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2023: Real-Time Payments, Instant Payments, CDBCs, Interoperability and Payment Pre-Validation
October 16, 2023
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2023 – yet another exciting year coming up for the payments industry!

Year after year, the rate of change in the payments world continues to accelerate. With a changing macroeconomic environment, increasingly demanding customers, hyperactive regulators, important market initiatives, as well as central banks experimenting with digital currency, 2023 is sure to be both challenging and exciting for the industry 

So, what do we expect for this year?  

This article is part of the After Hours by RedCompass Labs series. 
Where the best and brightest in the financial services industry tell what they really think about payments

Response to increasing interest rates 

Central banks across the world are increasing interest rates in an attempt to keep inflation under control. As a result, venture capital has slowed down in Europe and the United States, as investors have started to become more cautious. Fintechs, previously trading at astronomic valuations compared to their revenues, have taken a significant beating. Examples include Klarna, which was forced to lay off 10% of its staff after seeing its valuation sink from $45.6 to $6.7 billion in just a year, and checkout.com, previously Europe’s most valued startup, seeing its valuation sink from $40 to $11 billion. Will we continue to see fintechs folding or scaling back their ambitions - or, will banks seize the opportunity to snap up the tech and talent fintechs bring to the table at discounted acquisition prices? Either way, 2023 looks like it will be a challenging year for fintechs in all stages of growth. 

Of course, not only fintechs and startups are affected by increasing interest rates. And more particularly, when those rates are combined with a higher level of risk of late or non-payments and decreased access to credit, corporate treasurers will need to bolster their focus on working capital optimisation. As a result, we expect to see increased focus on solutions that will help in this regard, such as cash forecasting, cash pooling, factoring, trade financing, as well as solutions that can help render request for payment and dunning more efficient.. 

As liquidity becomes an increasingly scarce commodity, banks will seek to reduce their liquidity trapped in clearings and nostro accounts by rationalising their clearing and network strategies. Whereas positive interest rates could provide an additional source of revenue for financial institutions in the form of float, we would expect payment service users to increasingly make use of real-time payment methods in order to reduce the working capital impact from liquidity in transit.   

The proliferation of real time payments 

Real time payments are here - and they’re here to stay. With 79 countries across the globe having at least one form of real time payment system, domestic low-value payments are moving faster than ever. A few key highlights to watch out for in 2023 are the go-live of FedNow in the United States, which is set to become a worthy competitor of The Clearing House, a Real Time Rail (RTR) in Canada, as well as the looming instant payments legislation in the European Union, which will render instant payments ubiquitous throughout the SEPA region. 

These real-time rails are set to provide not only an accelerated payments experience for payers and payees, but also, when combined with overlay services such as proxy databases (eg Bizum) and rich request for payment functionality (eg. TCH-RTP), can support new use cases and user journeys. As transaction limits continue to increase on real-time rails, we expect their rails to become increasingly important for cash management offerings, leveraging the 24/7 nature of the schemes to perform physical pooling operations. 

Unfortunately, scammers are making use of these new payment methods as well, and we see that authorised push payment fraud is on the rise. Regulators, as well as the private market, have started to catch on, and are seeking to limit the financial and mental strain inflicted on victims of APP scams. 

Payment pre-validation 

One method communities of payment service providers (PSPs) are using to combat authorised push payment fraud, and particularly invoice fraud, is through the development of Confirmation of Payee Schemes.  

When using such a scheme, the payer’s PSP can contact the PSP of the beneficiary and validate that the name and the account number correspond. This allows the payer to be alerted of potential frauds, for instance, when an invoice has been doctored to have the payment redirected towards a money mule account. This account validation service, often offered at no cost to retail customers, can be monetised when distributed to corporates, who can use it to avoid being defrauded when setting up direct debit mandates or onboarding suppliers. An additional benefit of CoP schemes is that they can reduce the number of non-fraudulently misdirected payments (for instance, towards closed accounts), reducing the workloads associated to returning and reconciling such payments for PSP back offices and payment service users alike. 

