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XRP Ledger Introduces Checks on June 18th, Amendment Approved

News
Thu, 06/18/2020 - 10:53
Vladislav Sopov
XRP Ledger, the distributed financial instrument for XRP transactions, implemented another function it will share with classic remittance services: checks
XRP Ledger Introduces Checks on June 18th, Amendment Approved
Cover image via stock.adobe.com
Contents

It was recently disclosed that the controversial feature of Checks has been implemented into the XRP Ledger mechanism. The new instrument went live on June 18th.

One feature closer to classical banking

According to the official announcement by XRP Ledger developers, the ‘Checks’ amendment has gained support from the majority of validators. As such, it has been added to the wide range of XRP Ledger functions.

XRP Ledger adds support for checks
Image via Twitter

Checks on the XRP Ledger will work similarly to classic personal paper cash checks. The sender initiates a transaction to issue a Check for a specific maximum amount and recipient. Later, the recipient can cash the Check to receive up to the specified amount. 

Developers outline that the actual transfer occurs only when the check is cashed. So, in the case of insufficient liquidity, the whole operation might fail.

Until the Check is cashed, the XRP remains in the sender’s ledger so the recipient can claim it later

Very special update

To support the new update, no specific action is required from XRP users. The developers just need to check whether their libraries support the amendment.

However, this novelty goes far beyond an ordinary technical upgrade. As emphasized by Wietse Wind, a well-known XRP contributor, this amendment was implemented without the approval of Ripple-associated validators. 

XRP devs hoghlight that amendment passed without Ripple votes
Image via Twitter

As covered by U.Today Crypto News, this is the first update on the XRP Ledger that has been implemented in this manner.

This may highlight the decentralized nature of XRP instruments, which is crucial in protecting XRP from being regulated as a security.

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
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Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)