Ripple XRP Creates Revolutionary Banking Platform

Ripple XRP Creates Revolutionary Banking Platform

Ripple-backed development studio XRPL Labs is offering new details on the XRP-focused banking app Xumm.

The app allows users to hold and spend Ripple’s native token XRP with the goal of allowing people to be their own bank. In the long run, XRPL Labs says it plans to give people a way to spend dollars, euros, and XRP without the assistance of an intermediary through Xumm.

The startup’s new mid-term to long-term roadmap includes adding fiat on and offramps to Xumm while introducing a new amendment to the XRP ledger called “Hooks.” The proposed change will offer new functionalities such as automatic saving and tipping as well as blocking of transactions related to scam activities.

In the near term, the company says it plans to work on the following:

internal development testing
testing procedures for Xumm
app translation portal to the Xumm developer console
bug fixes
XRPL Labs expects to release the 0.7.0 beta version in late Q3 of this year, and Xumm 1.0, the first non-beta version of the mobile app, in early Q4. The company also shares what’s in store for Xumm next year.

“For the remainder of 2020 and in the first quarter of 2021, most XUMM development will take place under the hood, while we work on all features to be included in the Q1 (2021) ‘2.0’ release. This second, major release of Xumm will include more translations and a major addition: Xumm Pro.”

The Ripple-backed startup says Xumm Pro users with a Xumm Profile will have to go through a know-your-customer (KYC) verification process in order to unlock additional features such as profile personalization, Xumm Profile recovery, and a xumm.me hosted PayID.

XRPL Labs says Xumm Pro will help in the long-term growth of the company.

“The introduction of XUMM Pro will allow XRPL Labs and the development of Xumm to become self-sustaining.”

Signed, Sent, Delivered
The xumm platform allows developers and app users to "meet up". While users can simply use the xumm application to track their accounts, balances and transactions, the true power of xumm is the platform available for developers and app users.

XRP transactions are usually user initiated: open your wallet, enter the destination, amount, etc. and then you submit your transaction. In retail / e-commerce (and many other) scenarios, by "reversing" this process, the payment flow will become less prone to mistakes and much more user friendly.
XUMM App

XUMM API for developers
An XRPL transaction "template" can be posted to the xumm platform API. Your sign request will be stored (called a payload), so the xumm app (iOS/Android) user can open the sign request (by scanning a QR, deeplink or push notification) and resolve (reject/sign) on their own device.

When a user signs your sign request, he or she is then able to trust your application. In this case an app specific user token will be generated for your application, and future payloads will be delivered straight to the end user with a push notification.

As the xumm platform offers different status update options with all the information you need to verify the signed transaction on the XRP ledger, you can, but don't have to rely on transaction callback information or transaction submission by xumm.