Banks Unlikely to Apply Blockchain, Ripple Says

David Schwartz, chief cryptographer of Ripple, is convinced that banks aren't going to use blockchain for cross-border payments in the nearest future
14 June 2018   156

According to the chief cryptographer of Ripple, David Schwartz, banks are unlikely to use blockchain technology for cross-border transfers in the foreseeable future. This is reported by CoinTelegraph.

In his opinion, banks are aware of the potential for blockchain, which can reduce costs and reduce the time for the implementation of transactions. However, the level of scalability of technology is still low, which prevents the widespread introduction of blockchain on a global scale.

The representative of Ripple claims that the Interledger protocol and, in particular, the xCurrent solution provide the ability to conduct instant payments. This, in his opinion, gives Ripple significant competitive advantages compared to other payment networks.

At the same time, Schwarz calls the xCurrent solution "unallocated registry". So, in the case of xCurrent, network nodes do not have access to the common registry, which is the basis for block-network networks like Ethereum (ETH).

What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.
 

David Schwartz

Chief cryptographer, Ripple

According to another representative of Ripple Markus Tremacher, the company presented a project in which banks can carry out "classic" payments on the blockchain. However, the financial institutions were skeptical of the new initiative, citing the fact that "it is not so easy to transfer the whole world to a blockchain".

South Korean Exchange stolen for Millions of Dollars

Bithumb, one of the largest cryptocurrency exchanges in the world, has been hacked to the tune of 35 billion won, has to repay customers from its own pocket
20 June 2018   110

All the deposits were stopped by the exchange at approximately 00:53 UTC and started transferring large amounts of Ethereum into cold wallets. Cold wallets are digital wallets that are not connected to the internet. As claimed at the local news outlet JoongAng Daily, the company performed an “urgent” security check on the 16th of the month, particulary preparing to move passwords to a cold wallet in preparation for an attack.

Bithumb on Twitter
Bithumb on Twitter

Actually the hack happened on the 19th, according to CoinTelegraph Japan that refers hack detection service Sentinel Protocol. Ripple was among the  stolen denominations. Bithumb has undertaken to repay clients from its own pocket, according to JoongAng Daily.

If you have any damage to your password, I will make full compensation to your company. I do not have any damage to you, so please do not be anxious.
Bithumb
South Korean Exchange on their Twitter

In July 2017 Bithumb was also hacked, when the personal data of 30,000 users was stolen. The scammers used this information in order to access money in many people’s accounts. Nevertheless, the exchange valued its profits grew by 171 percent during the year of  2017. It was processing around $200 million in cryptocurrency trading a day, and today that figure is $400 million, making it the sixth biggest crypto exchange in the world in April 2018.

It collaborated in January with the a major shopping mall in South Korea, enabling cryptocurrency payments at outlets on the site. In March it declared about the plans to introduce Bitcoin ATMs and Bitcoin payments at food kiosks over a partnership with some local kiosk manufacturers.