The Bill & Melinda Gates Foundation operates the protocol ILP of Ripple to help the 2 billion people living in poverty to benefit from the services of a traditional bank. In the beginning of the week, the Foundation has launched Mojaloop, a software designed to provide to populations that do not have bank accounts, digital financial services.
The solution is open-source. As a result, banks will be able to adapt and integrate easily. The Gates Foundation has funded the project. It was developed by a group of companies specialised in crypto-currencies.
Mojaloop uses the technology ILP of Ripple
To connect bank accounts, portfolios and the users, the software uses the technology ILP of Ripple. This will allow market players to make transactions freely and more quickly. This will contribute to the economic development of poor countries.
Jack Lee, Wikimedia Commons
Kosta Peric, deputy director of financial services for the Gates Foundation, explained in a press release that interoperability was one of the main barriers preventing the poor people to use crypto-currencies. Thanks to Mojaloop, their partners have finally found a solution that can be applied to any service, she added.
A solution that will facilitate the lives of the poor
In an announcement posted on the blog of the company, Stefan Thomas, head of the department for technology of Ripple, explained that Mojaloop has the potential to introduce millions of users in the digital economy. He stressed that the poor around the world can now make payments at any time.
Contrary to the announcement of Stellar, a start-up fintech, this project does not seem to initially rely on the crypto-currency, which is native to the company. Therefore, it is unlikely to have a significant effect on the price of XRP. The price of the Ripple has decreased, which at the present time 0.256 dollar, after having reached 0,291 dollar in the beginning of the week.
Source : CryptoCoinsNews