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What Ripple Can Do for Business Payment Automation

The COVID-19 pandemic and global economic recession it triggered makes it extremely hard for businesses to survive. Using technology is the way to go for business owners that want to get through these difficult times without losing customers. Already, the use of fintech solutions has risen by over 70%. This time is a trial for…

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The COVID-19 pandemic and global economic recession it triggered makes it extremely hard for businesses to survive. Using technology is the way to go for business owners that want to get through these difficult times without losing customers. Already, the use of fintech solutions has risen by over 70%. This time is a trial for many but it might be the exact thing that crypto needed to gain popularity. Ripple, in particular, might be able to use this opportunity to become indispensable in the post-coronavirus world.

Importance of Businesses Payment Automation Post-COVID-19 Pandemic

The impact of the COVID-19 pandemic on business is tremendous and close to devastating. With lockdowns in place as well as multiple other measures that aim to stop the virus spreading many businesses are unable to function. And those that still can work in these conditions must find ways around their many limitations.

One of the most pressing matters for them is payment automation. As using cash is not safe and using bank wire transfers is too expensive for the majority of customers and entrepreneurs, a new solution is required. That’s why fintech apps have skyrocketed in their popularity.

However, a way to send money from one’s bank account without actual visits to the bank is not enough. Going completely digital is a far better alternative for this new technological era we are entering. Today, remote and automated work is becoming the norm instead of something that only most progressive enterprises do. Digital currency will be right at home in this world, and crypto has been gaining power even before this. It’s not yet at the level where cryptocurrency might replace fiat money. But Ripple, with its unique position in the crypto world, might be closer to this than others.

Benefits of Using Ripple for Payment Automation

First of all, Ripple was created for the express purpose of facilitating payment automation. And while Ripple XRP is a cryptocurrency, Ripple is also more than that. It’s a system for payment settlement and remittances that’s closer to SWIFT in its operation protocols. Simply put, Ripple is a technology first and foremost. And this technology is a digital payment network that makes transactions fast, cheap, and secure.

Main benefits of using Ripple for businesses include:

  • Widespread use.
    Multiple retailers and other businesses already accept Ripple’s services as a payment method. Considering the switch to digital services, this number will likely keep growing.
  • Fast transactions.
    With Ripple, you can complete an international transaction within minutes. As businesses today need to fight over retaining customers, this can give them an edge over competitors. According to Ripple, a XRP transaction can be completed within 3 seconds.
  • Open-source technology.
    Ripple is based on open-source technology. This means that any business has an opportunity to adapt it to its specialized needs. Easy access to different markets and platforms makes it easy to use Ripple anywhere. Therefore, the business can scale and spread globally.
  • Stability.
    The main problem of cryptocurrencies is their extreme volatility. It’s one of the biggest obstacles that prevent crypto being equal to fiat currencies. XRP is also volatile to come extent, but it’s not as unstable as BTC. In fact, it fares extremely well in terms of coin value stability despite the current crisis. Therefore, the risk of using it to accept and make payments is much lower for businesses.

Ripple Today: Is This the Future of Cryptocurrency?

XRP has increased in value in recent months, as had bitcoin and some other cryptocurrencies. The reason is simple, the interest in them is growing now that digital payments have become a necessity. However, with Ripple the situation is a bit different.

Its increase in value mainly comes from the increase in use as a payment method. Bitcoin, on the other hand, is mostly used for speculation on its growing value and hedging. XRP doesn’t present an attractive target for either of those. However, as a tool for making international payments, this cryptocurrency seems like one of the best choices available.

This is what makes the main difference between XRP and BTC. This is also one of the main reasons why it’s Ripple that has a better chance of taking cryptocurrency to the next level.

One of the biggest problems that prevent cryptocurrencies from becoming equal in status to fiat money is that they aren’t really used as currencies. They are too volatile to become common payment tools.

In the meantime, the fact that they aren’t used as currency for regular payments is why they are so volatile.

Ripple seems to be the crypto that is capable of breaking this pattern. As its use increases, its status is changing. If this dynamic continues, soon we might see XRP accepted by the majority of retailers. At this point, it will have to be acknowledged and legalized by governments. Quite possibly, this will be the push needed to see that cryptocurrencies can be used in all types of transactions. This means including the payments of utilities and taxes. At this point, crypto will become equal to fiat currencies.

Source: https://cryptoverze.com/what-ripple-can-do-for-business-payment-automation/

Blockchain

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

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Bitcoin halving is often referred to as “Halvening”, it’s a formulated reduction in the reward coins offered to the miners using a predefined blockchain algorithm.

Bitcoin halvings take place once in every four – 4 years approximately, or for every 210,000 block transactions.

The process of halvening started in the year 2012, approximately after 4 years of the invention of bitcoin i.e 2008, but practically bitcoins came into play in the year 2009.

After the first bitcoin halving, the block reward of 50 bitcoins per transaction were reduced to 25 bitcoins per block or transaction, later this reward was further reduced to 12.5 and it has now fallen to 6.25 after halvening in 2020.

The main idea of halvening is to create scarcity for the coins and to control inflation, as bitcoins issuance is limited to 21 million coins as per the idea of Satoshi Nakamoto, inventor of Bitcoin.

The production of 21 million bitcoins involves 32 halvenings, we are now done with two halvenings and this might continue till or come to an end in the year 2140.

Investors from all over the world are excited and waiting for the Bitcoin price to increase, and the demand for bitcoins in the online gambling industry is high. Bitcoins are widely accepted at Bitcoin Casinos as they collect deposits in the form of cryptocurrency from their players.

To know the overview of Bitcoin Halving (Just in minutes), check out the following infographic developed by Abishai James at WinBTC.net in partnership with ACMarket.

bitcoin halving
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Santiment Reveals Top 10 Ethereum Projects by Developer Activity

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Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.

The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.

The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.

The Ethereum Project Top Ten

At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.

Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.

Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.

Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.

DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.

Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.

“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”

DeFi Dominates

These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.

Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.

Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.

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Source: https://cryptopotato.com/santiment-reveals-top-10-ethereum-projects-by-developer-activity/

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Blockchain

Blockchain in Sports Betting

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Wanna enter the Sports betting industry? Are you worried about the transactional data, security and entry charges?

Just relax and lean on to your chair. The amazing features of blockchain technology have reshaped the sports betting industry. It enhances safe and secure transactions as it is an open source decentralized network.

Basically, blockchain offers tremendous features like transparency, fast payouts, speedy transactions, independent in nature, etc. The most effective feature is the player’s account will not be restricted or blocked either personally or professionally  due to extreme winnings.

Blockchain is the most prominent technology ruling today’s betting industry. It’s advancement in the sports industry has laid a pavement for its enormous growth in recent times.

To get detailed information, checkout the following Infographic developed by WinBTC.net in Partnership with MrBet.me.uk.

Blockchain In Sports Betting Infographic
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