Connect with us

XRP

XRP Ledger Is Taking on Ethereum with Federated Sidechains

Published

on

XRPL developers want to lower the barrier to entry in the decentralized finance space

RippleX, the developer arm of the San Francisco-based company, has released an engineering preview of federated sidechains on the XRP Ledger.     

While speaking at the virtual Apex Dev Summit earlier today, Ripple CTO David Schwartz said that Ethereum Virtual Machine (EVM) chains would be one of the first applications of the new feature. The ability to move tokens makes them federated, he explained.    

The mastermind behind the XRP Ledger added that federated sidechains make it possible to work on a host of new applications that were not possible before. The most exciting one, according to Schwartz, is decentralized finance.         

The Ripple CTO is convinced that migrating smart contracts from Ethereum to the XRP Ledger could minimize the barrier to entry for DeFi developers.

Advertisement

Schwartz slammed Ethereum’s high fees, claiming that they are not something that the community should be proud of:

I’m sure many of you have heard the narrative that Ethereum fees mean that it’s very useful, it’s very popular…But it’s important to keep in mind that fees are residual friction that have not been removed by the system.

Apart from DeFi applications, federated sidechains also unlock such use cases as non-fungible tokens (NFTs) and central bank digital currencies (CBDCs).

As reported by U.Today, Schwartz also suggested that Amazon could also potentially use them for its blockchain service.

Advertisement

XRP

XRP and Other Top Cryptocurrencies Now Accepted by Croatia’s Largest Supermarket Chain

Published

on

Crypto is becoming mainstream in Croatia because of Konzum

Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata.

The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).

Shoppers are now able to buy groceries, hygiene items, household supplies and other items with the aforementioned cryptocurrencies.

Konzum partnered with Croatian fintech company Electrocoin to use its PayCek system to facilitate crypto payments.

They spent several weeks testing the service before the official rollout in the run-up to Christmas.

Crypto is coming to Konzum’s physical stores

Crypto payments will also gradually become available in Konzum’s physical stores throughout the country.

The company will begin with 60 locations that have self-checkouts. After that, new payment options will be introduced in 630 stores of all sizes throughout Croatia.

Advertisement

News Source

Continue Reading

XRP

XRP Seeks Fresh Rally as Investors Look to Key Events in 2022

Published

on

Ripple announced plans to launch Liquidity Hub in 2022 to assist financial services entities in providing customers with the capacity to buy and sell securities

Ripple has announced a financial liquidity hub planned for 2022. XRP seeks a fresh rally past the $1 mark at December’s start amid investors’ hopes for upcoming events in 2022 that might impact the price.

The goal of Ripple’s Liquidity Hub, which will launch in 2022, is to assist financial services entities in offering their clients the opportunity to buy and sell cryptocurrencies. The functionality will provide enterprise clients access to digital assets from a variety of sources, including market makers, exchanges and over-the-counter trading desks, according to the San Francisco-based company.

Advertisement

Second, according to Ripple CEO Brad Garlinghouse, the ongoing Ripple-SEC lawsuit will be resolved in 2022. ”Ripple is seeing pretty good progress despite a slow-moving judicial process,” according to the CEO. The SEC accused Ripple and its officials of selling $1.3 billion worth of tokens in an unregistered securities offering in December 2020.

XRP/USDT Chart

XRP/USDT Daily Chart, Courtesy: TradinView.com

XRP has improved in price since the Friday sell-off, where it marked lows at $0.87. The cross-border token currently trades at $1. If the buyers of the remittance token push above $1.00, pending buy orders will be filled and market makers will provide more liquidity.

News Source

Advertisement
Continue Reading

XRP

XRP nodes run by Ripple fell out of sync for over 5 hours, disrupted wallet services

Published

on

  • Public XRP ledger nodes “s1” and “s2” run by Ripple fell out of sync with the XRP ledger for over 5 hours yesterday.
  • Non-custodial XRP wallet Xumm was not functioning well, disrupting usage and accessibility. 
  • Ripple engineers to work on increasing public node capacity. 
  • XRP continues flooding exchanges, whale moves 40.4 million worth of tokens and sells on Binance. 

XRP ledger needs improvements to its “Trust Line” related traffic to increase the capacity of nodes to handle simultaneously active users. 

Out of sync XRP nodes disrupt wallet services

Two XRP nodes run and maintained by Ripple and developers, “s1” and “s2,” recently fell out of sync with the network. The disruption lasted 5 hours, and users of non-custodial wallets like Xuum and xrplcluster.com were impacted.

Though XRP has a throughput of 1500 transactions per second (tps), this does not account for “Trust line” transactions on the network. 

Advertisement

When users plan on receiving payments in anything other than XRP, they need a trust line to that asset’s issuing account. This helps avoid token spam and gives users the power to decide what assets to hold and receive without any negative effect on the XRP wallet or balance. 

The amount of “Trust lines” and tokens on the XRP network has exploded beyond the tested or expected numbers. This has disrupted the activity of the XRP ledger’s public nodes. XRPL public nodes and clusters are being scaled up but aren’t ready for a higher volume of “Trust lines” transactions. 

A cryptocurrency analyst, @WKahneman, shared his outlook on the challenges faced by XRP Ledger in a recent tweet. 

Advertisement

Transactions on the applications using the two nodes are held up, and switching to other nodes like xrplcluster.com can create backup there. 

Ripple engineers are working on increasing public node capacity. 

Advertisement

Whales are flooding exchanges with XRP tokens. A mysterious whale recently moved 40 million XRP to Binance and sold the holdings. XRP has failed to recover from the recent price drop. 

FXStreet analysts have evaluated the XRP price trend and predicted a nasty bear trap. 

News Source

Advertisement
Continue Reading