Among other things, the updated version of the ledger introduces a new anti-fraud measure.
A new version of the XRP Ledger (version 1.2.0) has been launched, according to an announcement from Ripple.
The new version of the ledger will implement the MultiSign Reserve Amendment, a change that will reduce the reserve requirement for Multisign signer lists. In other words, an XRP user will be required to hold fewer XRP in order to act as a transaction signer. Previously the requirement was between 10-15 XRP; now it is just 5 XRP.
The update also introduces a new measure against fraudulent transactions. Servers will gain the ability to automatically detect transaction censorship attempts and “issue warnings of increasing severity for transactions that a server believes should have been included in a closed ledger after several rounds of consensus,” according to the announcement.
Servers are required to update to the newest version of the XRP Ledger by February 27 or else be rendered incapable on transaction confirmation.
XRP’s Steady Decline
The price of XRP, Ripple’s cryptocurrency, has slowly been sinking over the past year, very much in line with the bear markets that have negatively affected cryptocurrency prices across the industry. At the time of writing, XRP was worth $0.30 per token and had a market cap of roughly $12.5 billion. Exactly one year ago, XRP was worth $1.03 a pop with a market cap of $41 billion.
XRP recently encountered some controversy in the Finnish cryptocurrency when Finland-based cryptocurrency exchange Coinmotion wrote a blog post entitled “XRP is a Centralized Virtual Currency.” The exchange had added XRP to its trading platform a short time before the blog post was published.
“Investing in XRP is more like buying a share on a company than investing in a cryptocurrency,” wrote Pessi Peura, the post’s author. “Ripple is developed by a single company brings some risks that other Cryptocurrencies don’t have to deal with. If the central organization, Ripple Labs, is compromised, it could affect the whole ecosystem.”
The exchange’s decision to post the article has caused an outcry from the greater XRP community:
XRP is a Blockchain, a cryptocurrency and it is NOT centralized. Ripple runs 6% of the nodes and 27% of the UNL validators. If ripple were to dissapear the network would continue to operate.
However, one of Pessi’s claims may have some truth to it: he urged prospective XRP investors to learn about the difference between Ripple and XRP. “Ripple and XRP are terms that can sometimes be confusing,” he said.
In a Business Insider report last year, eToro analyst Mati Greenspan said that “a lot of newcomers are of the understanding that holding on to XRP tokens is somewhat similar to holding shares in Ripple Labs, which is completely false.”
A new version of the XRP Ledger (version 1.2.0) has been launched, according to an announcement from Ripple.
The new version of the ledger will implement the MultiSign Reserve Amendment, a change that will reduce the reserve requirement for Multisign signer lists. In other words, an XRP user will be required to hold fewer XRP in order to act as a transaction signer. Previously the requirement was between 10-15 XRP; now it is just 5 XRP.
The update also introduces a new measure against fraudulent transactions. Servers will gain the ability to automatically detect transaction censorship attempts and “issue warnings of increasing severity for transactions that a server believes should have been included in a closed ledger after several rounds of consensus,” according to the announcement.
Servers are required to update to the newest version of the XRP Ledger by February 27 or else be rendered incapable on transaction confirmation.
XRP’s Steady Decline
The price of XRP, Ripple’s cryptocurrency, has slowly been sinking over the past year, very much in line with the bear markets that have negatively affected cryptocurrency prices across the industry. At the time of writing, XRP was worth $0.30 per token and had a market cap of roughly $12.5 billion. Exactly one year ago, XRP was worth $1.03 a pop with a market cap of $41 billion.
XRP recently encountered some controversy in the Finnish cryptocurrency when Finland-based cryptocurrency exchange Coinmotion wrote a blog post entitled “XRP is a Centralized Virtual Currency.” The exchange had added XRP to its trading platform a short time before the blog post was published.
“Investing in XRP is more like buying a share on a company than investing in a cryptocurrency,” wrote Pessi Peura, the post’s author. “Ripple is developed by a single company brings some risks that other Cryptocurrencies don’t have to deal with. If the central organization, Ripple Labs, is compromised, it could affect the whole ecosystem.”
The exchange’s decision to post the article has caused an outcry from the greater XRP community:
XRP is a Blockchain, a cryptocurrency and it is NOT centralized. Ripple runs 6% of the nodes and 27% of the UNL validators. If ripple were to dissapear the network would continue to operate.
However, one of Pessi’s claims may have some truth to it: he urged prospective XRP investors to learn about the difference between Ripple and XRP. “Ripple and XRP are terms that can sometimes be confusing,” he said.
In a Business Insider report last year, eToro analyst Mati Greenspan said that “a lot of newcomers are of the understanding that holding on to XRP tokens is somewhat similar to holding shares in Ripple Labs, which is completely false.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
‘Bitcoin Jesus’ Arrested in Spain for Evading $48 Million in US Taxes
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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