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XRP rumor mill comes to an end as Coil’s lead scientist clarifies Cobalt is not live




XRP rumor mill comes to an end; Cobalt is not live, says lead scientist at Coil
Source: Unsplash

XRP has been at the center of various conspiracies over its run. The most recent rumor that took Twitterverse by storm was that the XRP Ledger was updated with the latest and long-awaited update, Cobalt.

Submitted by Ethan MacBrough, Cobalt is an update that will be applied to the XRP Ledger to make it more decentralized and secure, while also increasing the TPS (transactions per second). MacBrough’s whitepaper for Cobalt stated,

“… a novel atomic broadcast algorithm that works in networks with non-uniform trust and no global agreement on participants, and is probabilistically guaranteed to make forward progress even in the presence of maximal faults and arbitrary asynchrony. The exact properties that Cobalt satisfies makes it particularly applicable to designing an efficient decentralized “voting network” that allows a public, open-entry group of nodes to agree on changes to some shared set of rules in a fair and consistent manner while tolerating some trusted nodes and arbitrarily many untrusted nodes behaving maliciously.”

It all began after a Twitter user, @demludi, posted a tweet stating that Cobalt was live and that the transaction time had reduced to 1 second.

The rumor caught fire after many news outlets and YouTubers reported this. However, the rumor gained strength after XRP charts showed some approved transactions taking just a second or less. The last update about Cobalt was given by Ethan MacBrough on 27 March, 2018, when he said that the update would be launched “no sooner than 2019.”

Ethan MacBrough, the lead scientist at Coil, who’s responsible for its launch and implementation, clarified the matter. He tweeted,

He also added,

“Apparently this isn’t clear to many people, but Cobalt will not just go live silently.
It changes how consensus works, so it will require an amendment to be passed.
Thus it will be publicly announced *before* going live so that validators can vote whether or not to accept it.”

When asked about an estimated launch date, MacBrough refused to give one, adding that giving an estimate was a bad idea. MacBrough also clarified that the XRP chart might have had some bugs. He tweeted,

“Not within my area of expertise, but naively I agree with Nik’s thoughts. This has happened several times before due to either bugs in XRPcharts or contention among validators causing difficulty agreeing on a block close time.”

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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.


Ripple’s David Schwartz gets called out for selling his XRP; user brands it ‘biggest warning sign’ for XRP hodlers

Namrata Shukla



Ripple's David Schwartz called out for selling his XRP; user brands it 'biggest warning sign' for XRP hodlers
Source: Pixabay

The cryptocurrency market saw most major coins fall considerably on April 21 as Bitcoin [BTC], the world’s largest cryptocurrency, registered a dip in prices. XRP, the third largest cryptocurrency on CoinMarketCap, also faced the brunt of BTC’s dip. XRP’s bear market has contributed to many XRP enthusiasts doubting their position. This was reflected in a tweet by a Twitter user, claiming to have seen the ‘biggest warning sign’ for XRP hodlers.

Twitter user @hlnoooo tweeted,

“Warning to all $XRP holders.
Ripple CTO @JoelKatz recently selling his $XRP stack is the biggest warning sign one could ever get. This is the most bearish sign for $XRP I have ever witnessed since beginning of ’17.”

The user further attached a warning for all crypto users, asking them to “get out now.”

Apart from Ripple’s CTO, David Schwartz, selling his XRP, the user observed a similar trading behaviour with another “Ripple employee,” who was also selling his/her XRP over the past few days. The SEC’s ‘Framework for Analysis of Digital Assets,’ hinting at a possibility of XRP being termed as a security in the long-term was speculated to be the reason behind the sale of these XRPs.

The user also cited an old tweet by Schwartz, where the CTO spoke about the ‘de-risking strategy’ he came up with his wife during the previous bull run. Schwartz’s tweet read,

“I hold some XRP that I bought on the open market over the years as well as other similar assets. When I first chose to put money in, I agreed on a de-risking strategy with my wife should we ever have too much at risk, which I’ve been following with some sadness.”

The user took this as an indication of the risk associated with owning XRP. He further stated that the bear market, coupled with the news of the CTO selling a part of his XRP was worrisome and bearish for the community.

However, Schwartz was quick to clarify his position and stated that he was still following the ‘de-risking strategy.’ He added,

“What helped me not to be so sad selling during the bull run was thinking how happy I’d be if I regretted my decision, but it still hurt.”

Schwartz’s informed @hlnoooo that a majority of his liquid assets was still XRP and that a majority of “illiquid assets was still Ripple stock.” He claimed to be deep in the game whether he “wanted to or not.” The CTO also spoke about the amount of risk he and his wife were in and the realization they had about how there was nothing to be done fundamentally. He concluded by saying,

“All my eggs are in one basket, but I do like the basket.”

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