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XRP Ledger activates the NegativeUNL amendment on its network

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XRP Ledger has activated the NegativeUNL amendment in the system, two weeks after the initial update.

The XRPL Foundation noted it as an important event, stating,

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“While we continue to expect high performance levels from validators on our UNL, this provides additional safety when validators are offline for any reason.”

And just to reiterate, the “Negative UNL” is a list of trusted validators that are either offline or malfunctioning. Also, “if a validator’s reliability is less than 50%, it is a candidate to be added to the Negative UNL”.

The foundation had released an update on 9 November that the network “will have a greater tolerance for validator downtime” after the two-week window. With that, the new list consists of 37 validators on the network.

What changes after the update?

The Negative UNL (Unique Node List) is a part of the XRP Ledger consensus protocol. It improves ‘the network’s ability to make forward progress during a partial outage’, improving its “liveness”. It essentially means that even if several validators are offline, servers will adjust its Unique Node List to the ones which are currently online and operational.

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Under XRPL’s consensus process, 80% of trusted validators must agree to validate the transaction. Before the update, if seven out of the 34 validators were offline, the transaction couldn’t move forward, taking longer to validate a transaction.

And, the foundation had also explained that validators cannot maintain 100% uptime due to factors like hardware maintenance, software upgrades, internet connectivity problems, targeted attacks, human error, hardware failures, and outside circumstances like natural disasters.

“The Negative UNL is intentionally designed to change at a slow rate, to avoid any time-based disagreements
”

Validators also need to maintain a reliability score of more than 80%, to be removed from the Negative UNL.

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Apart from the update, XRP Ledger is also positioning itself in the NFT space. Recently, it announced a $250 million creator fund for XRPL-Focused NFTs.

Monica Long, General Manager of RippleX, commented that the “tokenization trend is very real.” Adding,

“XRP ledger from its inception in 2012 has supported the issuance of tokens onto the ledger. It was kind of the first ledger to do that.”

And to accelerate the use of NFTs on RippleX, the platform proposed new XLS-20 standards for the community’s approval. Long added that after the amendment process, both mintable and mint NFT “are totally committed to integrating with XRP ledger and supporting minting and trading of tokens on the ledger”.

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

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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.

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

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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.

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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.

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

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  • 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. 

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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. 

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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. 

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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. 

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