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XRPL Already Decoded Ethereum’s Biggest Problems, Former Ripple Exec Claims

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XRP ledger had already overcome one of the greatest issues facing the blockchain industry, Former Ripple executive Matt Hamilton argued.

His comments were made in reference to a hackathon event in which a team claimed to have found a solution to the problem of transaction fees on the Ethereum network.

What irked Hamilton was that he was witnessing a demonstration of a problem solved years ago in 2023.

However, he was quick to add that his comments weren’t meant to minimize the team’s efforts and appreciated the team for their dedication to developing innovative solutions.

First launched in June 2012, the Ledger celebrated 11 years of uninterrupted operation. XRP Ledger Services, which monitors the blockchain’s development, estimated that there are close to 5 million XRP accounts.

Also, XRPL recently closed 80 million ledgers successfully, which is another noteworthy achievement. The ledger index was 80,237,296 as of June.

San Francisco-based blockchain payment firm Ripple, a significant contributor to the ledger recently joined hands with Colombia’s central bank, Banco de la Republica.

This groundbreaking partnership has garnered widespread attention in community circles. Creating a revolutionary Central Bank Digital Currency [CBDC] using the XRP Ledger’s capabilities is the main goal of this collaboration, according to sources.

The relationship between Ripple and Banco Republica is expected to extend until the end of 2023, during which time a focus will be placed on showcasing the speed, scalability, and transparency that are intrinsic benefits of blockchain technology.

XRP Trade In The Past Decade

The CBDC solution developed by XRPL Labs in collaboration with payment firm Ripple has further elevated the blockchain to new levels. The ledger has been used over 70 million times in the last ten years, Edward Farina, Head of Social Adoption stated a few weeks back.

Prior to that, the blockchain marked a huge step forward after successfully conducting a thorough security audit on the Hooks amendment, a vital component that it touted will open the door for an even wider range of services for XRPL users.

This innovation has helped it to become a potent rival to Ethereum. The cutting-edge framework has completed an external security audit in partnership with cyber security company FYEO, TronWeekly reported previously.

XRPL Traded Over 70M Times In The Past 10 Years

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XRPL Labs’ partnership with Ripple for its CBDC solution has taken the blockchain to newer heights. Edward Farina, Head of Social Adoption at XRPHealthcare [XRPH], shared that in the past decade, the ledger has transacted over 70 million times.

Not only that, it recently took a giant leap after successfully completing a comprehensive security audit on the Hooks amendment, a crucial element that it claimed will unlock the potential for an even more comprehensive range of services for XRPL users.

This breakthrough has propelled it to emerge as a strong competitor to Ethereum. In collaboration with cyber security firm FYEO, the state-of-the-art framework has undergone an external security assessment.

According to the blog published on June 5;

The primary objective of this audit was to offer an independent assessment of our overall security posture, identify potential risks, and review the efficiency of our security measures. The audit focused on Hooks framework implementation, including the Hook API, helper functions, and execution environment.

The evaluation was carried out remotely from Jan. 31 to March 14, 2023, by FYEO who gave positive feedback. During their audit, they found no major security issues except for some minor and a few moderate issues which were noted and resolved quickly.

According to Wietse Wind, lead ecosystem developer, Hooks would play a key role in bridging the gap between XRPL and Ethereum. This change allows for building custom logic and automation, increasing the intelligence and convenience of transactions.

“The potential that Hooks bring to our community is immense. From enabling automatic savings to anti-fraud, firewalls, automated decentralized financial tools, and even automatic regulatory compliance.”

Not long ago, David Schwartz, one of the original architects of the XRPL, and current Ripple CTO, revealed a groundbreaking trading method used by the new XRPL’s Automated Market Maker [AMM].

XRPL’s New AMM Unique Trading Method Revealed

The ledger’s AMM, which was introduced earlier this year, sparked community discussion about several of its core features. 

One of them is the volatility harvesting trading strategy that utilizes the ups and downs to juice higher returns-buying when prices are low and selling when they are high.

The working mechanism is akin to a multi-exchange strategy to arbitrage price differences over space.

When asked if it could be used in the stock market, Schwartz said that he had run some simulations and found that it performed remarkably well for stocks with high volatility.