Although such schemes have proven to be quite effective in preventing APP in markets such as the United Kingdom and the Netherlands, history has shown that fraudsters will flock towards payment service providers that are not connected to the CoP scheme. Regulators have stepped in, with the UK’s payment systems regulator directing an additional 400 firms to introduce the protective measure, and the European Commission proposing to add a CoP obligation to all initiated instant payments through the Instant Payments legislation. 

Interoperability of CoP schemes is set to remain a challenge, as there are many domestic market practices that are hardly interoperable, and although most schemes are (loosely) based on the ISO 20022 model, there is no standardized market practice on how the XML-based format can best be translated to json. Players such as SWIFT, JP Morgan (Onyx-Confirm), iPiD, and Surepay are rising to the challenge and are working on developing interoperability services. We expect rapid evolution in this highly competitive and dynamic space in 2023.  

We see that payers are starting to expect upfront validation of their payments, not only regarding payments data, but also the end-to-end fees and FX rates they can expect. We see a renewed interest in guaranteed OUR payment methods, as well as services that allow all elements of a transaction to be pre-validated, such as SWIFT Go. The correspondent banking world is finally starting to catch up with the user experience provided by challengers such as Wise and 👉Ripple 

Revenues under pressure 

The impact these challenges have had on the payments industry should not be underestimated. They have systemically undercut financial institutions in their payment fees, instead seeking to generate revenues from FX margins. Today, customers are becoming savvier, and are better equipped to compare offers from different FX providers. This has caused downwards pressure on per-transaction revenues, especially from top-tier corporates. 

In order to safeguard profitability, financial institutions will need to choose whether to invest in capabilities that increase their straight-through processing rates and seek additional payment volumes through offerings such as embedded banking -  or, choose to partner with payments-as-a-service providers that have scale advantages. We expect artificial intelligence to play a significant role in the improvement of STP rates, as well as analytics tools capable of identifying sources of STP breakage. 

As the regulatory burden for payment service providers continues to grow in 2023, we would expect a sizeable number of smaller financial institutions to divest their payment processing activities, choosing instead to implement revenue-sharing models with larger financial institutions or payments-as-a-service providers. 

 Banks will also need to seek additional revenue streams from payment activities through the development of compelling value-added services that can help their corporate customers improve their insights or automate their internal processes.  

Interoperability 

Perhaps one of the most exciting predictions on the horizon for 2023 is that banks will finally start to see the fruit of their investment in ISO 20022 programmes. With SWIFT, as well as the clearing systems of multiple major currencies, set to go live on ISO 20022 in 2023 (EUR, GBP, AUD, CAD, and USD, to name a few), we will finally start to see some live cross-border ISO traffic. But, it’s just the start. Now that the foundations have been laid, and in order to amortise their investments, payment service providers will need to find ways to optimise their efficiency by leveraging structured data and the interoperability provided by a common global payments language. In any case, clearing and settlement mechanisms have already started to explore the exciting prospect of interoperability, with IXB set to build a transatlantic bridge for low value payments. The use of local rails for low-cost money remittances is set to remain a hot topic, which will likely be further accelerated thanks to ambitious projects such as Mojaloop. 

As banks get over the initial hurdle of going live with ISO 20022 payments, they will need to prepare for increased volumes of data-rich payments, even as the PMPG guidelines advising banks to restrict the initiation of rich payments expire in November. Additionally, they will need to start thinking about how they will handle structured addresses (especially creditor addresses!) and additional identifiers such as LEI, as many real-time gross settlement mechanisms will start mandating this from 2025.  

