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Ripple recently partnered with the Institute for Fintech Research, Tsinghua University to offer scholarships. They aim to sensitize the Chinese young leaders about blockchain’s international regulations.
Ripple has worked relentlessly with an aim of spreading its reach globally. As we reported earlier, the company signed up an additional 13 companies crossing over 200 partnerships across 40 different countries.
A Chinese media reported that Ripple has committed to a joint venture with China’s Tsinghua University. The Institute for Fintech Research, Tsinghua University (THUIFR) is partnering with Ripple to sensitize the Chinese young leaders about blockchain’s international regulations.
The partnership aims to launch a scholarship program dubbed the Blockchain Technology Research Scholarship Program (BRSP). Also, this program will enable the Chinese graduate students to understand many basic aspects of Blockchain technology. According to THUIFR’s official Twitter handle, they have already hosted various seminars.
Tsinghua University initiated the THUIFR joint venture in 2017. It is a famous and leading Chinese research institute. The Institute for Interdisciplinary Information Sciences, PBC School of Finance, School of Software and Law School created it.
According to a ‘crowdfundinsider’ report, Ivy Gao said that the program will demystify everything around international regulations on the blockchain. She further said:
“Most importantly, I believe, this program will greatly help with their future research or career in the field of blockchain technology.”
In the same context Ripple’s SVP of Global Operations, Eric van Miltenburg, stated:
“The program’s goal – to provide students with opportunities in blockchain research – closely aligns with that of Ripple’s University Blockchain Research Initiative. We’re thrilled to support THUIFR in this endeavor and look forward to its launch.”
In the past year, Ripple has enhanced its benchmark in the blockchain and payment system fields. The way Ripple is committed to streamlining the international remittance services has impressed many mainstream global financial and fintech players. Additionally, Ripple’s token, XRP, is gradually gaining mainstream attention and adoption. Currently, the token is second in the coin market capitalization list with an average value of $13,001,314,591.
Ripple also announced that they have a few major banks going live with their xRapid blockchain solution. Several days after that announcement, at least five financial institutions have confirmed their plans to go live with xRapid. An example is the Catalyst Corporate, one of the Texas credit financing firms. The firm is implementing Ripple’s underlying technology for most of its international transactions to Mexico.
The partnership with the Chinese University shows that Ripple is gradually expanding into countries with strict cryptocurrencies rules and regulations. That is a breakthrough according to some members in the Ripple and general cryptocurrency communities.
XRP Gets More Decentralized
Unlike other cryptocurrencies like Bitcoin and Ethereum that thrive on proof-of-work (PoW), XRP uses the Consensus Protocol or Distributed Agreement Protocol. The token solves double spending challenges more efficiently than the PoW currencies. It involves a distributed agreement protocol that depends on validators to cluster transactions into ordered units that agree on one such order.
The validators are spread worldwide but are not rewarded for grouping transactions into ordered units like in Bitcoin’s miners. Also, any XRP ledger changes need at least 80% of all the validators on the whole network to support it. The voting process for its support needs two weeks before it goes into effect.
The two-week period offers an incentive for all affected users to upgrade the relevant software to accommodate the change. If not more than 80% of the users support the change, it never goes into effect. Also, if more than 20% of the nodes disagree with the rest, the network stops and reconfigures a new list. Thus, XRP transaction security is highly advanced and effective.
The Face Off
The upcoming Blockchain Economic Forum hoped for a Ripple CEO Brad Garlinghouse and Swift CEO Gottfried Leibbrandt face off. In that light, the Swift CEO announced that he will not attend. But, Marjan Delatinne, Ripple’s global head of banking and Wim Raymaekers, Swift’s global head of banking market will face off instead.
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