XRP Check Introduction Needs Just One More Voice to Pass

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Thu, 06/04/2020 - 10:34
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Vladislav Sopov
The check issuing feature in XRP payments has 12 more days to be discussed. With the announced support of Alloy, it needs only one approval out of 36 to pass.
XRP Check Introduction Needs Just One More Voice to Pass
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The XRP Checks amendment gained 28 'yeas' of 36, and, therefore, is one hit away from implementation. But one circumstance makes things spicier with this novelty.

Validator moves veto

It was announced on June 3, 2020, that Alloy Networks, one of the XRPL validators, will lift its veto on the implementation of checks in the XRP payment mechanism.

Alloy Networks supports XRP checks implementation
Image by XRP Scan

The Alloy Networks leaders managed to keep to their word and move their voice to the 'Yes' section. Now, this proposal has been approved by 77.7% of the validators. Only one voice separates these amendments from passing.

XRP Checks, according to the text of the proposal published on the official XRP Ledger devs website, will behave similarly to traditional paper checks. A Check will specify the amount of a transaction and its destination. 

Later, the destination can cash the Check to receive up to the specified amount. The actual movement of money is only confirmed once the Check is cashed.

Revolutionary amendment

At press time, this amendment is still vetoed by 8 validators. Six of them are associated with Ripple.com. Peers Island and Rabbit Kick supported the position of Ripple, Inc.

XRP community enthusiasts noticed that, if this amendment passed, it would be the first one vetoed by Ripple Inc. but finally implemented in XRP transactions.

XRP checks are vetoed by Ripple Inc.
Image via Twitter

So, the confirmation of this proposal would strengthen the decentralization narrative around XRP. Also, it could establish a precedent for further amendments to the protocol.

According to the XRP Scan, this referendum will be closed on June 18th, 2020 at approximately 12:12 AM UTC.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)