𝘯 𝘪𝘵. 𝘉𝘶𝘵 𝘵𝘩𝘪𝘴 𝘰𝘧𝘵𝘦𝘯 𝘮𝘢𝘬𝘦𝘴 𝘪𝘵 𝘷𝘦𝘳𝘺 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵 𝘵𝘰 𝘱𝘳𝘦𝘥𝘪𝘤𝘵 𝘩𝘰𝘸 𝘵𝘩𝘦 𝘴𝘺𝘴𝘵𝘦𝘮 𝘸𝘪𝘭𝘭 𝘣𝘦𝘩𝘢𝘷𝘦 𝘶𝘯𝘥𝘦𝘳 𝘭𝘰𝘢𝘥, 𝘧𝘰𝘳 𝘪𝘯𝘴𝘵𝘢𝘯𝘤𝘦 𝘸𝘩𝘦𝘯 𝘢 𝘭𝘰𝘵 𝘰𝘧 𝘮𝘰𝘯𝘦𝘺 𝘪𝘴 𝘢𝘥𝘥𝘦𝘥 𝘪𝘯𝘵𝘰 𝘵𝘩𝘦 𝘦𝘲𝘶𝘢𝘵𝘪𝘰𝘯 — 𝘢 𝘳𝘦𝘤𝘪𝘱𝘦 𝘧𝘰𝘳 𝘥𝘪𝘴𝘢𝘴𝘵𝘦𝘳.
𝘚𝘵𝘦𝘧𝘢𝘯 𝘤𝘰𝘯𝘵𝘦𝘯𝘥𝘴 𝘵𝘩𝘢𝘵 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘦𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘮𝘰𝘳𝘦 𝘩𝘶𝘮𝘣𝘭𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘢𝘮𝘣𝘪𝘵𝘪𝘰𝘯 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘵𝘩𝘦𝘺 𝘢𝘳𝘦 𝘵𝘳𝘺𝘪𝘯𝘨 𝘵𝘰 𝘣𝘶𝘪𝘭𝘥, 𝘢𝘯𝘥 𝘯𝘰𝘵 𝘱𝘶𝘴𝘩 𝘵𝘩𝘪𝘯𝘨𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘢𝘣𝘴𝘰𝘭𝘶𝘵𝘦 𝘮𝘢𝘹𝘪𝘮𝘶𝘮, 𝘣𝘶𝘵 𝘣𝘶𝘪𝘭𝘥 𝘪𝘯 𝘢 “𝘤𝘰𝘮𝘱𝘭𝘦𝘹𝘪𝘵𝘺 𝘴𝘢𝘧𝘦𝘵𝘺 𝘮𝘢𝘳𝘨𝘪𝘯” 𝘵𝘩𝘢𝘵 𝘢𝘷𝘰𝘪𝘥𝘴 𝘵𝘩𝘦𝘮 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘰𝘷𝘦𝘳𝘸𝘩𝘦𝘭𝘮𝘦𝘥 𝘢𝘴 𝘵𝘩𝘦 𝘴𝘺𝘴𝘵𝘦𝘮 𝘨𝘳𝘰𝘸𝘴."
These subtle realizations that can be valuable to entrepreneurs in the blockchain technology space; building applications that may 'go viral' is challenging enough. When money is added to the mix, it can spell complexities that were difficult to anticipate in the beginning.
These sorts of wise perspectives are why I am confident in the ecosystem being built around XRP; there is little substitute for the real-world experience that the team at Coil and other Xpring companies bring to bear on the problems they are attempting to solve.
One of the strongest points about XRP is the strength of its championing organizations.
I've written about this in the past, expounding on the enormous benefits from Ripple's ability to promote both XRP and its various use cases through the expanding Internet of Value (IoV). In addition, Xpring companies - those that have received an investment of value from Ripple through its initiative - have provided an enormous boost to utility as well, even though only a year has passed since the program start date.
So you may wonder about the latest news; the forming of a new non-profit organization to help organize efforts around the XRP Community Fund:
The XRP Community Fund was started by a donation from Wietse Wind and several other XRP Community members, when they received bug bounties from exchanges and other XRP ecosystem stakeholders. It's already been used to finance the creation of a payment plugin.
To formalize the process, and to establish a more permanent organization to oversee what could be material amounts of community investment in the future, a small group based in the Netherlands has decided to found a nonprofit to help administer the fund and to provide a central community organization that can coordinate and channel community-based development on the XRP Ledger.
The nonprofit foundation will have eight original board members with voting privileges, including:
The foundation has three directors, as prescribed by Dutch law:
Therefore, these three directors will each have a 'signing weight' of 2 for releasing XRP funds, and the rest of the board members will have a 'signing weight' of 1. The quorum will be 5 votes, so that the three directors can use funds at their discretion to pay the bills of the foundation, etc, and the remaining 5 members, including me, can override these directors on other matters if necessary.
The composition and organization of the Community Fund Board will proceed with these rough checks and balances for the time being.