Central Bank Digital Currencies 

Central Bank Digital Currencies are starting to become a reality. The European Institutions are expected to provide a legal foundation for the Digital Euro to become a reality in the second quarter of 2023. Despite the initial reluctance to include international interoperability and programmable money, the Eurogroup has started to open up to those functionalities, which are set to add significant value for users of the digital currency. The European Central Bank has been hard at work at developing a proof of concept and is expected to make a decision about launching a production Digital Euro in the fall of 2023 

The United States, despite having a slow start in their CBDC investigations, is catching up, and the topic is high up on the list of priorities for the US Department of Treasury. As such, we expect the Fed, which had expressed their hesitance to issue CBDC without clear congressional and executive support, to kick their exploration efforts in order not to fall behind their European and Asian counterparts. In the meantime, the Bank of International Settlements is running a wide range of projects to explore various aspects of CBDC and CBDC interoperability. 

Conclusion 

2023 promises to be an exciting year in payments, and RedCompass Labs is excited to continue accompanying our clients in defining and delivering their strategy to address the changing payments paradigm.

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 Your support means the world to me, and I invite you to consider making a donation or becoming a dedicated supporter of this project. Any amount of XRP donations can be sent by scanning the QR code below and are greatly appreciated. ~ Namaste' 🙏🏼The Dinarian

 

 

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Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

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There will be a LOT of spam, scam, uncertainty and crime surrounding the Midnight airdrop (@midnightfdn).

There is currently no action required.

While @XamanWallet is self custodial and technically no one needs us to participate, we will digest information about the airdrop as it becomes available, and make sure to make it as easy as possible for
@XamanWallet users to participate in the airdrop.

We will communicate about this in-app, through an xApp to prevent confusion and scammers taking advantage of the uncertainty on social media.

When users can take action to participate, we will inform our users though in-app communication.

Trust NO SOCIAL MEDIA.
Trust NO WEBSITE.
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Trust NO (potentially fake) XRPL Labs / Xaman staff on social.

Trust only our in app support xApp, and the in app Midnight Airdrop information we will communicate once more information is made available by the Midnight/Glacier/... team.

https://x.com/WietseWind/status/1950548314392326354

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PYTH: We'll Always Have Coldplay

Welcome back to The Epicenter, where crypto chaos meets corporate cringe.

But surprisingly, crypto has not been the most chaotic corner of the internet as of late.

That honor goes to the startup Astronomer, whose CEO’s cheating scandal broke the web in a glorious meme-fueled media frenzy. The company’s damage control? Hiring Gwyneth Paltrow as a “temporary spokesperson.” Do we think they’re grasping at straws or setting a new standard for PR?

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A few things that are also worth noting: Winklevoss vs. JPMorgan, Visa’s take on stablecoins, and Robinhood’s Euro drama that defies the chillness of eurosummer.

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From meme-fueled PR stunts to Bitcoin-backed money-market funds, this week reminded us that markets move fast—and headlines move faster. With Wall Street automating itself, fintechs beefing with banks, and even your smartphone becoming a miner, anything is possible. Stay curious, stay cynical, and as always—stay sharp and stay liquid. We’ll see you back here in two weeks.

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

  1.  Alina Invest - The AI Wealth Manager for GenZ Women

Alina is aimed at women under 25 who identify as beginner investors. They're an SEC-registered investment advisor that charges $120/year for membership. The service "buys and sells for you" and gives up notification updates of recent transactions like a wealth manager would.

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2. Blue layer - The Carbon project funding platform

Bluelayer allows Carbon project developers to take from feasibility studies to issuing credits, tracking inventory, and managing orders. Developers of reforestation, conservation, direct air capture, and other projects can also directly report to industry registries. 

👉 Carbon investing and tax credits are heavily incentivized but need transparent data. By focusing on the developers, Bluelayer can ensure the data, reporting, and credits lifecycle is all managed at the source. This is smart.

3. Akirolabs - Modern Procurement for enterprise

Akiro is a "strategic" procurement platform aiming to help enterprise customers identify risks, value drivers, and strategic levers before issuing an RFP. It aims to bring in multiple stakeholders for complex purchasing decisions at multinationals. 

