Pro-Bitcoin Billionaire Chamath Palihapitiya Gives Advice to Payment Systems

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Wed, 07/01/2020 - 12:19
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Vladislav Sopov
Legendary investor, CEO of Social Capital and chairman of Virgin Galactic, Chamath Palihapitiya, revealed how payment processors can boost mass adoption of digital money
Pro-Bitcoin Billionaire Chamath Palihapitiya Gives Advice to Payment Systems
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According to the investment sphere veteran, cross-border remittances will see adoption once the main providers manage to build interoperable systems with intuitive user interfaces.

One-click payments

Mr. Palihapitiya revealed samples of how proper payment processors operations should look. He brought three invoices for Paypal's VenMo, Cash App and Zelle as examples.

Chamath Palihapitiya says interoperability is inevitable for payment processors
Image via Twitter

According to this draft, a payment voucher for cross-border remittance can need only a few symbols. Such a level of interoperability and intuitiveness should be achieved by the shared efforts of all big processors.

It should be noted that Mr. Palihapitiya is a vocal Bitcoin (BTC) proponent. Recently, he claimed that everyone who didn't buy the king coin would regret it.

In a recent interview, he outlined that he isn't interested in the euphoria surrounding the DeFi segment since he owns Bitcoins (BTC). As previously covered by U.Today, he was lucky enough to buy the king coin at $100.

One step towards interoperability

In the comments below Mr. Palihapitya's post, many soldiers of the XRP Army announced that such a system has already been launched by Ripple, called PayID.

This system allows cross-platform remittances through the simplest interoperable addresses, Payment IDs. This system was promoted by Ripple Inc. in a recent dedicated conference.

Ripple CTO David Schwartz also highlighted that this system can help digital assets avoid taxation and accounting problems. 

Related Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?
Related
Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?

The CEO of Ripple, Brad Garlinghouse, insists that with PayID, cross-border money transfers become as easy as e-mail messaging.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)