Connect with us

XRP

Ripple/XRP: XRP’s Private ledger FUD busted by Ripple’s CTO

Avatar

Published

on

Ripple/XRP: XRP's Private ledger FUD busted by Ripple's CTO
Source: Unsplash

The private ledger of XRP FUD erupted after the news about the transfer of money from Mexico to the U.S. took place a few days back. People who tried to find the transaction on the XRP ledger failed to do so and were convinced that there was indeed a private ledger for xRapid transactions via XRP.

As per the company, they made a transaction worth £3,521.67 i.e., 86,633.00 from U.K. to Mexico. The company even stated that they saved 79.17 pounds and 31 hours on this transaction.

@MarkCryptos and @XRP_Mahn1 both asked a similar question to the CTO of Ripple, David Schwartz if this was actually true in separate tweets.

@XRP_Mahn1 asked:

“@JoelKatz Some seem to think there is the ledger, and a hidden ledger, (One retail, one institutional) that will eventually be merged together. This to my understanding seems ridiculous as the protocol rules state one state is valid, and it’s immutable.”

David Schwartz replied:

“It’s hard to imagine what such a merger would look like. It would have to follow the rules of the public ledger. It’s kind of funny, I was actually thinking just today about how cool it would be if you could run the XRPL software in a private ledger mode and later bridge…
to the public ledger. For example, you could have an asset issued on both ledgers that’s bridged by the validators of the private ledger who multisign txns for the public ledger. It’s actually a cool use case to cut txn fees and scale.”

The conversation on the Twitter thread continued and a user asked if there is a possibility of a private ledger that could be set up between organizations for transactions via xRapid

Schwartz continued that the XRP Ledger is public and it is the “authoritative proof” that a person holds XRP. He continued that there were ways that a person/organization could use the real XRP on a private ledger but would require for that person/organization to actually buy XRP to do the bridging.

David Schwartz further stated:



“That gives you two interesting use cases: 1) No XRP for cases where the cost of XRP is a factor. You only need/use XRP when you need to interact with the public ledger. 2) XRP fully linked, for cases where you want liquidity and connectivity and don’t mind the very small costs.”

Furthermore, Schwartz said that none of this was built yet and even if it were to be done it would not be difficult. Moreover, he said that if such a thing ever happens it would be questioned over the system being centralized. He continued that he liked the idea of federation run ledgers.

David Schwartz concluded saying:

“If you were creating such a walled garden, why use a crypto or blockchain at all? This seems like just recreating private ledger balances — what everyone’s been doing already.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple’s XRP reaches its highest market volatility since September 2018

Arijit Sarkar

Published

on

Ripple reaches its highest market volatility
Credit: Pixabay

Ripple’s performance during the crypto-winter led many analysts to believe that there was only a very small chance of breakout for the XRP/USD pair, according to various technical analysis. While the cryptocurrency sported a consistent downtrend throughout 2018, September’s market volatility resulted in an unusual spike to $0.8 in trading value.

While XRP’s price was not able to maintain its seemingly one-off price rise, it traded throughout the year while maintaining a strong support at $0.27. At the same time, the third largest cryptocurrency had been crippled by contracted volatility, and the downfall of the market leader, Bitcoin [BTC].

Source: TradingView

Contrary to popular beliefs, Ripple’s XRP witnessed a major increase in its transaction volumes recently. Compared to the previous year, the cryptocurrency’s transaction volume has now almost doubled, hinting at the probability of a bull market for the token. At press time, XRP’s trading volume had risen by $1 billion, as investors continued to put their money into the XRP market.



While every market dip opens up an opportunity to accumulate XRP, the bull run is expected to take place as long as the XRP/USD pair’s value manages to steer over the ongoing support at $0.27. Additionally, the bullish trend is also positioned to retain its ongoing sideways trend, contrary to sudden alternating spikes in the past.

With the XRP market displaying more volatility and signalling more buyers, the coin’s market is currently positioned to make a 1400% jump back to its $3 value.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending