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Hello everyone. This is Eddie from Tokyo. Your cryptocurrency news from Japan. We have something to discuss. So, Business Insider reports that JP Morgan just gave its CFO a new role, and that could be a sign that she 's a candidate to replace Jamie Dimon. So, who are we looking at here? This is Marian Lake.
She has been the CFO of JP Morgan since 2013. She is 49 years old. She began her career at Price Waterhouse Coopers, but now for the first time she will head her own business unit, be responsible for lending and no longer report to Dimon. This is usually a requirement to become a CEO. So the rumors are spreading, and my favorite author Samak Masnavi wrote a very interesting article today about Vitalik Buterin and his attempt to become an intern at Ripple back in the day.
This was in mid-2013. This was revealed in a tweet sent by Brian Armstrong, co-founder and CEO of Coinbase. Vitalik was in Canada at the time , he needed a special work visa that the company could provide through sponsorship, and at that time he wanted to go to California to work for Ripple. But by law, a company must operate for at least a year, and Ripple was, unfortunately, only 9 months old at that time.
So he couldn't get that special visa. And the link that Mr. Masnavi added to this article was very interesting. Vitalik actually co-founded the online magazine Bitcoin Magazine and wrote an article about Ripple back in 2013, and it shows us how far we've come in just six years . So Bitcoin Magazine was one of the first to cover this area, and when they wrote an article about Ripple, the feedback was very positive, mentioning the low fees and how easy it was to use the only Ripple client wallet available on Ripple.com.
At that time, an initial deposit of 50 XRP was required, as opposed to the 20 XRP we have now. And Bitcoin was trading at only $39.95. Incredible. And XRP actually had no clear market price at that time. We always complain or I hear a lot of complaints about how slow everything is moving. But I will tell you that if you look back at 2013, this field has changed incredibly.
And here's an interesting story about October, it's developing and seems to be gaining momentum. Chris Larsen from Ripple invested in a company called Elixir. Elixir is now capable of processing hundreds of thousands of quantum- stable transactions with minimal energy consumption. If you are interested in this project, I recommend going to Twitter, as there is a huge amount of information there, especially considering that the founder and inventor of this technology, David Chaum, travels the world giving keynote speeches , many of which are available via links in his feed.
He has been to London, Zurich, Lisbon, Hong Kong, Prague, Seoul, Miami, Macau, Las Vegas, Tokyo, Berlin, Beijing , Tel Aviv, Shanghai , Vienna, San Francisco, Singapore, and France—to name a few . I really enjoyed it, I spent many hours studying this project. The more I research, the more curious I become and the better I understand that privacy will be the next big trend.
So, when we talk about this technology, it works a little differently. This is implemented through a group of nodes that create each block. Of course? The set of nodes is chosen randomly, which protects the metadata. The system shuffles them into a package and passes them to the next group member. So there is no direct connection between the sender and the recipient, which provides unprecedented speed, privacy, and, in addition, scalability for the global consumer.
So I think this multi- IG control, which involves multi-party computing, is the most interesting because it works off-grid and has a direct connection to the story that follows. From January until the deadline, which was Friday, people could apply to run a beta node, and I did. I filled out the questionnaire, I think, about a month ago.
I remember there were 36 questions. This took a lot of time and required thoughtful responses if you really wanted to control the node. I don't know for sure, but as of April 15th, as you can see, over 500 applications were received, and many more people probably submitted them at the last minute from the 15th to the 19th.
Most of the people who applied to run one of these beta nodes, as you can see, come from North America, 37%, followed by Europe—36%. And then Russia, look what a large share, 16%. This is really very interesting. And here is Tokyo right here. And this is not the smallest dot on the map. So, I think there were a few other people who applied besides me, but, uh, yeah, we'll just have to wait and see.
However, I think this will be a very interesting future part of the ecosystem. And that brings me to the next story, which is Spring. By now everyone knows that Spring is an incubator for Ripple, and they have been very busy the last two months. Yes. February, March, April. So, the first investment they made in a company that we know of was in XRPL Labs.
This is Witze Wind's group, and he is of course the inventor of the XRP Tip Bot, and now his team is wasting no time. They're doing a lot of really, they've done a lot of really great things, even since getting their first initial round. But then on February 28th, Spring allocated some money for Caval Cavala Labs, sorry.
