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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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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