Decentralization Deliberation: Ripple’s JoelKatz Defends XRPL’s Path To Freedom

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A heated Twitter debate unfolded recently, shedding light on the topic of decentralization within the crypto community. The discussion began with a tweet from Fredo Ayala, CFO of TREASURYxrpl, who questioned the decentralization in Ripple’s XRPL code base.

Ayala contended that the dominance of Ripple’s contributions in the code base was a social construct, as independent developers lacked the influence to drive significant changes. He called for a technical explanation to address the perception that XRPL was the “red-headed stepchild of crypto.”

In response, David “JoelKatz” Schwartz, Ripple’s CTO, stepped into the fray. Schwartz emphasized that progress, maintenance, and change in any decentralized system relied on individuals’ willingness to invest resources.

If participants believed their objectives would be met without their intervention, they would naturally refrain from taking action. Drawing an analogy, Schwartz likened centralized tomato production to efficient convenience, arguing that it should be seen as a positive rather than a negative aspect of decentralization.

Schwartz further emphasized that Ripple’s decision not to review a pull request (PR) should not be interpreted as a barrier to merging. Instead, it should be considered a valid requirement for a reasonable time to review the code. 

He stated that change carries risks and costs, so the bias should be against change. He argued that a decentralized system could still thrive despite the difficulty of making modifications, using Bitcoin as an example.

Ripple’s Foundation & The dUNL: Concerns Of Centralization

Another community member joined the discussion, raising concerns about Ripple’s Foundation and its potential impact on decentralization. 

They likened the Foundation’s control over the XRPL validator list (dUNL) to a centralized tomato warehouse, suggesting that alternative participants may be discouraged from contributing to the infrastructure.

Schwartz responded, asserting that the Foundation could not dictate actions that weren’t in participants’ interests. He emphasized the freedom of choice within the XRPL ecosystem, stating that anyone could publish their software, create their own UNL, or run their own validators. 

He encouraged dissatisfied individuals to write their own code and develop their infrastructure, emphasizing that decentralization allowed participants to determine their own paths.

The debate highlighted contrasting viewpoints on decentralization within the XRPL community. Schwartz’s argument centered around the idea that decentralized systems thrive when individuals are empowered to make choices based on their own interests. 

As the crypto landscape continues to evolve, debates like these shed light on the nuances of decentralization and its role in shaping the future of cryptocurrencies.

Related Reading | TRON (TRX) Takes Off: 24 Hours Trading Volume Soars 255% – Here’s Why

XRPL Pioneer Reveals Groundbreaking Trading Approach

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One of the original developers of the XRPL and current Ripple CTO, David Schwartz, has revealed a novel trading method used by the brand-new XRPL Automated Market Maker [AMM].

The ledger’s AMM, which was introduced earlier this year, sparked community discussion about several of its core features. One of which includes ‘Continuous auctions’.

Two things are occurring, according to Schwartz. Selling “arbitrage slots” for LP tokens is how the auction process works. The number of assets the pool’s current LP tokens represent increases as a result of the destruction of those LP tokens.

The pool charges a spread when it offers liquidity while also carrying out a trading strategy. As a result, the pools grow in size, increasing the value that each LP token can be swapped for.

He also disclosed that a volatility harvesting approach is used in the trading process. It purchases when prices are low and sells when they are high and works similarly to multi-exchange strategies to arbitrage price differences over space.

When asked if it could be used in the stock market, Schwartz said that he had run some simulations and found that it performed remarkably well for stocks with high volatility.

But when confronted with persistent trends, he observed, its performance suffers. “The more of a consistent trend you put in, the less well it does”, he added.

Unlike a typical market maker, AMMs employ smart contracts to define the price of digital assets and provide liquidity and are known as Liquidity Pools.

Any entity can become a liquidity provider as long as it meets the requirements encoded into the smart contract.

XRPL’s Unique AMM Features

During large orders in AMMs, a large number of tokens are removed or added to a pool, creating huge discrepancies between the asset’s price in the pool and its market price, thus providing an arbitrage opportunity. 

Here the price difference allows a trader to buy and sell an asset in different markets to generate a profit.

In July last year, blockchain firm Ripple announced a Uniswap-rivalling AMM named the 0030 XLS-30d, on the XRPL network, which was touted to bring enormous DeFi potential to the blockchain.

Ripple Unveils Comprehensive CBDC Platform For Financial Empowerment

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In a major announcement today, Ripple unveiled its Ripple CBDC Platform, a comprehensive solution designed to facilitate the issuance of Central Bank Digital Currencies (CBDCs) by central banks, governments, and financial institutions.

