Wietse Wind Reveals New Details On XRP Based Banking App

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Wietse Wind the head of XRPL Labs, has revealed details on the company’s new XRP based banking application.  Now back in June we actually covered this story as it broke (XUMM Link Here) and just a couple days ago we got an update on this project from Wietse Wind.

 

So what is Xumm?  Xumm is designed to allow users to hold and spend multiple currencies including dollars and Euros along with 1 digital asset – XRP.  Xumm will allow its end users to spend without having a financial institution get involved.  Wieste has told the community that the company has been working had to get a baking license.  Wind was asked on Twitter about an update on the project and the company and he gave us some great information as he said the company is set to launch a private developer-only beta version of Xumm.  This is going to be a massive milestone!  Wiestse also revealed a new secret format address that the company has been working on and this will be a new feature that is designed to make it easier for the end-users to access their digital assets without making using of complex strings for numbers and letters.  Wietse said:

The common formats for XRPL account secrets are (at the time of writing this, July 2019):

  • Family Seed, eg. sh1HiK7SwjS1VxFdXi7qeMHRedrYX
  • Mnemonic, eg. car banana apple road …

These formats are prone to typos and not that user-friendly. Using numbers means it’s language (spoken, written) agnostic as well. They may be especially intimidating for the public that’s relatively new to cryptocurrencies/blockchain technology.

 

Wieste and the team have made it clear that their overall goal is to make the application so easy to use and seamless that anyone would be able to use it.  I believe the biggest problem today in the digital asset world is not only custody but how people can actually go about and spend their digital assets if they have chosen to.  Wind was quoted saying:

“It’s not for geeks. We know that crypto wallets are for geeks and then somewhere near the bull run at end of 2017, suddenly 10% of the population here had a crypto wallet or multiple crypto wallets on their apps. It was still a few percent of the population, and most of them were geeks.”

This is defiantly the 1st of its kind and we can’t wait for further developments.





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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be

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