Note: If you're wondering what I'm referring to about the concepts of 'signing weight' and 'quorum,' please refer to the documentation for a multi-signature wallet here: https://xrpl.org/known-amendments.html#multisign
While the new organization is relatively small, it has the potential of growing as large as other crypto-sponsoring nonprofit foundations. It's great to have yet one more motivated and determined group helping to champion XRP adoption, and I'm honored to be a part of it.
XRP is different than other networks in some respects; one of these differences is that it requires a reserve amount for each wallet, as a type of spam prevention.
This requirement is effective, but it has resulted in many exchanges opting to have just one wallet, and then separate their customers' accounts using the 'tag' system.
A tag is a small data element for each transaction that takes place on the XRP Ledger. When large exchanges accept XRP deposits, they normally require the sender to specify a specific tag number that will then correlate to a specific person.
This approach allows the exchange to avoid creating thousands of wallets, but it also can result in confusion from those looking to trade in XRP. If they were previously used to Bitcoin, for example, they may not understand that they must specify two fields when sending XRP, not just one, especially if it's to an exchange.
After years of watching this play out, Nik Bougalis from Ripple proposed the usage of a new field outside of the XRP Ledger, that would combine both fields, so that the end-user would only need to remember one address:
The conversation that subsequently took place between Nik Bougalis and other prominent XRP Community developers was tracked at the XRP Community Github repository for those interested in how the conversation and ultimate 'first try' from Wietse Wind developed:
This new derived address will contain both the XRP account address and the tag number for the specific account, but the group was (initially) not clear on the best approach for what the result should look like.
Wietse Wind, the developer of the XRP Tip Bot, decided to bring this concept to fruition after a few weeks of debate, and created code for automatically creating the new combined field, and for de-coding it as well:
The code he created can be reviewed at the following Github repository:
Wietse Wind has also created a website to demonstrate these concepts, which is currently under development.
This is a great innovation, and as long as enough exchanges and other network stakeholders adopt the code, it should prove to simplify the end-user experience in managing XRP, and reduce the occasions where exchanges have to field customer complaints arising from forgotten tag numbers.
Kudos to both Nik Bougalis, Wietse Wind, and all of the XRP Community developers involved in the initial discussion; this approach has the potential of easing adoption, preventing unfortunate mistakes, and generally making custody of XRP easier.
TOML File Specification
MDuo13 is the XRP Chat avatar for Rome Reginelli, who has overseen much of the formal documentation about the XRP Ledger. He's also developed several tools that are frequently used by developers, and has interacted with the community many times over the course of the last few years.
On July 12ᵗʰ, he published a blog explaining a new proposal for a 'TOML File' to be used by validator operators.
It's a voluntary approach for letting other validator operators know more information about the person or organization in charge, and their motivations for running the node. Here is one quote from his blog:
"𝘛𝘩𝘦 𝘹𝘳𝘱-𝘭𝘦𝘥𝘨𝘦𝘳.𝘵𝘰𝘮𝘭 𝘴𝘱𝘦𝘤𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘢 𝘧𝘭𝘦𝘹𝘪𝘣𝘭𝘦 𝘴𝘵𝘢𝘯𝘥𝘢𝘳𝘥 𝘧𝘰𝘳 𝘷𝘰𝘭𝘶𝘯𝘵𝘢𝘳𝘪𝘭𝘺 𝘱𝘶𝘣𝘭𝘪𝘴𝘩𝘪𝘯𝘨 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘣𝘰𝘶𝘵 𝘸𝘩𝘰 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘢𝘯𝘥 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶'𝘳𝘦 𝘥𝘰𝘪𝘯𝘨 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘟𝘙𝘗 𝘓𝘦𝘥𝘨𝘦𝘳."
I agree with his proposal; even though the TOML file is not cryptographic proof of identity, it's one more piece of information that could be useful for new validator operators to construct their UNLs in the future; One of the goals of continued decentralization is for the XRP Ledger to be able to support multiple recommended UNLs, and these sort of developments will have a positive impact on the future state of the network.
NYC Meetup Complete
The site became well-known throughout the XRP Community after one of its developers published the 'Wipple' site, which has many unique visualizations and reports about the state of the XRP Ledger.
For those that may have missed out on the first meetup, @DevNullProd indicated that:
"𝘞𝘦'𝘳𝘦 𝘱𝘭𝘢𝘯𝘯𝘪𝘯𝘨 𝘰𝘯 𝘥𝘰𝘪𝘯𝘨 𝘵𝘩𝘦𝘴𝘦 𝘰𝘯 𝘢 𝘣𝘪-𝘮𝘰𝘯𝘵𝘩𝘭𝘺 𝘣𝘢𝘴𝘪𝘴. 𝘕𝘦𝘹𝘵 𝘰𝘯𝘦 𝘸𝘪𝘭𝘭 𝘣𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘚𝘦𝘱𝘵𝘦𝘮𝘣𝘦𝘳 𝘵𝘪𝘮𝘦-𝘧𝘳𝘢𝘮𝘦!"
