The Japanese have a way of being ahead of others when it comes to technology development. After all, Satoshi is said to be Japanese.
A year ago, Mizuho Bank one of the biggest banks in Japan started working on a cross border payments system. This payment system will allow for real-time settlements and today that system works!
There are about 60 Banks participating in this independent blockchain (J-Coin).
Using its own wallet, the J-wallet and QR codes for transactions, J-coin enables anyone with a smartphone to be able to make real-time transfers.
The great thing about the cryptosphere is that innovation is dynamically occurring, this blockchain is a welcome member of the crypto-family Worldwide.
It doesn’t come without its drawbacks.
The first being the fact that while smartphone density may have reached its peak in places such as Southeast Asia, places like Africa and South America are yet to experience this.
This is where XRP differs in terms of operation.
XRP offers a realtime settlement system with participating Banks and other financial institutions, allowing for financial inclusion at the micro-level.
This creates one Big family for all who want to participate in a global financial embodiment.
So retail systems get to do their thing and at the same time include XRP on an institution to institution basis.
Secondly, J-coin is a “regional idea”, The owners of the blockchain would have to do a whole lot of PR in order to get Global attention.
Getting other global institutions to wade into the water will be an uphill task But it’s very possible for the cryptocurrency to have a global outreach.
Thirdly, the introduction of new technologies in the crypto space will actually induce a number of new innovations which shall definitely surpass what J-coin has to offer.
Innovation is the mother of competition and vice-versa!
In essence, J-coin isn’t the “XRP-Killer” that many have made it out to be.
It is the younger buddy to XRP!
What do you expect from J-coin?
Please let us know in the comments below!