The press release stated that over 90% of countries are exploring, developing, and implementing CBDCs as a means to enhance financial inclusion and reduce costs and risks associated with domestic and cross-border payments. 

Ripple’s CBDC Platform aims to address these needs by providing a seamless end-to-end solution. Leveraging the robust blockchain technology utilized on the XRP Ledger (XRPL), the enhanced platform empowers users to effectively manage and customize the entire life cycle of fiat-based CBDCs, including transactions and distribution.

Ripple’s longstanding partnerships with various central banks have positioned the company as a trusted partner in the development of CBDCs. 

The Ripple CBDC Platform is expected to offer invaluable support to central banks and governments that are devising strategies for CBDC implementation and technology adoption.

The platform brings digitization to financial services to foster accessibility for millions of unbanked individuals worldwide. 

Surangel Whipps Jr, President of the Republic of Palau, expressed enthusiasm for the partnership with the cpompany, emphasizing that it aligns with the country’s commitment to financial innovation and providing greater financial access to its citizens.

Ripple CBDC Platform’s Key Features

The Ripple CBDC Platform is designed for various use cases, including wholesale and retail central bank digital currencies (CBDCs) and stablecoin issuance. It utilizes the energy-efficient XRP Ledger’s core technology on a private ledger. 

The platform allows entities like central banks and commercial banks to manage their digital currency’s lifecycle securely, including minting, distribution, redemption, and destruction. 

It facilitates settlement and distribution functions for financial institutions and provides user-friendly wallets for seamless transactions and accessibility. The platform also supports offline transactions and non-smartphone use cases.

Ripple’s CBDC solutions have been recognized for their excellence in the field. Juniper Research recently ranked the company number one out of 15 CBDC technology providers in their competitive leaderboard. 

Additionally, CB Insights honored Ripple’s CBDC solutions as the best in the category of Blockchain Cross-Border Payments & CBDCs Companies.

This CBDC Platform represents a significant milestone in the journey toward widespread CBDC adoption. The company’s advanced features will shape digital currencies and revolutionize global financial systems.

Related Reading |  Binance Australia Halts PayID AUD Deposits, Westpac Implements Ban Amid Scam Concerns 

XRP Delivers Robust Growth In Q1; Total Sales Grow By 60%

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Overall sales for XRP climbed dramatically in the first quarter of 2023, going from $226.31 million to $361.06 million in accordance with the report published by Ripple.

It also covered the on-chain activities of the XRP Ledger, whose volumes with decentralized exchange volumes surged by 34% to $115 million in Q1 2023 compared to Q4 2022.

On centralized exchanges, the token’s Average Daily Volume [ADV] jumped 46% in Q1 to $1 billion from $698 million.

In spite of a string of financial disasters brought on by the demise of Silvergate and Signature Bank, the report asserted that the Ripple-backed coin has held up well.

Despite broader financial turmoil, in Q1, volumes in XRP markets were up 46% QoQ, likely due to a combination of a subsequent recovery in markets as well as large volatile events which tend to spike volumes

As reported by TronWeekly, Ripple published its Q4 2022 report where its net sales of XRP via On-Demand Liquidity [ODL] reached $226.31 million.’

According to the report, a total of $2.96 billion in XRP was sold by Ripple through On-Demand Liquidity [ODL] corridors, of which $2.74 billion was redeemed back and $2.1 billion was placed back into escrow accounts.

However, the figure was down by 27% from its previous quarter where the sales stood at $310 million.

The latest report acknowledged the increase in sales from the previous quarter and stated that Ripple has continued to sell XRP only in connection with ODL transactions.

Ripple Sold XRP Only In Terms Of ODL Transactions

“Since 2020, Ripple has sourced XRP from the open market to ensure there is a sufficient supply of the token available for our growing ODL business,” it added.

Next, it highlighted new regulatory frameworks brought out by several nations to provide clarity for the cryptocurrency market.

John Deaton, a pro-Ripple supporter, and a lawyer, recently predicted a successful outcome for the crypto industry’s campaign for regulatory clarity from the US Securities and Exchange Commission [SEC].

Deaton lent his support to Coinbase’s Writ of Mandamus, which represents another official step in the process of asking the SEC for clear regulations for the crypto business.

