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Ripple released 3 billion XRP from its escrow account to propel the progress

Priyamvada Singh

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Ripple released 3 billion XRP from its escrow account to propel the progress
Source: Pixabay

In a recent report written by Ripple’s Chief Market Strategist, Cory Johnson and published on the Ripple blog, he mentioned multiple aspects of his company’s journey in the third quarter of 2018. Here, he also wrote about the escrow activity within the company and its history.

He started by stating that the company locked up around 55 billion XRP and secured it cryptographically in an escrow account in the last quarter of 2017. This is believed to have been done to avoid uncertainty in the supply of XRP in the market. Johnson also added:

“Due to that lockup, Ripple has access to only 13 percent of the total XRP in circulation. Ripple’s sales were a tiny fraction of that amount.”

He further explained that the third quarter of this year saw the release of 3 billion XRP from the escrow account on 1 billion per month basis. More so, new escrow contracts were created where 2.6 billion XRP was engaged. He also stated:

“The remaining 400 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem.”

Previously, Ripple had also published a report for the second quarter of the year. Here, the escrow report followed a similar approach and pattern of locking up and releasing XRP.

The company also mentioned all the newcomers that entered the XRP ecosystem in the second quarter. Some of the names were Coil, a micropayment cryptocurrency startup making use of XRP to provide service and SB Projects, a service to enable artists to manage and monetize their content via XRP.

As stated by Ripple, both of the mentioned projects were backed by Xpring. This is an initiative taken by the firm to support and fund the new startups that want to build and progress in the XRP ecosystem.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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