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Ripple News Today – Ripple Launches New Features on the XRP Ledger Allowing Users to Issue Digital Checks – June 5th, 2020

  • Ripple Releases Updates on the XRP Ledger That Allow Users to Accept Values at a Later Date 
  • The New Update Comes About 1 Month After Ripple Launched Debatable Accounts 

Ripple News Today – Ripple has been dedicated to improving the XRP Ledger since the blockchain was created many years ago. The latest update on the ledger allows users to issue digital checks so they can accept values later instead of instantly. Their goal is that the new update is going to improve the performance and usability of the network. The new digital check feature comes about one month after another update that allows people to delete their accounts. More updates are still on the way and all of them are going to make it easier for individuals and corporations to use the XRP Ledger.

Ripple News Today – Users Can now Perform Digital Checks on the XRP Ledger

The new XRP feature which has been labeled XRP Checks has been a part of the XRP code since February 2018. However, there wasn’t consensus in the XRP community. The votes were not enough to allow the protocol to pass. As soon as they got the votes, they installed the protocol. The XRP Checks function is similar to analog checks that are used in banks to get cash. For the XRP Ledger, the issuer will be able to send any amount they have as a check to the receiver. The receiver will not accept the amount instantly. It will be received at a later date.

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Before the receiver can get the amount sent, they must accept the payment. If they don’t agree with the amount, they have the option to reject it if it is in XRP. This feature is available on the other blockchains like Bitcoin and Ethereum. In these other cases, however, the receiver cannot reject the transaction. Any amount sent must be the same amount received. So, you can see why this feature is great for XRP. Each transaction has an expiring date. If the sender decided to cancel the transaction before the expiring date, they can do so without consequence. If the receiver doesn’t want to reject or accept the transactions, they can just leave it until it expires.

The XRP Checks feature comes almost one month after Ripple introduced deletable accounts. The deletable account feature allows users to delete their XRP wallet for a small fee. This feature will help curb the spread of shady accounts on the blockchain. All the funds from these accounts can be reclaimed subsequently. Let’s not forget about the decentralized banking application that is powered by Ripple, Xumm. Xumm, which was released on the 30th of March, allows people to enjoy all the benefits of a traditional banking app. The only difference is that XRP will be used instead of fiat money.

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