The lawyer claimed that SEC attorneys lacked the required good faith to claim that XRP secondary market sales—which were made totally independently of Ripple—were also securities.

Further, Deaton stated that Ripple’s summary judgment brief is already an extremely well-written appellate brief.

XRP Ledger Launches EVM Sidechain On Testnet

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XRPL’s Ethereum Virtual Machine [EVM] compatible sidechain is released on testnet, RippleX, the team behind the project announced via Tweet.

The latest introduction is deemed to be a secure and fast public blockchain that brings all kinds of web3 applications to the XRP Ledger community.

According to the blog, the EVM sidechain will support up to 1000 transactions per second, thus handling large loads and throughput.

It is touted to provide full Ethereum Virtual Machine [EVM] compatibility, allowing users to connect their wallet and interact or deploy smart contracts written in Solidity.

As previously reported by TronWeekly, blockchain firm Ripple launched the first phase of the EVM sidechain to the XRP Ledger last Oct, in partnership with software firm Peersyst Technology.

This paved the way for ETH smart contracts on XRPL as well as enabling developers to build DApps with “cross-chain interoperability”.

As per the announcement post, the release came with three phases with phase 1 featuring a “bridge” between an EVM-compatible chain and the XRP Ledger Devnet.

Phase two of the project which is currently ongoing includes a permissionless EVM sidechain and bridge that connects to the XRPL devnet to increase participation and test scalability in a controlled environment. This was scheduled to begin in early 2023.

The third and final phase is a permissionless EVM sidechain and bridge that will be made available on the XRPL Mainnet.

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XRP Ledger Launches EVM Sidechain On Testnet 2

It’s important to note that David Schwartz, the CTO of Ripple, originally revealed in a Twitter thread that developers had started development on an EVM sidechain in September 2021.

At the time, Schwartz thought adding support for Ethereum smart contracts to the ledger may make it easier for developers to create decentralized applications [DApps] with cross-chain compatibility.

Meanwhile, Matt Hamilton, a former director of Ripple, asserted in a weekend Twitter thread that the XRP Ledger was the first blockchain to enable stablecoins.

“XRPL Was The First Blockchain To Allow Stablecoins”

Hamilton tweeted in response to complaints from Joe Weisenthal, co-host of the Odd Lots podcast

The senior executive’s comments come amid recent increased concern for dollar-pegged stablecoins. Initially, the United States SEC took enforcement action against Paxos by designating its Binance dollar stablecoin offering, Binance USD [BUSD], as an unregistered security.

Now, a string of bank failures that supported cryptocurrencies has further spooked investors.

XRPL’s New Proposal Vouches For Cross-Chain Functionality

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The Ripple team has just released a proposal for a cross-chain bridge on the XRP Ledger which would expand the utility of the blockchain and the token.

Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple shared the details of the newly published XLS-38d, a standard proposal.

Authored by Mayukha Vadari, a RippleX software engineer, and Scott Determan, the Githib document outlined the mechanism of the cross-chain bridge.

Cross-chain bridges, work to bring interoperability and are protocols that allow communication between blockchains.

For instance, cross-chains like Allbridge, Multichain, and Apex have already integrated with blockchains, including XRPL, Ethereum, Avalanche, and others to enable the transfer of value.

According to the GitHub document, two blockchains—a locking chain and an issuing chain—are connected via a bridge [also called a mainchain and a sidechain]. Each is a separate ledger with its own validators and perhaps its own unique transactions.

There is a bridge, which is significant because it enables the transfer of assets from the locking chain to the issuing chain as well as their return from the issuing chain to the locking chain. A cross-chain transfer is the name of this crucial process.

The concept originated in August 2022 when Vadari announced in an interview that RippleX was hard at work on a production release of sidechains that, if embraced by the XRP community, would run concurrently with the XRPL mainnet.

That being said, the ledger backed by Ripple has attracted tremendous traction in spite of the prolonged lawsuit with the U.S. Security and Exchange Commission.

XRPL Has Added 2000 New Tokens To Its Network

According to data, over 2,000 additional tokens have been added to the XRPL network in the last 12 months. Despite the SEC engaging in a legal dispute with Ripple Labs in 2020, activity has increased.

The network presently has 8,356 cryptocurrency tokens running on its computers, as per recent data from XRPL volume.

In the past 365 days, 2,000 additional tokens have been added to the total. From February 2022 through February 2023, the network will receive about 6 new tokens every day.

Without a doubt, the ledger will reach 10,000 milestones if it maintains its current momentum.

XRPL’s Latest Wallet Is Set To Elevate XRP Utility; Here’s How

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XRP Ledger’s lead developer Wietse Wind has taken to Twitter to reveal that the team is working on the imminent launch of the latest 2.4.0 XummWallet.

Currently, in the testing phase, the Xumm is a noncustodial client [wallet] for the XRP Ledger, which supports XRP and more than 8000 tokens issued on the blockchain.

Sharing the news, Wind said that the “big release” would contain a feature that would “expose one of XRPL’s superpowers”: pathfinding. “This would not be an xApp, but pathfinding would be a native feature for all payment sign requests,” he added.

XUMM integrates online apps called xApps for a better user experience. The lead developer also shared a screen video of an early beta version of the release and indicated that it will allow customers to “pay with anything.”

Wietse emphasized that pathfinding has been included in the XRP Ledger for a long time but has not been used much. This was required, he said, for retail use cases.

“A funny [and sad] fact is that this specific feature is part of the blockchain for a long time and never really got the love it deserves. We will change that. This is exactly what we need for retail use cases. The retailer wants you to pay, e.g., 20 USD. You can pay with anything,” he wrote in the Twitter thread.

The pathfinding functionalities in the ledger are aimed at ramping up payment routing in a single transaction in case the sender has a different token than the one the receiver desires.

One member inquired if users based in the U.S. can purchase XRP through XUMM.

Wind replied they are working with some parties who serve US citizens, and more would be added soon.

XUMM Expanding XRP Use Cases Globally

Developed by XRPL Labs, XUMM is the largest and the most popular non-custodial wallet for the XRP cryptocurrency. After launching fiat support in the Netherlands in early 2022, it is ready to expand its footprint to new European nations.

The team explained that the users of XUMM Pro can also utilize native fiat on- and off-ramps; a one-year subscription minimum is required for this premium service.

PoS terminals, digital payment services, and e-commerce retail applications will be three key areas for XUMM Retail. The ledger’s Labs head Wietse Wind confirmed that the development of such an application is in progress.

XRPL’s New Proposal Receives Overwhelming Majority: Details

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XRPL’s latest amendment has just reached a consensus of 82.35%, through voting that will last another two weeks, until Jan. 17. So far, 27 out of 34 validators have cast their votes, data from XRP Scan revealed.

An amendment in question is called CheckCashMakesTrustLine which if enabled, will automatically create a trust line to hold the token, similar to how purchasing a token in the decentralized exchange creates a trust line to hold the token.

Trust lines are structures in the XRP Ledger for holding tokens that enforces the ledger’s rule that a user cannot cause someone else to hold a token they don’t want. 

XRPL co-developer and current CTO of Ripple, David Schwartz has recently doubled down, on the unique advancements in payment technology with its roots tracing back to 2012 before the existence of several cryptocurrencies.

According to the top exec, XRP Ledger pioneered a consensus protocol, that was unique to any digital asset that came before it. Payment processing is one of the primary functions of XRP Ledger.

It is important to note at this point that Ripple is a firm that develops software, crypto solutions, and payment infrastructure for companies and organizations.

The native coin of the open-source, decentralized blockchain technology known as XRP Ledger, is called XRP.

Schwartz claimed that since 2012, XRPL has had a CLOB with cross-currency and cross-asset payments that utilize several channels for liquidity, supported by proof from a GitHub document.

A decentralized exchange that makes use of an order book is known as a central limit order book [CLOB]. It matches every offer and bid based on priority and price.

NFT Trade Volume On XRPL Has Top 10M

Cross-currency transactions that trade XRP, tokens or both are supported on XRPL and are fully atomic, meaning that either the entire transaction completes or not at all.

On the other hand, the ledger has tapped a new feat.

Only two months following the release of XLS-20, which added capability for NFTs on the blockchain, The XRP Ledger [XRPL] has recorded over 10 million XRP [$3.5 million+] in NFT transaction activity. This accomplishment highlights the rising adoption rate that the NFT scene at XRPL is attracting.

According to statistics from Bithomp, 69,448 NFTs for a total of 10,240,249 XRP [$3.5M at current pricing] has been sold on the network. In a tweet on Friday, Bithomp praised the accomplishment. Nearly 200K additional XRP sales have been registered since the tweet.