On May 15, 2018, Seoul, South Korea, saw the official launch of Aurorachain. Hundreds of journalists from China, South Korea, and the West were at the conference, during which the founder Aqua Zhao announced that the Aurora mainnet was live.
Global Vision for Public Chains
Zhao further his vision for Aurora, a public chain that will lead the next-generation blockchain technology and application.
“We seek to go beyond the blockchain to bring real value to the world.”
Aurora Chain is an improved smart contract platform that uses the DPoS + BFT to create a secure environment for decentralized applications. The unique value proposition of Aurora is that it will better suit the requirements of a whole spectrum of industries, including big data, artificial intelligence, gaming, IoT, and countless others.
According to Zhao, Aurora will build a -enabled blockchain world as “iridescent as the aurora itself.”
Aurora Chain, which is also known as project , aims to collaborate with Dapp developers to explore new business models that can bring real-world assets and rules onto the blockchain. One example being the gaming industry, to the end that a partnership has been negotiated with , which claims to be the “world’s first digital asset exchange for blockchain games.”
Zhao explained that the digital assets and game mechanics can be substituted with smart contracts and tokens.
2,000 TPS
Like the , Steemit, BitShares, and EOS, Aurora is built with consensus to avoid unwanted forking.
One other noteworthy innovation is what is called the “Intelligent isolation of applications” – that claims to create a smarter pending zone to facilitate incoming transaction requests.
“Aurora is the product of months-long of development from our tech team with a lot of time and energy put into it. We have many innovations like the multi-chain parallel operation, upgradable blockchain, and cluster grouping,” Aurora’s Chief Technology Officer Arthur Qiang said.
All these innovations theoretically can guarantee Aurora’s unlimited processing speed, and ”greatly boost the transaction speed of Aurora,” continued Qiang.
Aurora claims that the technology can process up to 2,000 transactions per second, in comparison to the 15 TPS offered by .
The Aurora Roadmap
Once the technical explanation was out of the way, it was announced that Aurora had joined the World Blockchain Council () and signed partnerships with BIT.GAME, XFuture and Light Second.
In June 2018, Aurora expects to release five to ten blockchain based games, one to two decentralized management apps and 12 media and information decentralized apps. Several prominent figures also spoke at the event, including David Song, World Blockchain Council founder, and Muhd Amrullah, Founder of Artificial Intelligence company Facerecog.
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On May 10, 2018, Asheesh Birla, the Senior Vice President of Product Management for Ripple Corporation announced a successful test on the company’s latest project, xRapid. The service is built to make payments between financial institutions faster and thus reduce costs.
xRapid Pilot Nears Implementation
is a payment and remittance network where transactions are carried out in real time from one financial institution to another. The primary purpose is to move large volumes of money globally efficiently. Ripple’s liquidity solution uses Ripple () to offer instant liquidity to lower costs and instant payments in new markets.
xRapid: A low-cost and on-demand liquidity source for providers
— Ripple (@Ripple)
In the announcement, the Senior VP explained that the service now generates greater savings for participating companies. Ultimately, the series of pilot tests solidify the project’s ambitions by quantifying the technology’s initial claims.
“Today, we’re a step closer to realizing these goals with xRapid. It eliminates delays in global payments while also dramatically lowering cost. xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant,” Asheesh Birla.
One test carried out a cross-border transaction between U.S. and Mexico. The test findings showed that were able to save between 40 and 70 percent of transaction costs than the current route where they have to pay foreign exchange brokers.
Not just cost, but the transaction period is also drastically reduced. The xRapid system can carry out transactions in a minute or two compared to today’s system where it takes an average of two to three business days. This is made possible as local currency from the sender’s side can instantly exchange fiat into XRP, and then transfer the XRP to the recipient. The XRP is then swapped into the recipient’s local currency.
No More Currency Exchange Issues
The xRapid system is not only beneficial to financial institutions, but also anyone trying to make cross-border payments or remittances. Ripple’s solution will also eliminate currency exchange issues. This advancement has been well received by many as , the Co-Founder, and CEO of Viamericas:
“We were very pleased with our pilot results. It’s clear that xRapid can lower liquidity costs while increasing payment speed and transparency in a way that facilitates rigorous compliance controls. We believe that digital assets like XRP will play a key role in the future of cross-border payments, helping to safely address some of the structural inefficiencies of legacy settlement infrastructure as their adoption grows. We look forward to exploring next steps with Ripple.”
It’s not clear, however, when the xRapid system will be fully functional and available for commercial use.
Will banks use Ripple products or develop their own custom blockchains? Share your views in the comments section.
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