Give the Award For The Most Confusing Article on Ripple to . . .

by Tim Sloane 0

This article in AMBCrypto that discusses Ripple adoption by the Central Bank of Netherlands (CBN) and Rabobank was likely translated into English and is devilishly hard to follow.  It appears the CBN publically said something positive about Ripple and Ripple itself tweeted a positive result from the pilot of xCurrent by Rabobank, what the reference to “treasure” is about is anyone’s guess :

“An offshoot of the Central Bank of Netherlands has cited that Ripple has one of the tangible innovations that can increase the efficiency of the system for payments. The Central Bank recognized Ripple as an excellent real-time payment infrastructure. The system will get better with speed, convenience and cost savings.

Ripple Netherlands recently tweeted:

“Dutch multinational Bank, Rabobank Group has confirmed tests today with Ripple’s Interledger solution, most likely xCurrent. We are looking for treasure with Chris Huls, RaboBanks blockchain specialist.”

Ripple was Rabobank’s first Blockchain pilot. There are still issues that need to be resolved while the team is still researching for new products in Ripple.”

The article then discusses positive statements about Blockchains by the Central Bank of Netherlands which doesn’t appear to be related in any way to the subject of Ripple:

“De Nederlandsche Bank [DNB], the Central Bank of Netherlands described Ripple’s Blockchain Technology as a fast process that occurs every 2-5 seconds.

They affirm that:

“Banks are showing an increasing interest in the Ripple protocol. Integration of the payment protocol would allow banks to offer their customers the ability to transfer any amount of money in any currency to other institutions that use the protocol, without the need for intermediaries. That would lead to cost savings for banks.”

They continued to say:

‘The interest from the banking sector, in particular, in using the Ripple network means its use could grow rapidly in the near future. It is therefore important to monitor this development closely and to be involved in any steps that banks may take.’ ”

The article has an insightful statement by someone identified only as Ahmed Sheikh who points out the xCurrent doesn’t utilize the XRP ledger, it instead enables direct connections between correspondent banks. Mercator would point out that this shouldn’t be considered a weakness, it enables banks to simplify contractual terms as the edge towards a more complete utilization of the full Ripple stack. The back and forth comments that follow are very confusing:

“Ahmed Sheikh, commented on a forum saying:

“It’s a good description of the XRP ledger, however, unfortunately the product that banks are signing up for: xCurrent, has nothing to do with the XRP ledger or protocol. It’s a different piece of software which works over ILP and connects the two banks directly via a connector.”

Alex Janssen Tweeted addressing Ripple Netherlands:

“They basically say that they had a pilot earlier but decided not to go further.”

To which, Ripple Netherlands replied:

“Odd indeed, we are guessing that either the Blockchain innovation department has not spoken to the payments department for a while or communication was left out of the loop. I hope they realize that such an announcement can be a (small) boost for Rabobank.””

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Read the quoted story here