Report Highlights 'Areas of Concern' in Ripple Protocol Design
A report commissioned by secretive distributed ledger consulting group R3CEV and authored by bitcoin developer Peter Todd has raised questions about the ability of the Ripple protocol to serve the needs of global financial institutions in its current iteration. The release notably comes at a time when Ripple Labs, the corporate entity overseeing the network, has been increasingly attracting the attention of legacy financial institutions interested in bitcoin and the wider blockchain ecosystem. Ripple Labs has raised $37m to date, and partnered with Commonwealth Bank, Fidor Bank and Western....
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A just published report from Bitcoin developer Peter Todd has exhibited a number of concerns in the Ripple protocol. The report has arrived at a time when Ripple Labs, the creator of the aforementioned protocol, has joined hands with multiple renowned corporates and financial institutions to innovate their global finance endeavors. The company has also received around $37 million in seed funding for expanding its cross border payment operations across the globe, a step that has further attracted firms like Commonwealth bank, Western Union and Fedor Bank towards utilizing the Ripple....
Ripple's patented design would allow derivatives to settle based on external information – such as temperature data.
For the last few months, I have been grappling with a gut feeling that somehow Ethereum’s smart contract-based distributed application (dapp) model has a different dynamic to that of hardwired protocols like bitcoin or Ripple. This week that feeling has crystalized into a semi-coherent thought. Hardwired protocols do not have a separation of concern between the protocol and business logic. The same set of protocol designers, software developers and miners control how the emergent distributed autonomous organisation (DAO) functions. It’s different for dapps – there is a clear separation of....
Ripple Labs has sealed new partnerships that will bring its Ripple protocol to two US banks. According to the company's 24th September announcement, Kansas-based CBW Bank and Cross River Bank, located in New Jersey, will be the first American banks to adopt Ripple's open-source distributed transaction infrastructure. The news comes several months after Ripple inked its first deal with the banking sector, when German bank Fidor became the first institution of its kind to integrate the Ripple protocol. Like Fidor, CBW Bank and Cross River Bank will now be able to tap Ripple's low-cost....
Ripple Labs made huge waves today, signing the first two U. S. banks to an agreement to use their open-source payment protocol. Two U. S. banks, Cross River Bank in New Jersey and Kansas-based CBW Bank, proclaim their utilization of the Ripple currency protocol. This makes way for an instant transfer system with international transfers at no charge on Ripple's network. "It's a big milestone," said Ripple Labs Chief, Chris Larsen. "We've been working on our enterprise banking strategy for well over a year. It takes quite a while for banks to get going." Ripple's Transaction Protocol (RTXP)....