Fund four gates, Ripple and Coil create a “payment system for the poor”
The four gates Foundation (Bill and Melinda Gates Foundation) intends to use the Protocol Interledger from Ripple to provide people in developing countries access financial services.
In recent weeks, the blockchain is not the first time becomes a tool to commit acts of goodwill. Earlier we wrote that the exchange Binance intends to send to charity all fees charged for listing new digital assets. Now, as reported in a tweet Deputy Director of the Gates Foundation Miller Abel Foundation, in Association with Ripple and Coil deals with integration of Protocol Interledger, and also investigating ways of implementing Mojaloop in the so-called “payment system for the poor” (pro— poor payment systems).
The merits of the Gates Foundation in the field of philanthropy already very high, and the Fund continues to work to resolve the most acute problems faced by developing countries. The Fund contributed to the destruction of malaria worldwide, and has created its own payment system Mojaloop designed to combat financial exclusion of some citizens in developing countries.
One of the major obstacles that must be overcome in the developing world, is that the payment infrastructure of local companies is a services closed cycle: they do not interact with each other on a higher level. As a result, local banks charge high fees for interbank payments, which limits the usefulness of the services and the involvement of the local residents.
Mojaloop system based on the Protocol Interledger aimed at correcting the situation with closed cycles. It provides a single platform to move funds between banks. In Swahili the word Moja means “one”, and a whole Mojaloop should be understood as “single cycle”.
The Ripple Protocol provides Interledger as “stuffing” for Mojaloop and Coil company offers its platform on the basis of the same Protocol for doing calculations in the regions targeted initiative Fund.
Cryptocurrency XRP from Ripple was originally designed for the quick interbank transaction, so it is perfect for this project. According to the world Bank, about 1.7 billion people worldwide lack access to banking infrastructure and its benefits. For all of their transactions they are forced to use only cash because they have no other possibilities. However, blockchain solutions promise to provide a full range of banking services, provided access to the Internet. This should improve the quality of life of millions of people and lead to the infusion of new money into the global financial system.