2019-2-14 19:59 |
On the Ripple Insight page, customers and investors have the opportunity to learn about what is going on at the company. In their latest annoucement, the launch of an upgrade was announced that makes multiple changes to the XRP Ledger. The annoucement was made on February 13th, and the upgrade will need to be implemented by all users by February 27th.
There are multiple benefits to the upgrade that users will enjoy, like the MultisignReserve Amendment, which changes the current Based Reserves and Owner Reserve amounts. These reserves decide how much XRP the user has to hold at their particular address, but the amendment reduces the amount, giving the user more freedom.
While the amount was previously as high as 50 XRP, the user will only need to keep 5 XRP at their address now. Another advantage of the MultisignReserve Amendment is that there’s no dependence on the Owner Reserve on the SignerList number, which was previously required for this type of transaction.
The Ripple Insight page continued, discussing the censorship resistance that makes their platform what it is in the community. Even though Ripple already is “highly resistant” to these types of attempts, the new update pushes the censorship resistance to a new level. The report says,
“[S]ervers now have the ability to automatically detect transaction censorship attempts and issue warnings of increasing severity for transactions that a server believes should have been included in a closed ledger after several rounds of consensus.”
This upgrade is mandatory for anyone that wants to use the platform. Anyone that opts out will not be allowed on XRP Ledger anymore and could end up receiving invalid data. Upgrading before the February 27th deadline will “ensure service continuity.”
A cryptographer and software engineer on Twitter named “nibougalis” commented on the update, saying,
“We have been busy writing code, but it’s not just us. We had several external contributors, including GitHub user demonstefan, which identified and fixed a bug involving dry offers!”
Even though Ripple is the technically the creator of the XRP token, they have aggressively tried to separate themselves from it. In their opinion, XRP doesn’t count as a cryptocurrency, but it is a digital asset, which may be due to the desire to avoid being classified as a security. Though XRP one time saw an all-time high in value at $3.80 in January last year, the current value is $0.303604 per token.
In working to create the barrier between themselves and XRP, Ripple has been responsible for developing the RippleNet products suite, while simultaneously integrating their network into banks and other financial institutions for easier cross-border payments.
To view the full report, visit https://ripple.com/dev-blog/introducing-xrp-ledger-rippled-version-1-2-0/.
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