XRP Ledger Makes Amendment Without Ripple’s Approval

January 23, 2023 11:36 am Comments

Today, a new amendment to the XRP Ledger was able to be made without Ripple’s approval which further proves that XRP is indeed decentralized.

Being able to make amendments to the ledger without a central authority being involved has always been the way the XRP Ledger has operated.

The amendment was named the “CheckCashMakesTrustLine” amendment and it was able to be passed as it had a majority of 27 out of 34 votes that were in favor of it.

To summarize, it basically just made a update to the way checks are done on the ledger in order to make the transactions more efficient.

The fact that such a change was possible disproves all the criticisms that XRP is centralized and also helps support the stance that XRP should not be considered a security.

Bitcoinist reports:

The amendment will adjust the “checks” feature of the XRP Ledger that has been available for two years now. It works similarly to personal paper checks. The sender issues a check for a specified amount, while the recipient must redeem the check to receive the specified amount.

The actual movement of funds does not occur until the check is cashed, so the check may fail to clear depending on the sender’s current balance and available liquidity.

The new change customizes the “CheckCash” transaction so that when a check is cashed for an issued token, a trust line is automatically created for the token. This eliminates the step of setting up a trust line before receiving a token via a check.

Before the change became active, users had to send a separate “TrustSet” transaction before cashing a check for an issued token.

There have been a lot of confusion in the past on whether or not Ripple still had absolute control over the XRP ledger and the amendment system shows that the two are completely independent of each other.

In fact, even if Ripple became bankrupt and ceased all company operations, the XRP ledger would still be able to operate and continue to exist.

With that being said, Ripple continues to add more value and use cases to the XRP Ledger so that the ecosystem becomes more popular among financial institutions around the world.

An example would be providing the On-Demand Liquidity service which has been extremely successful in the past couple of years outside of the US.

The lawsuit between the SEC and Ripple is quickly approaching a resolution this year so major changes are expected once the outcome is revealed.

Bitcoinist concludes:

Validators of the XRPL are free to choose which UNL they use.

However, the dUNL is most popular because it consists of reliable, secure, and trusted validators, it is the default UNL when installing ‘rippled,’ and it is a reliable source of consensus, as Wo Jake discusses.

Thus, even if Ripple were to go under, the XRP Ledger could persist. Ripple’s influence on the changes is virtually non-existent.

At press time, the XRP price stood at $0.4232, eyeing a breakout out of the resistance zone and above the 200-day EMA.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.