Member Info for ragnarr

OB - respect - as the saying goes - the love of money is………

Pendulum definately gearing up for Kasuma auction soon with this latest tweet comment
‘’ We want your vote in the upcoming auctions! What does it take for Pendulum to become your project of choice?’

https://twitter.com/pendulum_chain

First Tin
@FirstTinLimited
·
https://twitter.com/FirstTinLimited/with_replies
17 Feb
Replying to
@cluffy82
Indicative LSE listing date is 7 March.

https://www.healthcareitnews.com/news/emea/sajid-javid-announces-nhs-digital-transformation-agenda

Looking at these figures it is very easy to see why Satoshipay /DTransfer are keen to enter the marketplace. Of all the above disruptor fintechs, Ripple is by far the closest in structure to DTransfer as it is built on Blockchain, so I think that is where the main comparison should be concentrated.
Although Ripple started way back in 2004 its current payments offering went live in 2012- it is just worth mentioning that one of the people involved was Jed McCaleb who left in 2014 and went on the co-found Stellar (which I will go into later).
So Ripple is a system built on blockchain technology that from what I can see works pretty well the same way DTransfer does/will although there are a couple of basic differences (and we are not exactly sure how DTransfer may evolve over the coming years
Ripple was always (according to them) designed to work with banks and financial institutions to effectively replace the existing SWIFT system by utilising Blockchain technology and allowing almost instantaneous transactions vie the XRP Crypto token (in the same way DTRansfer will utilise the pen token). So the whole system relies on the relevant banks and financial institutions signing up to the system which and it has been adopted by over 300 banks including Bank of America, Santander and even HSBC (Via SABB). In 2020 Ripple conducted nearly 3 million transactions, so it has been hugely successful. But there are some issues.
Firstly ripple is really more of a centralised blockchain which uses trusted validators like a decentralised blockchain to verify the transactions and maintain the blockchain, but Ripple effectively choose the validators which currently is a list of only 35. Ripple decide who becomes a validators and who does not which means far fewer validators running security check on the blockchain when compared to a de-centralised network (like Polkadot)
Secondly Ripple have pre-mined all XRP and they have kept over 51 percent for themselves, so they are in complete control of the blockchain. This means that there are little or no incentives for external validators and basically leaves the involved Banks to provide the validator nodes, which technically means they are in control of the network – nothing democratic about that.
Then no two ways about it XRP is a cryptocurrency in the true sense being traded and bought and sold on the open market so there is still the issue of crypto currency volatility. IT is not a stable coin like Stellar
The last issue is regulation. Last year the SEC filed a lawsuit against Ripple because as they are in control of XRP and decide when to release it or not, they should have registered it as a security – 1.3 Billion USDs worth.
Don’t get me wrong Ripple is a huge success regardless of these issues This market is gigantic the thought that DTransfer could possibly provide an even better solution is enticing

As an aside 1000USD in XRP 5 years ago wold be worth 147,000 USD today.

Staller, DTransfer, Pendulum n

1/2
The Potential market.
There are lots of contradictory figures out there so its hard to be completely accurate but the general consensus of current annual cross border transactions appears to be:
Business to Business (B2B) 150 Trillion USD
Consumer to Business (C2B) 2.8 Trillion USD
Business to Consumer (B2C) 1.6 Trillion USD
Consumer to Consumer (C2C) 0.8Trillion USD
According to a report from eServGlobal 95 percent of global payments were made via the traditional banking system in 2019. And the latest information is that approximately 75 percent of transactions go through SWIFT banking system.
But this is changing, as well as banks there are other money transfer operators such as Western Union although most of these still utilize the Correspondent banking network (CBN) and new back-end network solutions have emerged basically utilizing an aggregator business model but this model is really only applicable to the C2C, C2B and B2C segments. The B2B sector is by far the largest part of the cake and this is what D Transfer is aimed at so that is where I am concentrating
The traditional system is already being disrupted. Hugo Cuevas-Mohr, president of Mohr World consulting estimates that the portion of cross border payments available for new Fintech solutions is 25/30 percent. Most large Corporations making multi-million payments will generally continue to utilise the Banking system because of the additional services and relationship they receive from the Banks, but the 400 million global SMEs are the target market.
To give an idea of what is possible, recent successful entrants into the market are:
Wise (formerly transferwise) - founded in 2012 – Market VAL 5.5 Billion USD
Ripple - founded 2012 – market Val – 10 Billion USD * plus XRP held in escrow
Rapyd - founded 2015 – market Val 8.75 Billion USD
Banking Circle – founded 2013 – Market Val 6 Billion USD * Now a licenced bank
Dlocal – founded 2016 – Market Val – 9 Billion USD
Payoneer – founded 2019 – Market Val – 1 Billion USD

To give an idea of a probable transaction case in the Asian region.
If a company (A) wants to pay money via a small bank in In Thailand to a company (B) who banks with a small bank in Indonesia the typical process could easily be...
Company A pays money to their (non-swift) Bank, the money is sent in local THB currency to the first correspondent bank to convert to USD (cost no1 plus FX cost) this bank then sends it to a US /Thailand corresponding bank (cost no 2). It then has to be sent to a US/Indonesia corresponding bank (cost no 3). This is then sent to a Bank within the Indonesian jurisdiction to convert from USD to Indonesian RTGS (cost no 4 plus FX cost) and finally transferred to company B bank (cost no 5).