It's good to see more XRP meetups start to happen around the world, especially in the major metropolitan areas where large numbers of XRP fans can mingle and connect with each other.
The exchange has made it a point to work closely with the XRP Community, which is a wise move considering the massive interest in XRP that's been reported by other platforms, including eToro. Bitrue decided early on to use XRP as a base currency pairing on its exchange, and has followed up by conducting multiple customer promotions and a 'Power Piggy' program that rewards XRP holders for storing their XRP at the exchange.
On July 19ᵗʰ, the exchange sent out an official notification that they were now also running their own XRP validator:
For exchanges, wallets, and other applications that interact with the XRP Ledger, running a validator allows them to configure their services against their own technology stack instead of relying on the availability of the XRP validators that Ripple makes available to the public. As more exchanges and other XRP stakeholders decide to run a validator, the strength and resiliency of the entire network expands.
Congratulations to Bitrue on their one-year anniversary, and on their recent decision to run an XRP Validator.
AMA with Curis Wang
In addition to celebrating their one-year anniversary, Bitrue is also hosting an 'Ask Me Anything' (AMA) session with their CEO, Curis Wang:
In a follow-up over Twitter DM (direct message), Bitrue informed me that their plan is to have a 'live' tweetstorm on Twitter to track the questions and conversations.
In addition, they indicated that some participants whose questions are used may be rewarded with XRP; it's an added incentive for some in the XRP Community to participate and listen to what Curis Wang has to say about XRP, Bitrue, and the cryptomarket.
Another business that runs their own XRP Ledger validator is Coingate.
Coingate is a massive crypto payment processor, with connections to a large number of merchants worldwide. Their software allows businesses to accept cryptocurrencies as payment from their customers; it has functions that allow vendors to convert these payment amounts immediately to Euros or US Dollars. The company also offers other services as well, including integration with international wire, SEPA bank transfers, and debit cards. ⁴
In February of this year, I wrote about how Coingate had added support for XRP, and how they'd also decided to run their own XRP validator.
On July 19ᵗʰ, the platform sent out an official notification that they were now offering 'cash back' on purchases using XRP:
The team communicated with me over Twitter DM and indicated:
"𝘚𝘵𝘢𝘳𝘵𝘪𝘯𝘨 𝘰𝘯 𝘔𝘰𝘯𝘥𝘢𝘺, 𝘢𝘭𝘭 𝘵𝘩𝘰𝘴𝘦 𝘸𝘩𝘰'𝘭𝘭 𝘴𝘱𝘦𝘯𝘥 𝘟𝘙𝘗 𝘢𝘵 𝘰𝘶𝘳 𝘷𝘦𝘯𝘥𝘰𝘳𝘴 𝘸𝘪𝘭𝘭 𝘨𝘦𝘵 𝘴𝘰𝘮𝘦 𝘟𝘙𝘗 𝘣𝘢𝘤𝘬 (𝘵𝘩𝘪𝘴 𝘵𝘪𝘮𝘦 3%) 𝘵𝘰 𝘵𝘩𝘦𝘪𝘳 𝘸𝘢𝘭𝘭𝘦𝘵𝘴 𝘢𝘧𝘵𝘦𝘳 𝘦𝘷𝘦𝘳𝘺 𝘴𝘪𝘯𝘨𝘭𝘦 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦 𝘵𝘩𝘦𝘺'𝘭𝘭 𝘮𝘢𝘬𝘦."
The promotion is good for any purchase between $10 and $10,000 dollars' worth of XRP. The pay-back is provided to the customer in XRP, up to a maximum of 80 XRP. To learn more about it, or if you're curious about how to process a payment with the cash-back option, refer to the company's official blog here: https://blog.coingate.com/2019/07/xrp-cashback/
The other interesting tidbit provided by Coingate was an interesting graphic about how XRP payments have risen to become one of the most popular payment methods on their platform:
The amazing point to me is the last one; 42% of the vendors accepting crypto opted to keep the XRP in its original form. It's a testament to how XRP is quickly achieving recognition as the standard in payments, as well it should; it's one of the only cryptos that can support deterministic settlement in real-time, while others like Bitcoin and Ethereum require users to wait for multiple confirmations that can take over an hour.
Thanks to Coingate, and it's great to see a payment processor offer an incentive like this to those using crypto for payments.
The Digital Asset for Business
XRP is the standard for real-time settlement. It's the standard for speed and scalability. And its ecosystem of tools sets the standard for interoperability.
This combination is a powerful characteristic that financial institutions are looking for when it comes to large-scale payment processing.
In addition, those of us that own XRP benefit from knowing that the most effective and powerful championing organizations are building out the components of the network, and coordinating its expansion into industries that may show explosive new growth over the next year.
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Artwork and Photography: Thanks to NESA by Makers