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
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.

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. 

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.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy