Ripple Inc. may be quietly working on ID solutions for digital payments, analyst says
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Pseudonymous Ripple and XRP enthusiast and crypto analyst who goes by @WKahneman on Twitter shared his take on the role of ID development in Ripple’s strategy.
Are digital ID solutions in focus for Ripple Inc.?
Crypto expert @WKahneman has taken to Twitter to share that Ripple’s integration with PayString digital payments solution was a sign of the serious focus that the firm has put on digital ID solutions.
A dive into Ripple’s engagement with privacy, identity and Paystring. (remember that?) A little weekend reading where I try to fashion a narrative without having all the facts. It may or may not be accurate. But identity/privacy is a loose end in the internet of value. 🧵/20 pic.twitter.com/T1UaKuAp1D
— WrathofKahneman (@WKahneman) June 11, 2022
He recalled that Monica Long, RippleX general manager, named decentralized identity among the most crucial use cases of decentralized solutions ever.
Then, he recalls Ripple’s efforts toward building a payments ecosystem with human-readable IDs. On April 1, 2021, Ripple integrated the PayString protocol into its RippleNet mechanism.
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Also, solutions including payment ID advancements were among the winners of Ripple’s University Blockchain Research Initiative (UBRI) grant initiative.
Merging decentralization of web3 with usability of web2
Last but not least, in 2021-2022, Ripple’s former and existing employees and their colleagues released numerous papers to cover the design of prospective payment identification solutions.
As such, the fact that payment ID developments are in Ripple’s spotlight is obvious to the expert:
I think Ripple is working on identity solutions, both internally and through the UBRI.
As covered by U.Today previously, starting from yesterday, June 10, 2022, XRP holders became able to sign in to their XUMM wallets with XRPL account addresses only.
This novelty is set to advance the usability of Ripple’s payments system and make it more attractive for cryptocurrency newbies.