XRP Ledger Introduces Checks on June 18th, Amendment Approved

News
Thu, 06/18/2020 - 10:53
article image
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.

article image
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
article image
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
Cover image via stock.adobe.com
Contents

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.

article image
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.)