👉 Procurement is a great wedge for multinational corporate transformation. Buying anything in an enterprise that uses large-scale ERPs is a nightmare of committees and spreadsheets. Turning an oil tanker-sized organization around is difficult, but the right suppliers can have a meaningful impact in the short term. That only works if you can buy from them. Getting people on the same page with a single platform is a great start.

4. NeoTax - Automated Tax R&D Credits

NeoTax allows companies to connect their engineering tools to calculate available tax advantages automatically. Once calculated, the tax fillings are clearly labeled with supporting evidence for the IRS.

👉 AWS and GCP log files and data are a goldmine. Last week, I covered Bilanc, which uses log files to figure out per-account unit economics. Now, we calculate R&D tax credits. The unlock here is LLM's ability to understand unstructured data. The hard part is understanding the moat, but time will tell.

In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

PayPal issued low guidance and warned of a “transition year.” The stock is down 8% in extended trading despite PayPal reporting a 9% growth in revenue and 23% EBITDA. Gross profit is down 4% YoY. PayPal's total revenues were $29Bn for the year

Adyen reported 22% revenue growth and an EBITDA margin of 46% for the full year. Adyen's total revenues were $1.75bn for the full year. The margin was down from 55% the previous year, impacted by hiring ahead of growth.

🤔 PayPal’s Braintree (unbranded) is losing market share in the US, while Adyen is winning it. eCommerce is growing ~9 to 10% YoY, and PayPal’s transaction revenue grew by 6.7%. The higher interest rate environment meant interest on balances dragged up the total revenue figure. Their core business is losing market share. Adyen is outgrowing the market by ~12%.

🤔 The PayPal button (branded) is losing to SHOP Pay and Apple Pay. The branded experience from Apple and Shopify is delightful for users; it’s fast and helps with small details like delivery tracking. That experience translates to higher conversion (and more revenue) for merchants.

🤔 The lack of a single global platform hurts PayPal, but it helps Adyen. In the earnings call, the new CEO admitted their mix of platforms like Venmo, PayPal, and Braintree are holding them back. They aim to combine and simplify, but that’s easier said than done.

🤔 Making a single platform from PayPal, Venmo, and Braintree won’t be easy. There’s a graveyard of payment company CEOs who tried to make “one platform” from things they acquired years ago. It’s crucial if they’re going to grow that they get their innovation edge back. Adyen has one platform in every market.

🤔 PayPal’s UK and European acquiring business is a bright spot. The UK and EU delivered 20% of overall revenue, growing 11% YoY. Square and Toast don’t have market share here, while iZettle, which PayPal acquired in 2018, is a strong market player. Overall though, it’s yet another tech stack and business that’s not part of a single global platform.

The two banks provided accounts to UK front companies secretly owned by an Iranian petrochemicals company. PCC has used these entities to receive funds from Iranian entities in China, concealed with trustee agreements and nominee directors. 

🤔 This is the headline every bank CEO fears. Oof. Shares of both banks have been down since the news broke, but this will no doubt involve crisis calls, committees, appearing in front of the regulator, and, finally, some sort of fine.

🤔 The "risk-based approach" has been arbitraged. A UK company with relatively low annual revenue would look "low risk" at onboarding. One business the FT covered looked like a small company at a residential address to compliance staff. They'd likely apply branch-level controls instead of the enterprise-grade controls you'd see for a large corporation. 

🤔 Hiring more staff won't fix this problem; it's a mindset and technology challenge. In theory, all of the skill and technology that exists to manage risks with large corporate customers (in the transaction banking divisions) are available to the other parts of a bank. In practice, they're not. Most banks lack a single data set and the ability for compliance officers in one team to see data from another part of the org. Getting the basics right with data and tooling is incredibly hard and will involve a multi-year effort. 

🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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If you find value in my content, consider showing your support via:

💳 PayPal: 

1) Simply scan the QR code below 📲
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🔗 Crypto – Support via Coinbase Wallet to: [email protected]

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