Ripple blockchain to improve Japanese domestic payments

The new app provides 24/7 domestic payment processing in Japan utilizing Ripple blockchain
07 March 2018   544

Japan has long been on the edge of leading technology advancements. Now, the Japan Bank Consortium proves this again by developing a new smartphone application called MoneyTap. It's a new app powered by Ripple blockchain which allows users to settle transactions instantly at any time of any day.

MoneyTap is the first app of its kind. Its developed and used by all the banks in Japan Bank Consortium. Theoretically, any user of this banks can transfer money on the moment's notice to any account in the network. The usage for now is limited to domestic payments, but they will be processed 24/7.

Domestic payments in Japan are now limited to weekdays between 8:30 AM and 3:30 PM, or else one can face delays in processing their payments. So, the new system will be quite beneficial from the start.

MoneyTap will allow not only the bank consortium users to make instant payments, but promises to reduce processing costs and fees, making the whole system perform more efficiently. CEO of SBI Ripple Asia, Takashi Okita said that using Ripple blockchain technology overall improves the payment infrastructure in Japan.

Japan Bank Consortium is led by SBI Ripple Asia and covers more than 80% of all banking assets in the country. Three banks will be covered by the new application from the start in the autumn of 2018 – SBI Net Sumishin Bank, Suruga Bank and Resona Bank. Support for other members of the Consortium will be rolled out in waves after the initial launch.

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.