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RippleNet processed over 2 million transactions

20% of all transactions on RippleNet are now performed using the crypto asset XRP.

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RippleNet, according to Garlinghouse, has now done over 2 million transactions with a nominal value of over $7 billion. Ripple CEO, Brad Garlinghouse also disclosed that 20% of all transactions on RippleNet are now performed using the crypto asset XRP.

In a video stream event seen on Youtube,Ripple’s CEO disclosed a significant amount of upgrades on Ripple’s cross border payments network and its XRP-powered On-Demand Liquidity (ODL) platform.

Garlinghouse said:

“In the three years that RippleNet has been live, we’ve done over two million transactions with a nominal value of over $7 billion. We have hundreds of customers. We’re seeing the greatest traction across Asia… Now it’s also clear our customers are increasingly interested in emerging markets.

These include Latin America, Africa, and the Asian Pacific. I also think we all can agree some of these regions were largely abandoned by traditional correspondent banking over the last decade…

It’s also clear to me that XRP is the key behind RippleNet.

Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility [and] that’s why it works.

Quick fact:

  • RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.
  • RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
  • It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.
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CRYPTOCURRENCY

Ripple CTO Reveals He Made a $15.5 Million Mistake

David Schwartz said that he sold 40,000 Ethereum in 2012 for just $1 each. That stash would have been worth millions.

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David Schwartz, chief technology officer at Ripple, revealed on Sunday that he sold 40,000 Ethereum (ETH) for just $1 per token back in 2012—a crypto cache that would be worth roughly $15.4 million today.

At Ethereum’s peak price, that would have been worth $53.6 million.

Schwartz explained that this decision was part of a “derisking plan” he discussed with his wife at the time, adding that he also sold undisclosed amounts of Bitcoin (BTC) and Ripple’s XRP for $750 and $0.01 per coin, respectively.

While not aimed at Schwartz directly, the revelation stemmed from a comment made by another Twitter user, stating that “anyone pushing XRP while derisking is exit scamming.”

“On the derisking, I’m a risk averse person with people who depend on me financially and emotionally. Fate caused me to put a lot of eggs in one basket,” Schwartz replied, adding, “My job, my reputation, Ripple stock, XRP, and so on. I like that basket. But the risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”

Schwartz is far from the only one who sold their crypto for cheap in the past. Perhaps the most well known example is Laszlo Hanyecz, a programmer from Florida who also contributed to Bitcoin’s source code. In May 2010, he paid 10,000 BTC, worth around $115 million today, for two Papa John’s pizzas.

While such a deal could warrant therapy sessions with a psychologist for many crypto enthusiasts today, 10 years ago it arguably paved a way for Bitcoin to be used as an actual currency. And the rest, as Bitcoin developer Jameson Lopp put it, is history.

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Cryptocurrency News

Tron Whale transfers 306 million TRX

A large entity moved 306,935,072 TRX (7,808,068 USD) from Poloniex to an unknown wallet.

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Tron is gaining attention among global investors and crypto traders alike. The 16th most valuable crypto is fast becoming a sort of magnet among crypto holders, as investors cash in on the Ethereum based crypto.

Data retrieved from Whales Alert, an advanced crypto tracker revealed that a large entity moved 306,935,072 TRX (7,808,068 USD) from Poloniex to an unknown wallet.

At the time this report was drafted, TRON traded at $0.02556661 with a daily trading volume of about $1 billion. TRX price is down by -3.3% in the last 24 hours.

It has a circulating supply of 72 billion coins and a max supply of 101 billion coins.

Quick fact on the Tron project

Justin Sun founded the Tron Foundation in Singapore in 2017, with the aim of creating a protocol that could “decentralize the internet,”and support decentralized applications.

  • Beginning on Ethereum, it migrated onto its own blockchain in the following year.
  • According to the foundation, the July 2018 purchase of BitTorrent further cemented TRON’s leadership in pursuing a decentralized ecosystem.
  • In 2019, Tron and Tether announced a partnership to launch Tether Tron Whale transfers 306 million TRX on the Tron blockchain as a TRC-20 token, the protocol’s equivalent of an ERC-20 designed to improve liquidity on crypto exchanges.
  • According to the project’s whitepaper, the network is based on a proof-of-stake system, in which 27 ‘super representatives’ or SRs, produce blocks for the network. A total of 336,384,000 TRX are awarded annually to the SRs.
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Cryptocurrency News

Why OMG incorporated with Tether

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High crypto trade charges happen on the grounds that the Ethereum blockchain is an important however restricted asset. Trades and their clients go after this significant expense computational asset, by sending and getting esteem.

Yet, when request is excessively high, Ethereum faces serious organization blockage and exchange charges, and now and again shoots up.

Further siege of the root chain keeps exchange from occurring across trades, making each market a value island, and soaring crypto trade charges. That is when serious occurrences like the March twelfth pandemic blaze crash can happen.

Why it’s going on: OMG Network picked USDT (Tether) since it makes up most exchanges moving across trades, adding to an enormous part of the exchange expenses on Ethereum.

By supporting USDT esteem moves, the OMG Network can offload a portion of Ethereum’s weight, helping the whole environment by bringing down expenses, helping value straightforwardness, decency, and improving business sector liquidity. Refering to a represent, accept;

Exchange A’s users make about 200K withdraws/month;
Exchange B’s around 150k;
Exchange C’s around 100k;

  • Assuming OMG Network captures withdraw and deposit, it can move up to 450,000 x 2 = 900,000 transactions off Ethereum/month
  • Assuming each transaction costs 1.5 USD, and the OMG Network charges one-third the gas fees of Ethereum; OMG Network reduces crypto exchange fees from 1,350,000 USD to 445,500 USD.

What you need to know: The OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand-based financial services company called Omise. Its full name is OmiseGo.

  • OmiseGo helps in easing the transfer of coins from one blockchain to another, without using a crypto exchange.
    Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience.
  • A few months back the federal agency in charge of regulating crypto assets in Japan, the Financial Services Agency (FSA), has given OMG Network, formerly known as OmiseGo, approval for the sale of its native crypto coin in the world’s third-largest economy.
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