Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-7-24
Good afternoon Dinar Recaps,
XRP POWERS UP CROSS-BORDER PAYMENTS – RIPPLE’S SOLUTION REDUCES COUNTERPARTIES AND SPEEDS UP TRANSACTIONS
▪️Ripple Payments addresses these challenges faced by businesses, such as liquidity issues and slow settlement, by using XRP crypto and the XRP Ledger.
▪️This system helps crypto businesses streamline operations, improve customer experience, and expand their global reach while reducing risks related to FX and crypto volatility.
With the growing adoption of crypto, traditional financial infrastructure has proven to be absolutely inadequate to cater to the needs of crypto and blockchain-powered companies.
Thus, in identifying the key challenges for businesses, Ripple is at the forefront of addressing issues related to liquidity, low settlement times, and limited off-ramp options, which have recently stemmed from outdated cross-border payment systems.
Ripple’s recently published report highlights how exchanges, OTC desks, and other crypto companies have faced huge struggles in global transactions.
This has led to a major hindrance in their growth and success while creating a need for real-time cross-border payment solutions that provide transparency and speed as modern digital assets provide.
The Ripple report stresses that real-time payments are crucial in today’s fast-moving crypto space. Customers expect immediate transactions, and businesses require quick, flexible global payouts and instant settlement to ensure liquidity.
However, traditional financial systems fail to provide the necessary speed, flexibility, or transparency, causing delays and high costs.
The problems increase further with the complexity of establishing global payout networks and the limited availability of off-ramps for digital assets like stablecoins.
Many financial institutions that do provide off-ramp services impose high fees and unfavorable foreign exchange rates, making it costly for crypto businesses to operate. This is exactly where Ripple comes into the picture.
Ripple Payments Provides Some Interesting Solutions
As reported by Crypto News Flash, Ripple payments leverage the XRP digital asset and XRP Ledger blockchain to provide speed, access, and cost-efficiency as requested by Crypto businesses. This system allows for transaction settlement within seconds.
Besides, it operates 24/7, thereby reducing costs by streamlining international payments. This gives crypto companies a competitive advantage by ensuring they can meet market demands quickly and offer better pricing to customers.
Businesses can connect with Ripple’s global payments network to simplify payments using a single API or UI while offering stablecoin and digital asset off-ramps for various currency payouts. This comprehensive solution improves customer experiences, builds long-term loyalty, and strengthens brand reputation.
Ripple Payments is a complete solution for crypto businesses looking to expand their international reach, boost market responsiveness, and mitigate risks associated with FX and crypto volatility.
As reported by Crypto News Flash, it can also be a game changer for local banks facilitating cross-border business transactions.
On the other hand, Ripple is also building the XRP Ledger with the goals of introducing smart contracts, EVM sidechain, and other innovative NFT features to the XRP Ledger, reported CNF.
@ Newshounds News™
Source: Crypto News Flash
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IOTA NEWS: GROUNDBREAKING STUDY SHOWS HOW IOTA 2.0 SMART CONTRACTS SECURE SDN
A recent study explores how IOTA 2.0 smart contracts can enhance the security of Software-Defined Networking (SDN), addressing vulnerabilities in SDN’s centralized architecture.
The proposed solution leverages IOTA’s Tangle technology to offer scalability, eliminate transaction fees, and reduce energy consumption.
The latest study conducted explores the integration of IOTA 2.0 smart contracts into Software-Defined Networking (SDN) in order to explore the security vulnerabilities present in SDN’s centralized architecture. Although SDN offers network management solutions with better flexibility and control, its centralized nature comes along with significant security risks.
The paper’s proposed solution leverages IOTA’s Tangle technology, a directed acyclic graph (DAG) structure that boosts scalability, eliminates transaction fees, and reduces energy consumption.
According to the CNF report, the IOTA Tangle Treasury also implemented anti-fraud measures last month.
The study report also introduces three different smart contracts – Authority, Access Control, and DoS Detector – which ensure secure network operations by preserving control data integrity, preventing unauthorized access, as well as mitigating denial-of-service attacks.
Additionally, simulations conducted on the IOTA mainnet and the ShimmerEVM IOTA Test Network demonstrate the effectiveness of these contracts in bolstering SDN security.
The findings emphasize IOTA 2.0’s potential to offer a decentralized and robust solution for securing SDN environments, thereby promoting the further integration of blockchain technology in network management, as reported by CNF.
Here’s How IOTA 2.0 Smart Contracts Secure SDN
As said, the SDN architecture uses IOTA’s Tangle technology to revolutionize network security via energy-efficient, scalable, and cost-effective solutions for real-time operations.
Using its Directed Acyclic Graph (DAG) structure, IOTA’s Tangle facilitates parallel transaction processing without the need for miners. This helps in reducing both costs and energy consumption while facilitating secure network management.
As said, there are three smart contracts at the core of the system:
1. Directed Acyclic Graph (DAG) structure: This acts as a gatekeeper, verifying trusted entities like ISPs while ensuring only authorized participants control network switches and devices.
2. Access Control: This smart contract regulates communication between controllers and switches, thereby allowing only verified controllers to manage network data flow and preventing unauthorized access.
3. DoS Detector Smart Contract: This smart contract provides real-time defense against denial-of-service (DoS) attacks by automatically blocking devices that send excessive requests.
For example, an Internet Service Provider (ISP) can securely manage switches across its network using IOTA 2.0’s smart contracts, ensuring all communications are verified and authorized.
Moreover, this decentralized, feeless system offers scalability and resilience, making it an ideal solution for global networks, the Internet of Things (IoT), and industrial applications, per the CNF report.
By decentralizing network management, IOTA addresses the risks of single points of failure and creates a more secure, adaptive system for modern cybersecurity needs.
