Two former Ripple executives are launching a stablecoin micropayments network called PingNPay in a bid to reduce high fees associated with transactions of less than $20.
They will cap transaction fees at 1% of the assessed value of each transaction. The fees will be distributed among software providers for digital wallets as well as wallet providers that issue the wallets to users.
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The problem with people like that is they only think in terms of centralized applications. That is the complaint about Ripple (one of them).
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Wasn't Ripple made by banks for banks? I remember hearing about Ripple back in the days when Dogecoin was "only" a literal joke coin and 1 BTC was worth as much as 1 SAFEMOON.
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The Ripple is said to be centralized because of its default list of validators and a Large pre-mined XRP supply. It's faster and cheaper than Bitcoin though.
Bitcoin is still truly a public network while Ripple is operated by Ripple Labs or something.
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So Ripple is centralized like Ethereum.
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Ethereum is quite decentralized now. Maybe next after Cardano or Bitcoin.
Once it completely moves to POS, will become more decentralized.
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Ah, OK. That's good to know. Thanks for the clarification.
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Yes T. That's a problem. Instead of using algorithmic stablecoins, they will use currency-backed ones. Not focusing upon decentralization but providing a cheaper and faster way to transact. I wish they use decentralized stablecoins too in the future.
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That beats even the 2% fee charged by Visa and Mastercard. This can work.
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Yepp. That's the USP of this project. It's going to hit a market that is crowded with huge volumes.
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Ripple itself has nothing to do with this project, right? It's only connection is the people involved had worked on Ripple. I'm asking because I had mistrad the earlier comments.
PingNPay is a Ripple-free project headed by 2 ex-executives from Ripple.
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That is true. Those executives are ex-Ripple employees. That's it! But they are using currency-backed stablecoins and we know how they work. Tether, USDC, and even DAI.
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Now it makes sense to me. I definitely misread the earlier comment. Thanks for clarifying and confirming the details.
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Cheers Magna. ✌
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Well the fees are nice but I don't really trust them since they were manipulating XRP prices before using their huge supply of tokens.
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Yepp. They have lots of accusations on them that are valid. That is why I sold all of my XRPs long ago. It was the second coin after BTC that I bought. 😂😂
I was such a noob.
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