The team behind XRP is in the latest Ripple news for unveiling XRP Check – an initiative which is launched so that it can play the role of paper cheques on the Internet. As we can see from the details, the team behind the token wants to integrate XRP Check into the popular XUMM banking app for easy operation as well as accessibility.
Today’s update shows that the Check amendment was finally approved and the system has been integrated into the XRP Ledger after months of uncertainty around its validation.
In the report, we can also see that the Ripple XRP Check’s issuance was done without the votes of the trusted XRP validators. However, at the start of this month, there was a cumulative vote of 27 going in favor of the integration of XRP Check into XRPL.
Still, this was not enough – even 28 votes were required to push the feature online. In this case, one XRP validator had to remove his veto. A lot of controversy surrounded the introduction of this feature but everything was brought to end on Wednesday, when the XRP team launched the Check amendment into the XUMM banking system.
For those of you seeking clarification, XRP Check works similarly to paper checks, exhibiting a contrary behaviour to the transaction of Bitcoin as well as other altcoins. As the cryptocurrency news show, it involves the initiation of a transaction to a receiver with the action of the receiver needed to make this transaction complete.
In that manner, funds sent to a specified XRP address can be cashed out at the bank at a later date. What is interesting is that the money does not move until the receiver accepts the funds. The period between the initiation of funds and the acceptance of the digital currency can see the transaction canceled at any time, either by the initiator or be set to expire.
In the end, the XRP Check feature does not support only XRP but any issued currency. Also, it is worth noting that it has been on the XRP ledger code since February 2018, pending approval from the trusted XRP validators.
All of this goes in line with the Ripple banking app XUMM, which finally gets is check function and can live up to the “Be Your Own Bank” slogan.
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