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Posted 3 mins ago | by Catoshi Nakamoto
Just because Ripple is locked in an ongoing battle with the SEC, doesn’t mean that they’re going to stop constantly developing ways to improve their protocol and eco system. The wheels continue to spin inside the minds of the leaders and developers at Ripple Labs and the court case isn’t a reason for them to pump the breaks. It would be a bad sign if there wasn’t new news coming out about further development and enhancement of the protocol; luckily for us, this is not the case. As the Supreme Leader, Strategist and Commander of the XRP Army, instead of focusing on the court case, today lets zoom in on the new and exciting things happening inside the walls of Ripple Labs and what this means for the future.
Read More Lets get it! Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all of the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we will discuss ongoing developments and news surrounding XRP as well as checking in on the flare network and their new “canary” sidechain. At the time of writing, the price of XRP is at $1.05, currently flipping the psychological one-dollar level from resistance back into support. Besides settling with the SEC, what will it take for XRP to continue the charge up the hill to pass its local all time high of $1.83? I think adding smart contracts and NFTs to the arsenal is an excellent place to start. Over the last nine years, the XRP community has been committed to the innovation and forward progress of the XRP Ledger (XRPL) to dramatically increase its decentralization, performance and feature set. “Federated Sidechains,” introduced in June, will enable federated finance and smart contracts within the broader XRP ecosystem without decreasing XRP’s speed or efficiency. This also enables developers to unlock new capabilities concerning DeFi, NFTs, and interoperability. Explained in this blog by Ripple “In order to understand the vision for Federated Sidechains, it is first important to define a federator: a piece of software that connects to at least two instances of the XRPL software. The federator software means anyone who wanted to could run a sidechain to the XRP Ledger. On one side, the federator is connected to XRP Ledger Mainnet. On the other side, it connects to one or more sidechains. The federator would be run only by parties who operate validators on at least one sidechain.” According to Ripple’s top executive, David Schwartz, federated sidechains will immensely expand the use cases for XRPL. In a recent Tweet from David, “Today, XRPL devs can take advantage of the 1st implementation of Federated Sidechains- a toolkit or test lab to build your own blockchain while still enjoying the benefits and functionality of the XRPL main net. This is essentially an engineering preview of federated sidechains that can be used with the XRPL, which is now available for Devs to experiment with. “The successful features on sidechains”, according to RippleX, “may shape the future of the XRPL mainnet”. Developers can also create private or public sidechains, with public sidechains available for the community to leverage for various use cases. XRP and issued tokens would be able to move between the sidechains and XRPL as if they were their own blockchains. Noted in the dev.io link from Schwartz’s tweet, Scott Determan states, “Federated Sidechains create exciting new opportunities for developers. They expand the scope for developers to customize the core, proven XRPL technology to the needs of a specific use case or project. Examples of the kinds of customization enabled include: Innovative design characteristics that can be tuned to specific use cases like tokenization, DeFi, or payments. Flexibility to make permissioned or nearly permissionless, centralized or largely decentralized ledgers whose assets can be traded on the Mainnet DEX Choice in validators and flexibility of system rules. Opportunity to temporarily manage a sidechain and shut it down after it has served its purpose. Federated Sidechains are still being developed but should be out later this year. Ripple is also making a splash in the NFT world. In a recent tweet, they announced they launched a $250 million dollar Creator Fund to enable creators to explore new use cases for NFTs on the XRP ledger. The fund will provide targeted financial and co-marketing support for creators, brands, and marketplaces to explore new use cases for NFTs on the XRPL leveraging its innate advantages of speed, cost, and sustainability. The announcement explained that they want to address growing concerns relating to the minting of the tokenized artwork, which includes clunky user experiences, high transaction fees and the possible environmental concerns relating to minting. Ripple stated, “We believe NFTs embody the promise of tokenization and represent a tipping point for its embrace by the mainstream. Through the Creator Fund and the XRPL, we’re excited to unleash new utility for NFTs and accelerate the broader shift to tokenization.” NFT marketplaces, including MintNFT and Mintable would be among the first to have access to the fund. Any proposed NFT use case would be built on the XRP Ledger, giving creators an opportunity to monetize their work. Ripple CTO David Schwartz said the ledger’s low cost, high speed and payments Features to “streamline NFT creation at scale.” In July, Mintable announced it was planning to integrate the XRP Ledger as it was “ideally suited to deliver a seamless experience for NFTs.” The Mintable platform is battle tested and has already minted more than 700,000 digital items since 2020. In the latest from Flare network, a recent tweet shows that their “canary” project “Songbird” (SGB) has “officially taken flight and exited its Observation mode.” Like Polkadot with Kusama, Flare launched this live “canary” sidechain that will be a testing ground for the main network, which will come later, depending on how many problems Songbird uncovers. Assets on Songbird are real and tradable instead of testnet coins. Blockchain interoperability is a hot topic as of late and what Flare is doing with Songbird is bringing smart contract functionality to larger layer one platforms that need it. The four blockchains Flare will connect have a collective market cap of over $150B; if they somehow merged it would instantly become the No. 3 blockchain. Adding smart contract capabilities to chains that are already worth billions of dollars could be quite impactful for all of them. Hugo Philion, a co founder of the Flare Network states ““Flare is Ethereum for all the layer1s that were left behind.” Speaking of layer 1. Join the fastest and most up to date crypto squad there is, the Bitsquad. Smash that like and subscribe button to join the squad and get the latest in crypto news and education. Songbird will follow three phases before it’s fully up and running. Phase one, known as the observation phase, just finished up on September 27th. The final two phases are the State Connector and the F-asset protocol, which Hugo described as a trustless wrapping program. Like Takeshi 69 rolling up on Chief Keef. He described Flare as having the potential to be “like a general” that can control actions on other connected networks. Hugo elaborated: “Songbird marks a key step for the entire industry in enabling tokens on networks without smart contracts to be used trustlessly and in a non-custodial manner for the first time with scalable smart contracts”. At the time of writing, Songbird is trading for only $0.57 cents after correcting from its all time high of $.70 cents. As of now, unless you were there in time for the airdrops, the only place you can acquire Songbird is on Bittrue. It’s only been trading there in a USDT and an XRP pair for eight days. We’re so early to this coin that the market cap and circulating supply aren’t even listed yet on coinmarketcap.com where it’s currently ranked #2815. Imagine where what beach you would be sitting on if you were this early to the Kusama party. The XRP eco-system is bullish as ever. The night might seem dark with the looming SEC case, but it’s always darkest before the dawn. With smart contract functionality and NFTs on the horizon, as well as Flare’s new canary project starting to sing its song, the price action for XRP in Q4 is going to rise up into the sky faster than the morning sun. That’s all I got. Be blessed. BitBoy Out!XRP Army Will Take Over NFTs
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