Tuesday, March 28, 2023

Ripple Advisor Reveals Updates on Private XRP Ledger and CBDC Projects

Ripple vs SEC

As Ripple nears its final decision, it continues to make headlines. Every other day, there have been updates. Since the beginning of the case, the XRP community has been kept in the loop. A few individuals, such as former federal prosecutor James K. Filan, founder of CryptoLaw John Deaton, and Ripple’s general counsel Stuart Alderoty, have informed the community at each stage of the litigation. Priority has been given to transparency with the community.

Antony Welfare, author and CBDC advisor at Ripple, has something to say about the XRP case. Let’s explore. 

Anthony Welfare, the senior adviser for CBDC and international relationships at Ripple, has thrown light on the company’s alleged “state cryptocurrency” efforts. Projects being planned with Bhutan and Palau are currently at an advanced level. 

We have a private version of the #xrpl which we use for CBDC and stablecoin projects – both Bhutan ???????? and Palau ???????? are at an advanced stage as announced ???? There is a great explanation myself and @moderndosh did for @DigiEuro taking you through the tech – let me find it

— Antony Welfare (@AntonyWelfare) March 5, 2023

According to the Ripple adviser, private versions of XRP Ledger are being utilized to work on these and other CBDC or stablecoin projects. When asked if XRP could be utilized as a bridge currency for CBDC trades between states’ private networks, the advisor did not respond directly. Nonetheless, he asserted that any subsidiary XRPL chain may be connected to the primary one, making all CBDCs “cross-border.”

How does XRPL work? 

XRP Ledger is a decentralized platform enabling peer-to-peer asset transfer. A consensus mechanism certifies network connections, allowing the network to be extremely fast and secure. It implies that you can utilize the Ledger and build on it fast and easily without having to rely on various third-party solutions for coding, hashing, and compiling. You may create dApps and DeFi solutions, launch newer tokens and encourage newer, quicker transactional methods.

Private XRP and XRPL

Some members of the community have charged Ripple management with developing and utilizing private XRPL chains as well as the existence of a unique private form of XRP. Doubters assert that the cost of this private XRP is more than the market pricing for the coin. Former Ripple director of developer relations Matt Hamilton further refuted this theory.

The creator claims that there is only one XRP and that it is exclusively on the main chain, despite the existence of private XRPL chains for CBDC and stablecoin initiatives. Hamilton came to the conclusion that private XRP might either exist in a totally isolated system or that its price would be regulated by market forces.

To conclude, 

They have had a lot of questions. Some speculate that it will take a long time for XRP prices to rise and wonder if it is sensible to dump it. Some have speculated on what all of this implies and what it means for the investor.

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An Official advisor of Ripple revealed updates on its two important projects, Ripple’s governing body which will facilitate private XRP ledgers and central bank digital currency (CBDC).

The advisor, Mathew Ebere, revealed in a tweet on the 18th of August that Ripple is making significant progress in both projects.

He further stated that the private XRP ledgers provide participants with the ability to control the consensus process and make use of the XRP ledger technology to optimize transaction speeds and cost. Such advancements will make the XRP ledger an even more attractive blockchain solution for multi-party business payments.

It will also enable more regulatory parties to implement rules for public and private ledgers making it simpler for money to move more securely and faster across financial institutions, payment services and markets in a regulatory compliant manner.

Meanwhile, Ebere also said that the CBDC project is “advancing as planned,” although there wasn’t much update surrounding it.

It appears that such projects are part of Ripple’s holistic approach to build new global financial infrastructure offering efficient and transparent transfers of value across the world. By introducing blockchain innovations and staying ahead of the curve, Ripple is looking to revolutionize the rules of how money travels.

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