The XRP Ledger’s “psychological decentralization barrier” has finally been broken. Ripple now runs less than 50% of the validator nodes on the default Unique Node List [UNL] on the XRP Ledger. This, along with the removal of the ability to unilaterally pass decisions, now makes the XRP Ledger decentralized.
The UNL is a feature on the XRP Ledger that allows a list of validators to be consulted for each transaction. Every node on the network can choose its own UNL or conform to the UNL provided by Ripple.
Over the year, Ripple has been sticking to their roadmap of slowly decentralizing the XRP Ledger by adding third-party validators to the default UNL. For every two third-party validators added to the default UNL, Ripple will remove one of theirs.
The process has taken place over the year, as per Ripple’s decentralization strategy. Currently, as Ripple controls 10 of the 21 nodes on the default UNL, they effectively operate only 48% of the validator nodes.
This is notwithstanding that each node on the network can determine the UNL they want to process their transactions, effectively allowing for a measure of decentralization through choice.
The various third-party validators on the ledger include many XRP focused websites, services, and exchanges. First on the recommended UNL is Bithomp, a service that provides tools to explore the XRP Ledger. Some of the other validators on the default UNL are:
- Bitso, a Mexican cryptocurrency exchange which is a part of the xRapid network
- Brex.io, a subsidy of a firm known as Kompany that provides payment solutions
- Coil.com, Ripple’s ex-CTO Stefan Tomas’ company aimed at facilitating micropayments online
- The Rabbit Kick Club, a community dedicated to running an XRP Ledger validator node
- XRP Tip Bot, the validator for the eponymous application for tipping users on Twitter and Reddit created by Wietse Wind
- Telindus Cloud, a cloud and telecom service provider who joined RippleNet in August of last year
- ATTokyo, a data center in Tokyo, Japan
- Flagship Solutions Group, a technology service provider
- Bahnhof, a Swedish internet provider
- WorldLink US, a technology solutions firm that operated globally
This represents the movement of the XRP Ledger towards being decentralized. Moreover, there are 11 third party validator nodes on the UNL currently, leaving only 6 to demonstrate a high degree of decentralization.
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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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