Next stage of Ripple – The Launch Of Cobalt! But what is happening so much, and how will things change?
One thing that was easy to rely on Ripple enthusiasts (XRP) is their excitement about what will be next: Ripple was incredibly explicit about all the projects they have in store, but there were still many surprises there, that HODs tried to guess: Western Union is ready to integrate XRP to make fast payments across borders? Will MoneyGram be involved? Is Santander ready to launch an XRP Based exchange?
Unfortunately, Ripple has been quiet lately, in fact they have just recorded a post, which is probably due to the pending update they worked on. Ange the algorithm, and have already presented a whitepaper on the subject, which is titled "Cobalt: BFT Governance in Open Networks." The document was published by the Cornell University computer archive and by Ethan MacBrough, who works for Ripple.  When this new algorithm, users will see a noticeable improvement in the speed and reliability of the platform, allowing transactions to go through in a second, in contrast to the current 4 seconds. Although speed is probably what most users want to see, the fact is that the update Cobalt will help the Ripple network to be more consistent and reliable, which is much more rigorous than what consumers can find with Bitcoin, Ethereum and other cryptocurrencies. It will also help XRP tokens to flow better during their transactions, with little risk of backup.
Ripple introduced Cobalt with the following post: "We present Cobalt, a new atomic transmission algorithm that works in networks with non-uniform confidence and no global agreement on the participants and is probably guaranteed to make progress even in the presence of maximum errors and asynchrony Arbitrary: The exact properties that Cobalt meets make it particularly applicable to the design of an efficient decentralized "voting network" that allows a public group of open nodes to agree on changes to a set of shared rules in a fair and coherent way while tolerating some nodes reliable and arbitrarily many untrustworthy nodes that behave mischievously.We also define a new set of properties that must be met by any decentralized and secure governance algorithm, and Cobalt satisfies all. "
The only way for XRP to really make positive changes in the cross-border payment systems of the banking industry the industry is improving their platform. This is why the Cobalt update is necessary, because it will provide more confidence and opportunities to banks that were not available before now. Furthermore, the addition of Cobalt ensures that consumers do not interrupt the transaction, such as when a credit card is refused in a grocery store or restaurant. At most, the system will slow down, but the transaction will continue anyway.
Many users are still wondering when this algorithm will be made available, but it will not be much longer. In fact, once Cobalt is launched, there will be nothing to prevent XRP from being used in almost every part of the financial sector, assuming that banks follow the example. There is no certain date for the technology update to go live, if the launch is days or months away, but it is obvious that users will be happy when they will be.
The whitepaper for Cobalt, in its entirety, can be viewed at https://arxiv.org/pdf/1802.07240.pdf.