And then they became the lead investor in Compound Labs again. This is a mobile app development company, this happened on April 10th. And now, on April 17th, we learn that they participated, along with nine other investors, in a very small angel or seed round of $ 500,000. The lead investor in this project was Decrypt Capital , and this, again, is due to privacy concerns.
So when I direct you to this article from Crypto Ninjas, it really sums up what they do well. So, Ripple's XRP incubator is investing in private payment channel solutions from Bolt Labs, and Bolt Labs is a project that builds implementations of payment channels using zero- disclosure proofs, blind signatures, and commitments.
So their solution aims to provide scalability not only for cryptocurrencies with a focus on privacy, but also for existing public networks where privacy is not a standard feature. So, you can totally see that this could also be available for a public ledger like Ripple's DT . So, this is inspired by the need for privacy on Bitcoin's Lightning Network.
And an academic team that received a grant from the Zcash Foundation is launching a private fast payment channel for any cryptocurrency. And you can see that Bolt provides payment channels that hold funds in an escrow account until one or more parties are ready to withdraw them. And payments in these channels are made off- chain and are unlimited, very similar to Elixir, which, as you know, involves multi-party computation and works off-chain, so this one works off-chain, it is unlimited, and users remain anonymous.
Bolt's privacy protection mechanisms rely on zero-disclosure evidence based on research from leading scientists and cryptographers. Now you'll really want to take a look at the team. These are leading scientists. So, CEO and co-founder Ayo Ainella holds a PhD from Johns Hopkins University. And the other co-founder, Colleen Swenson, earned her PhD from the University of Waterloo.
There's also Gabe Kapchuk, who is currently pursuing his doctorate at Johns Hopkins University. What an amazing team. I like it. So, friends, I believe that privacy will be a big part of the future in the cryptocurrency ecosystem. OK. So we'll skip the unnecessary and focus on privacy. Here, actually, I want to go to this image first.
In Japan, many restaurants, especially in Tokyo, Kyoto, and Osaka, have separate private dining rooms. They are located behind the door, which allows visitors to talk without fear of being heard, and sometimes without being noticed, as there are restaurants that are completely closed to outsiders. And when I say "completely closed," I mean that even their entrance is separate.
So, you are given a password, you go to the back entrance, enter your code and get to your room. That means you don't have to go through the restaurant at all. I think this is done for a lot of people who are trying to...Japanese people don't have guests in their homes. I know that Americans, uh, very often host guests at home, but it's almost not practiced there.
I can say that, you know, never say never, but for the most part, it's almost never done. This always happens in a hotel or restaurant. And these places are, uh, private and designed specifically for business negotiations. And another interesting thing, considering the issue of privacy in Japan. I want to take you back to the Edo period.
This is, in fact , a woodcut by the wonderful artist Hai. It was created in 1800 and depicts ninjas, who are sometimes called " shinobi," with "shinobi" meaning stealth. This is another word for ninja. There was a secret ninja alphabet, a cipher, a coding—a special method for those secret agents who were engaged in reconnaissance, infiltration, and sometimes sabotage.
And very often they conveyed messages. This message was written in a special encrypted ninja alphabet called " shinobi-roa," and I want to show you what it looks like. Here is an example of one of many options. So, you have to understand that this would be difficult to decipher, because only ninjas from one group could understand it.
So each group of ninjas had their own language or alphabet, and they wore it in their hat or perhaps in their collar . If it was very, very important, they would hide it inside an eggshell or a walnut. And if it was really very secret, the message would be divided into two or three parts, and all three ninjas would have to deliver them so that the message could be put together and deciphered.
So here you have it, let me show you how it works, because this probably doesn't mean anything to you, but if I explain it briefly, I think you'll understand. This hieroglyph means "man." This is "nin". And if you take this color here, these are the colors along. It's "shiro", which means "white". And if I combine these two, this is a radical, which means that when you combine one with the other, it changes and appears in a shortened form.
So it's a shortened version for "nin". It's " shiro," and it has the phonetic "e" sound, just like in my name Eddie. So, this is "e ". And you see, using this unique one doesn't mean anything unless you have a way to decrypt it. They could then use the phonetic sound to create a message. I think this shows you that even in the Edo period, privacy was important, just as it is today. That's it. Take care of yourself, friends. All the best. See you later.
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