Cryptocurrencies Line Up to Join Lightning Network The Lightning Network was initially created to solve the scalability problems of Bitcoin, the first cryptocurrency to adopt the system. The introduction of an extra layer above the blockchain would cut transaction costs and save time. However, are now facing the same problems. Examples of currencies planning to test Lightning are Ripple, Ethereum, Litecoin and Zcash. Litecoin is the closest to implementing its own version, as it is currently collaborating with Lightning Labs. Furthermore, Ethereum is currently working on , while . Bitcoin Core Contributor Jeremy Rubin has even stated that the Lightning Network has become essential for cryptocurrencies. Rubin is currently in charge of launching Stellar’s Lightning network. other cryptocurrencies Raiden NEO has Trinity 2. Western Union To Test Ripple’s XRP For Its Money Transfer Service American financial services and communication firm to improve its money transfer services. CEO Hikmet Ersek announced the move on Tuesday during the company’s earnings call. Implementing blockchain technology will help cut costs and improve the transaction experience for both buyers and sellers. Furthermore, a trial of XRP is also taking place. Despite the cryptocurrency’s price decreasing, Ripple has formed across the globe. Just recently it announced alliances with entities including UAE Exchange and SBI Ripple Asia. Finally, in the last 24 hours, XRP has grown by 10%. Western Union is testing Ripple various partnerships 3. Philippines Welcomes Blockchain Payment Platform Provided by Visa Five banks located in the Philippines are forming a partnership in order . The goal is through a platform based on the . The main bank, the Union Bank of the Philippines, will also provide assistance to the other four, which are unnamed rural banks. It has to be noted that Union Bank will be the first one in the country to adopt B2B Connect. Furthermore, more banks could join the partnership in the future. to use a blockchain payment platform provided by Visa to improve their payment systems Visa’s B2B Connect system 4. South Africa’s Central Bank To Adopt Blockchain Technology The South African Reserve Bank (SARB), the central bank of the country, has the (PoC) backed by Ethereum blockchain. The project is called ‘Project Khokha’ and it’s being carried out in partnership with Ethereum coder collective ConsenSys. JPMorgan’s Quorum blockchain will be used for this interbank clearing and settlement project. The PoC will be powered by a future central bank-backed token, previously by the Central Bank’s Deputy Governor. The announcement comes after various banks in South Africa have stated an interest in blockchain use on a large scale. announced launch of a Proof of Concept labelled as too risky To receive our daily news roundup in your mailbox, sign up here: http://bit.ly/BlockExNewsRoundup