The upshot of all this is that the process is expensive. Corporate cross border payments have reached 25 trillion USD annually and the cost of making those transactions 120 Billion USD annually which doesn’t include all the FX costs. The world bank estimated that the global average of sending 200 USD was 6.5 percent and the average settlement time IS 2-3 days and in cases can be over 7 days
There is also little or no transparency as to where your money goes before it ends up where it should. And due to the scale of the different potential intermediaries and number of ‘pain points’ within the transaction security becomes a huge issue. I cant find any actual security/fraud figures specifically for cross border payments but according to the OMFIF report 2021 cybercrime is now the foremost risk to the global financial system expecting to reach 10.5 Trillion USD by 2025.And according to SWIFT in Europe alone 2 percent of international transactions fail for one reason or another which equates to 21 Billion USD each year. So transparency is a huge issue.
In recent years SWIFT Has tried to improve the system with the introduction of SWPT gpi (Global Payments Innovation). It is basically digital software to help track and automate the various transaction processes which in all fairness has helped a lot. Where used it has increased the speed with 50% completed in under 30 minutes and most within 24 hours. But Banks have to sign up to it at a cost and so far only about 4000 banks are involved (since 2017) – so again, whilst a welcome improvement, its just another add-on to an antiquated system

Part 2 to follow

Firstly the disclaimer - there is a lot of conflicting data out there so please do not take what I say as gospel. I also apologise for the length of it (yet again) but its impossible to get a real understanding of the huge opportunity without looking at all all the factors. So yet again it will be in several parts

It really is quite astonishing how antiquated the current system is because in reality the whole structure was designed before the recent digital age and therefore progress has just been add-on after add-on to the existing system.
The first thing to remember is that money isn’t actually transferred, it is debited from and account in one jurisdiction and credited in another. But that only works if a Bank has a counterpart Branch/Bank in the relevant jurisdiction, so a Bank would need branches across every Global jurisdiction, which even the largest Banking institutions have not come close to. And those that are close to achieving this still have issues from local requirements, technology infrastructure, local regulations, opening hours and different time zones. So, where banks do not have their own branch located they have to either have an agreement with the corresponding bank or an agreement with one or more intermediary banks from the differing jurisdictions.

This is why SWIFT (Society for Worldwide Interbank Financial Telecommunication) was created – to help banks communicate faster and more securely. Basically ,all SWIFT is, is a messaging system enclosing payment details from an issuing bank all the way, either directly or via intermediary banks to the final beneficiary bank. And all the banks engaged in the process effectively move funds to and from international accounts using their relevant currency via Nostro and Vostro accounts
A Nostro account is a bank account that a bank holds with a foreign bank in a domestic currency of the country where the funds are held
A Vostro account is an account that a correspondent bank holds on behalf of another bank effectively acting a custodian of the funds.
To put it into some kind of perspective transactions between Large European or US Banks are not really the problem because its all large banks within the same monitory jurisdiction with all members part of SWIFT. Which was fine 30 years ago, but with globalization and the huge growth of emerging markets and developing countries the system is just not really fit for purpose. There are 11000 banks signed up to swift but there are over 25000 banks worldwide and this doesn’t include all the other various financial institutions around the world.

Is this the article ?

https://www.dailymail.co.uk/news/article-10555561/New-book-LORD-ASHCROFT-ISABEL-OAKESHOTT-says-way-save-NHS-radical-reform.html

Joeblog - not quite correct im afraid crypto currencies are banned in China and several other countries (about 10) i think and severely restricted in lots of others. But lets be very clear here Pendulum and Dtransfer are not about cryptocurrencies - its all about blockchain

All this recent tlk about SWIFT has got me researching the whole process for cross border payments because i really want to understand exactly what and where the opportunity lies for DTransfer. Happily post my findings if people here are interested.

Crypto doing its bit - who would have thought this a few years ago
https://twitter.com/Ukraine/status/1497594592438497282?cxt=HHwWhMC9vZyWw8gpAAAA

https://www.cnbc.com/2022/02/25/4point1-million-in-cryptocurrency-funneled-to-ukrainian-military-since-russia-invaded.html

Indeed Bowlers - its hard to comprehend the vile mind of Putin.

Ive noticed that Pendulum are really upping their social media activity/ profile pushing accounts on twitter, discord, telegram and reddit as well as a community survey. They have never done this before so I am assuming it is all part of a precursor strategy getting ready for parachain auction.
https://linktr.ee/Pendulum_Chain

https://twitter.com/pendulum_chain/status/1496795598787575813?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1496795598787575813%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.redditmedia.com%2Fmediaembed%2Ft07y9p%3Fresponsive%3Dtrueis_nightmode%3Dfalse

This Institution of Engineering and Technology (IET) report sets out our position on the digital transformation of the National Health Service (NHS) and social care across England. While the NHS has faced and met the greatest challenge of its 73-year history in the Covid-19 pandemic, preparatory work has continued towards the long-term goal of ensuring widespread interoperability across the sector.
.
https://www.theiet.org/media/9617/the-digital-advantage.pdf

Morning everyone, back in UK now and after a super little break back to a very dark period in world history. Forgive me but at the moment shares and money seem rather unimportant as people are loosing their lives fighting for their freedom. Will the human race never learn.

Nice find Vas

well I will bid everyone a good weekend - I wont be around much next week as off to Florence for a few days

https://mobile.twitter.com/gjbrandon/status/1494665212322099201?cxt=HHwWgsC96e2Fj74pAAAA