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

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Fri, 06/19/2020 - 10:50
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Vladislav Sopov
Ripple has launched PayID, a universal identification system for mupltiple services. Platform CTO David Schwartz outlined the its top benefits
Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?
Cover image via ripple.com
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PayID, a service that enhances interoperability between 40 different partners with 100M users in total, was introduced by Ripple Inc. yesterday, June 18th, 2020. Mr. Schwartz revealed why it is a big milestone for the whole fintech field.

One-stop payment ID

With the new service, users can send money through different payment solution platforms. But this isn't its only achievement, Mr. Schwartz suggested.

Ripple CTO highlights main opportunities of PayID
Image via Twitter

According to him, human-readable payment addresses for blockchain-based payment instruments are also very useful for end-user transactions. With PayID, a single destination address can be used for many crypto and fiat systems.

Also, with PayID it is now much easier to meet regulatory demands. It looks as though this aspect is of particular importance to Ripple Inc. as it attempts to defend XRP from being regulated as a security.

Lastly, the most 'blockchain-like' feature of PayID is its reliable 'proof-of-delivery' status. With the new features, one can easily check whether the transaction was actually confirmed.

Interoperability bridges

Mr. Schwartz asked his 150K Twitter followers for their opinion on what is the most important and useful feature. At press time, 5,446 members of Crypto Twitter have voted.

The 'regulatory compliance' feature is winning by a small margin. 27.7% of users have so far supported this aspect of the PayID release.

Mr. Schwartz, himself, emphasized that this solution greenlights the 'conversion routes' between different systems. Not only services, but also their 'combinations' will make the crypto experience seamless and profitable.

As covered by U.Today, Ripple CEO Brad Garlinghouse compared the PayID user experience with that of e-mail. From day one, it ensures interoperability between top-level payment instruments, e.g. BitGo, Brave, Huobi, and Blockchain.com. 

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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
Cover image via stock.adobe.com
Contents

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.)