Ripple tests a private version of the XRP ledger which Is designed to provide central banks a new solution for central bank digital currencies so let’s find out more in our latest Ripple news today.
The project dubbed Central Bank Digital currency Private Ledger will utilize the same blockchain technology as the XRP ledger and will give it more ability to handle thousands of transactions per second but also to improve the potential of scaling hundreds of thousands of TPSs over time according to the new announcement by the company. The San Francisco-based payments company noted that 80% of the central banks are investigating the potential of sovereign-backed cryptocurrencies with the CBDC Private Ledger offering banks the transactions privacy options, interoperability, and security with the legacy financial systems to explore into the option.
David Schwartz, Ripple’s chief technology officer as one of the few and original architects of the XRP ledger said that the new CBDC Private Ledger provides central banks with more privacy, proficiency, and security in their transactions:
“The XRPL has been running smoothly for 8+ years w/ billions of $ at stake.
The CBDC Private Ledger ensures transaction privacy and security controls combined w/ the reliability and payments proficiency of the XRPL – the best of both worlds.”
Ripple noted the XRP Ledger will use less energy and will be even cheaper with it 61,000 times more efficient than the public blockchains that leverage proof of work. As ripple tests the private version of the ledger, the CBDC one will use the same consensus protocol as XRPL to verify transactions.
As reported recently, Moneygram suspended trading on Ripple as it changed the relationship with the blockchain payments company amid the litigation with the Securities and Exchange Commission. According to the quarterly outlook, the company is not planning to make any benefit from the Ripple market development fees for the first quarter of this year. Money transferring giant said that it had more than $12 million net expense benefit from Ripple in the same quarter of 2020. The collaboration between the two companies started three years ago when Moneygram integrated XRP into its payment system. The year after, Ripple and MoneyGram entered into a partnership for cross-border payments and foreign exchange settlements with digital assets. Ripple followed through with a $50 million investment in exchange for a 10% stake in the company while last year, the company sold about $15 million of the Gram’s stock.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post