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Tag Archives: Ripple Labs

Ripple Labs Introduces Multilanguage Programming Feature to Smart Contracts

Ripple Labs Introduces Multilanguage Programming Feature to Smart Contracts

ForexMinute.com – Known for injecting impeccably innovative approaches into the tasks it undertakes, Ripple Labs is once again in the news for the same. The organization has just published a white paper called Smart Oracles to introduce certain flexibility to smart contracts. Smart Oracles, aka Codius, is a system, which compiles multiple programming languages, and creates flexible contracts that can “interact with any service that accepts cryptographically signed commands.”

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The term Smart Oracle however is derived by combining the concept of “Smart Contacts” with the trusted signature-verifying entities called “Oracles”. Likewise the name, the aim of Smart Oracle is to eliminate the voids of Bitcoin smart contracts, which still follows the same old approach of executing contracts within consensus networks. It ultimately leads the execution to be deterministic, reducing flexibility of the overall process. Smart Oracles, on the other hand, take one step ahead of the Bitcoin’s approach. Take a look at the excerpts from their paper:

“We argue that it is possible to implement powerful smart contracts in a secure and trustworthy manner without increasing the complexity of existing consensus networks such as Bitcoin or Ripple.

The execution of untrusted code should be decoupled from the consensus databases and other services that track and transfer asset ownership. The separate contract system can handle untrusted code execution and interact with the consensus databases through cryptographic signatures. These signatures are already native to consensus protocols so no modifications are necessary. Decoupling contracts from consensus networks gives the added benefit that contracts can interact with multiple networks at once as well as virtually any type of online service. This means that a single smart contract could interact with Bitcoin and Ripple, web-based services like PayPal, Google, Ebay, etc. or even other Internet protocols, such as SSH, LDAP, SMTP and XMPP.”

The paper describes a possible implementation of the Smart Oracle by using the components like Securely Identifying Code, Sandboxing code, oracle APIs, contract hosting and billion models, and contract clients. It also elaborates each and every component in details and eventually draws a perfect map to implement Smart Oracle in real world.

If this technology is integrated into the existing Smart Contract approach, it would benefit a number of applications – including cryptocurrency wallet controls, digital assets’ auctioning, debts and equities, etc. – by increasing flexibility and eliminating disproportion between varied platforms.

To know more about Ripple Labs’ Smart Oracle, visit here.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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Bitcoin and Ripple the Two Cryptocurrencies to Change the Way Money is Perceived

Bitcoin and Ripple the Two Cryptocurrencies to Change the Way Money is Perceived

The fierce advocate of Bitcoin, David Friedman, an academic economist who teaches at a law school, says that the Bitcoin system has both the advantages and the disadvantages of a commodity money or hundred percent reserve banking system. He adds that the disadvantage, relative to a fiat money or fractional reserve system, is that the creation of money consumes real resources—time and effort to mine gold, computer processing time to mine Bitcoins.

David’s father Milton was one of the first to envision a mathematical ‘Monetary Rule’ which makes central bankers unnecessary. Now David is following what his dad said decades’ ago and says that as the value of the money depends on factors not under the control of any government or central bank, it could be a major advantage.

He adds that as Bitcoin is a decentralized currency and it solves the concerns of those who think central banks or governments will do bad job of managing a currency e.g. inflating for short term political benefits, as a way of funding government via money creation, or as a way of inflating away government or private debts. He seems accurate when we see how the Fed is printing dollars to meet its requirement.

Is Bitcoin The Last Virtual Currency to Come?

In very short span of time Bitcoin has become the largest network of virtual currency; however, there are some limitations in Bitcoin system that gives a scope for other virtual currencies. As David Friedman says a fully anonymous digital currency makes money laundering laws unenforceable, the U.S. government is worried about Bitcoin’s use for the purpose and has often lambasted it.

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After Bitcoin came to existence similar other virtual currencies like Litecoin, Namecoin, PPCoin, etc. came in; however, none could replace Bitcoin or challenge its dominance. These currencies could not copy the success Bitcoin got; however, here Bitcoin has a major challenger now in the form of Ripple, one of the main contestants for the title of Bitcoin successor.

Will Ripple Provide an Alternative?

As Ripple provides fast transactions and there is no requirement for shaky third-party exchanges, many observers feel Ripple can provide a better alternative to customers. Additionally, launched by OpenCoin, now Ripple Labs, a company founded by Chris Larsen in 2012, Ripple is both a currency and a payment system.

Ripple promises to create a frictionless and transparent method for instantly transferring money anywhere in the world and in any currency and is being seen as a suitable alterative for migrant workers.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

Will Ripple Be Able to Challenge Bitcoin

Will Ripple Be Able to Challenge Bitcoin

There was some very important news that Bitcoin is going to face an immense challenge from ‘Ripple,’ as according to Ripple Labs’ CEO, Chris Larsen, Ripple has several advantages over Bitcoin. He said that while Bitcoin is a single currency used within a closed economy, Ripple allows users to make payments in any currency across disparate economies.

He also opined that users could say that Ripple plays well with others as it was designed to integrate seamlessly with existing economic systems while also providing users with the advanced utility of the next generation of FINTech.

Some other advocates of Ripple said that another advantage it has over Bitcoin is that whereas Bitcoin has a limited circulation of 21 million coins, Ripple has set a cap of 100 billion coins on its digital currency.

The company claims that with Ripple, customers can send money to anyone, anywhere in any currency, and promises to provide a better alternative than PayPal. It promises that as a decentralized and open source global payment network, it enables free and instant payments to merchants, consumers and developers with no chargebacks and in any currency e.g. dollars, yen, euros, and even Bitcoin.

Criticism of Ripple from Bitcoin Users and Others

A major flaw in Ripple is that unlike Bitcoins, Ripple’s currency is not released through computer mining; rather, it’s held by Ripple Labs. A major advantage that Bitcoin has over Ripple is that it is a decentralized currency. Though Ripple says that it is a decentralized currency, it intends to retain 20% of the coinage.

The company says that it will keep 20% of the coinage as the profit motive and to pay for the development, coding and marketing of Ripple’s digital payment system. Critics say that though Ripple claims that it is open and decentralized, the server is closed source and controlled exclusively by Ripple owners i.e. OpenCoin, now Ripple Labs.

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There have also been accusations by some users who believe that Ripple is a scam; however, that does not hold water considering the fact that the company has already declared everything through its transparent process.

Ripple is Officially Open Source Now

Ripple Labs which was known as OpenCoin earlier announced that Ripple is finally officially open source. On 26th September this year, its CTO Stefan Thomas announced that the source code for the peer-to-peer node behind the Ripple payment network is officially open source.

It will be too early to conclude whether Ripple can really challenge Bitcoin, particularly when it is just a couple of months old; it is definitely paving a way for more options. Now that Bitcoin is going to celebrate its fifth year, we can hope that Ripple too makes some ripples and plays a role in the crypto-currency economy.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

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