The blockchain-based payment network Ripple faces another obstacle after the Japanese Resona Bank decided not to use the MoneyTap payments app based on Ripple’s blockchain technology. In the coming altcoin news, we find out more about the bank’s decision.
Resona is the fifth largest financial institution in Japan and decided to stop using the consumer-centric retail payment app MoneyTap for no real reason. The Bank didn’t provide an answer about the cancellation and now it’s likely that other institutions will follow.
The cancellation is supposed to take effect on May 13 according to the official announcement from two days ago on its official website:
“Resona Bank will cancel the cooperation with the money transfer application MoneyTap (which started on October 4, 2018) on May 13, 2019.”
As previously reported in our latest cryptocurrency news, about 60 Japanese banks are using the MoneyTap app. As of March, 13 banks have already invested in the project. After the step back from Resona Bank, the number decreased to 12. Resona was one of the first three banks to join the project.
MoneyTap was created by SBI Ripple Asia which is basically a banking alliance launched back in 2016 in November. The alliance aimed to leverage Ripple’s blockchain technology in order to boost domestic bank transfers in Japan. The blockchain-based app enables real-time domestic money transfers in just a day, all year around.
Ripple hasn’t given any comment on the decision of the bank. It is unclear what this decision means for the rest of the Japanese banks who are still using MoneyTap. In the meantime, Ripple‘s co-founder Chris Larsen announced that the company is donating $25 million in XRP to the San Francisco State University. This was one of the largest donations ever made to a US university. The funds are supposed to help promote the development of blockchain technology and to provide education for students of this technology.
This is also not the first time Ripple donates money to promote blockchain. The company previously donated about $50 million to 17 universities worldwide.
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Privacy Cryptocurrency Monero (XMR) Celebrates Its 5th Birthday
“Monero is very committed to its decentralized, grassroots structure meaning we took no premine. We don’t take a percentage of the block rewards. There was no [initial coin offering]."He also estimated that there is anywhere from 100 to 200 volunteers working on the Monero XMR project, a number which is mostly “depending on people’s time and availability." The project itself, according to Salazar, is not just about building a blockchain protocol. As featured on many altcoin news sites, it is also about redefining and boosting a global movement that will be centered around digital privacy.
“We’re not just trying to make global internet money. We’re trying to teach people the importance of things like privacy…It’s a very powerful tool and I think it’s a very necessary tool in our day and age,” Salazar noted.There is right now a free PDF version of a book titled "Mastering Monero" which talks about the privacy cryptocurrency Monero and is created by an Italian contributor with an alias "SerHack" who released it. Originally published in late 2018, this book was fully funded by the Monero community and is designed to teach non-crypto users the importance of "private and censorship-resistant transactions."
“With monero, for every input that you are spending, you will pull other inputs from the blockchain, other people’s random inputs…and it makes it appear as if all these inputs are spent. It makes it seem mathematically like any one of these [inputs] could have possibly been the [transaction] signers," another report notes.From Salazar's perspective, however, there are many improvements to the privacy cryptocurrency Monero - one of which is the upgrade of the network's user interface and experience (UI/UX) which are set to happen in the upcoming months.
Binance Coin (BNB) Is The First Crypto To Surpass Its 2018 All-Time High
- Utility - The main purpose of the BNB coin was to allow traders to receive significant discounts on trading fees when using BNB to pay for them - with recurring discounts in regards to listing fees, withdrawal fees, exchange fees and other fees.
- BNB Burning - Binance Coin (BNB) had a limited supply of 200 million but the Malta-based exchange later said that it would leave just 100 million BNB in circulation.
- Binance Chain - This is another major development trending in the altcoin news section as one of the recent launches for the decentralized exchange Binance Chain.
- Changpeng Zhao (CZ) - Last but not the least is the boss of Binance, the popular CZ, who is behind the rise of Binance Coin (BNB) and constantly playing a role as a prominent individual in this market.
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