@ Newshounds News™
Source: CryptoNews
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STABLECOIN ECONOMY EXPANDS $1.08B IN 2 WEEKS DESPITE REDUCTIONS IN KEY COINS
In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value. During this time, tether’s market capitalization increased by 790 million.
Modest $1.08B Growth in Stablecoin Market Since Aug. 23
Growth in the stablecoin economy has slowed, though it continues to expand, as highlighted by recent statistics.
From Aug. 23, 2024, to Sept. 7, 2024, the stablecoin market grew from $169.72 billion to $170.80 billion, a gain of $1.08 billion.
On Saturday, the stablecoin economy dominated trade volume, contributing $80.16 billion of the $114.2 billion traded in the last 24 hours.
Tether (USDT) saw its supply rise from 117.39 billion to 118.18 billion USDT, while Circle’s USDC experienced smaller gains, increasing by 50 million over the 15-day span.
However, DAI’s market supply dropped by 60 million since Aug. 23. Ethena’s USDE supply decreased by 330 million, and although FDUSD briefly surpassed USDE, it has since fallen back.
FDUSD, which stood at 2.65 billion, is now down 90 million, sitting at 2.56 billion today. Despite these reductions, the growth in USDT and several other stablecoins helped the stablecoin economy continue its upward trend, albeit at a slower pace compared to previous weeks. For instance, in the five days leading up to Aug. 23, the stablecoin economy expanded by $1.3 billion.
What do you think about the $1.08 billion added to the stablecoin economy over the last 15 days? Share your thoughts and opinions about this subject in the comments section below.
@ Newshounds News™
Source: Bitcoin News
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CHAMBER OF PROGRESS DEMANDS CLARITY ON CRYPTO FROM PRESIDENTIAL HOPEFULS
Chamber of Progress has urged the presidential debate moderators to ask for crypto clarity as 18 million Americans await candidate positions.
The Chamber of Progress, a technology industry coalition advocating for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question on crypto regulation.
In a letter sent to moderators Linsey Davis and David Muir on Sept. 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency on the candidates’ positions.
The letter stated that over 18 million Americans currently hold or trade crypto, making it a pressing issue in the 2024 election cycle. It emphasized the importance of addressing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.
The letter added:
“Voters deserve to know where the nominees stand on crypto before they head to the ballot box in November.”
Rising adoption
According to the letter, crypto has gained traction across various demographics. Recent polls reveal that one in five Americans has invested in, traded, or used crypto.
Moreover, data from the Kansas City Federal Reserve shows that Black investors are more likely to hold crypto than traditional stocks or mutual funds.
With Black, Hispanic, and Asian US adults accounting for 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.
Additionally, polling data cited in the letter suggests that Gen Z and Millennial voters are particularly invested in digital asset policy. More than half of these groups support a federal approach that fosters crypto use in the US.
As the 2024 election approaches, 52% of voters believe increased regulation of digital assets is necessary, with one in five registered voters considering it a major issue when casting their ballots.
Clear stance on digital assets
The letter also highlighted the evolving positions of the two major candidates. Former President Trump, who once referred to crypto as a “scam,” has since reversed his stance and is now actively courting crypto voters. His campaign has built a “crypto army” aimed at mobilizing supporters in favor of digital asset adoption.
On the other hand, while Vice President Harris has not yet released a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulation that would promote the industry’s growth while protecting consumers.
The letter the need for the candidates to explain how they plan to balance nurturing innovation with safeguarding consumer interests. It added:
“A crypto question at September’s debate could bring voters some much-needed clarity on this important issue.”
With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will provide a platform for clear positions on the future of crypto in the US.
@ Newshounds News™
Source: CryptoSlate
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US NATIONAL DEBT EXPLODES BY $684,322,497,000 IN THREE MONTHS AS FITCH WARNS AMERICA HAS FAILED TO FIX GROWING DEBT BURDEN
The US national debt has ballooned by over half a trillion dollars in just three months.
According to the U.S. Treasury, America’s national debt jumped from $34,635,364,143,328 on June 3rd to $35,319,686,640,609 on September 3rd – a surge of $684,322,497,000.
The massive rise is coming just over a month after the US national debt crossed the $35 trillion mark.
The US credit rating giant Fitch continues to sound the alarm on the growing debt and deficit.
In a new rating action commentary, Fitch says it is affirming its long-term “AA+” rating for the US with a stable outlook due to the nation’s high per capita income, position as the largest economy in the world and dynamic business landscape.
But the agency says it is not ready to upgrade the country to the “AAA” rating due to the nation’s underlying fiscal conditions.
“The ratings are constrained by high fiscal deficits, a substantial interest burden and high government debt, all of which are more than double the ‘AA’ rating medians…
The government has failed to meaningfully tackle large fiscal deficits, the growing debt burden and looming increases in spending associated with an aging population.”
The rating giant notes that the US has a significant edge over other nations due to the dollar’s status as the world’s reserve currency. But trust in the US and the dollar may erode if the country continues to rely on debt to fund expenses.
“However, persistent rises in the public debt burden would increase vulnerability to economic and confidence shocks.”
Last year, Fitch downgraded the long-term rating for the US from the “AAA” gold standard to “AA+,” citing expected fiscal deterioration over the coming years.
Source: Dailyhodl
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CBI'S BIG MOVE CONTRACTS WITH VISA, MASTER CARD AND MONEYGRAM | Youtube
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Source: Currency Facts
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Okie's NDA Secrets Why Catfish Stay Safe! | Youtube
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Source: Currency Facts
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The Future of Money RV, GCR, and QFS | Youtube
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Source: Currency Facts
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China's New Forex Tool Game Changer | Youtube
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Read more: Currency Facts
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