Bitcoin, Crypto currency, Blockchain

Ripple News: New Partner in Chile & excitement because of the Open Source Tool

49149fcd9c040663aaddf1484c4a0611 - Ripple News: New Partner in Chile & excitement because of the Open Source Tool

Ripple News: New Partner in Chile & excitement because of a new Open Source Tool

Home News Ripple News: New Partner in Chile & excitement because of a new Open Source Tool

Of
Marcus Misiak –
29.07.2019

The money transfer company, “Currency Bird” from Chile has declared that it will be the first member of the RippleNets of Landess.

Currency Bird more than 200 banks and financial institutions, which use the technology of Ripple, cross-border payments. The company said that the partnership will allow new payment channels to add and improve the speed and cost of international money Transfers.

The extension of the Ripple Net will bring more than 12,000 customers from Currency Bird many advantages, since it will allow the company to more than 50 destinations, new routes, new currencies, better prices and faster transmission speeds and using the Ripple technology developed on Blockchain-based, which allows the Transfer of digital data with sophisticated and secure coding.

The company went this month to RippleNet live, after it had signed in March a contract with the Startup in San Francisco under. Currency Bird has not disclosed which of the payment solutions of Ripple you are using. But it is likely that the payment messages in the system xCurrent of the company used.

Open Source Tools makes for excitement

David Schwartz, Chief Technology Officer of Ripple has recently responded to the concerns about a new Open-Source Tool, the it people should allow files of any size in the XRP Ledger upload.

The Tool has been released by an anonymous developer. It uses the fact that a user can write when Sending XRP is a Memo of what the transaction is attached to. Through the use of the memo function, the Tool allows the users to any type of file to upload.

The founder of XRPL Labs, Wietse Wind, was the first who discovered the Tool, and critically commented on. Like Wind said, could be used the function, illegal contents to upload in the main book. He therefore turned to the anonymous developers on GitHub and wrote:

I’m Worried about. I run a full History node in the XRP Ledger. I am afraid of what will happen if your service is actually used. It will be a matter of time before illegal content to be uploaded. Especially with the hatred of the XRP Community. If someone uploads pirated content, or worse still, images of child abuse, no one can remove it from its full History servers.

This would mean that there is to be a legal nightmare would be to operate the full History nodes, not just for me but for all of XRP-enthusiasts and companies. I would like to ask you to cancel the project.

Wind said that he is also concerned that users could finally upload so many files that it for companies as it is too expensive to perform a full history of the Ledger. To address the Problem, he says, that the community should increase the fees for transactions that require a substantial amount of data.

Other developers in the XRP Ledger GitHub asked if the Tool can also be used to spam and Slow down the network used. According to the developers, has already set up a Diskord, to see what kind may cause damage to the Tool. Schwartz -CTO of Ripple said, however, that he doubts that there is a short-term risk.

I guess it depends exactly what kind of Problem we believe. If we are of the opinion that funds will be handled large transactions with the existing fees escalation is sufficient and the only real Problem is that large and small transactions are the same, then we will never have to the most common transactions, which today are made by people, such as Transfers of XRP without (or with minimal) Memo, debit. […] If we think that the Problem is that a bad player can spam the Ledger, and no Service to deny, but an unacceptable rate of growth of the main book caused, I think, that we increase the base fee to a higher amount, or alternatively, a toll-escalation must be triggered, if the transaction rate is higher than a certain amount.

On the other hand, I don’t think there is a serious short-term attack. I think the threat is that an attacker can increase the costs for the operation of a server, and the storage of the history over a long period of time maliciously gradually.

Featured Image: stanslavs | Shutterstock

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