Ripple Announces Testing for Private XRP Ledger – Latest News, Breaking News, Top News Headlines

Ripple announced that it is testing a private version of XRP Ledger. Which would be specially designed for the issuance and management of digital currencies backed by central banks (CBDC).

Specifically, this was indicated by Ripple in a statement through its official blog. Where he pointed out that this solution would be based on Blockchain technology.

“The CBDC Private Ledger is based on the same Blockchain technology that powers the XRP Ledger (XRPL). Which means that CBDC’s Private Ledger is designed for payments. ‘

Pilot tests

Basically, it will be specially designed for payments. Being able to handle high volumes of operations, which is postulated as the most viable option for governments interested in issuing their own digital currencies.

Ripple is piloting a private version of the open-source, public #XRPL that allows Central Banks to create and manage a digital currency — enabling global interoperability. Get involved today. https://t.co/fLRSdejGI8

– Ripple (@Ripple) March 3, 2021

In this regard, the official announcement reads:

“A Central Bank requires more privacy for its transactions and control over its currency than a public network can offer.”

“So most likely, you will choose to create a CBDC in a private Ledger. That it can also operate on the required scale.

Very importantly, Ripple also ensures that the issuance of new digital currencies on this network is adjusted to the needs of central banks.

So moving CBDC funds through this new XRP Ledger-based network will be profitable, reliable, and almost instantaneous. Resulting 61,000 times more efficient than public networks based on Proof-of-Work (PoW).

Also, he indicated that this network is compatible with the products and services launched by Ripple for other organizations. For example, RippleNet and Interledger.

Ripple’s commitment

Now, Ripple stated that the Private Ledger is configured to handle “tens of thousands” of transactions per second (TPS) initially. And that it has the potential to escalate to “hundreds of thousands of TPS over time.”

“Today, we are engaged with central banks around the world. To better understand your goals and assess how CBDC’s Private Ledger can help you achieve them.

“We believe that this solution will overcome the main challenges around creating and managing a sovereign digital currency. While amplifying the value and benefits for central banks, their partners and, above all, the millions of people who will use it.

Demand for Ripple and XRP

As a curious fact, this new proposal by Ripple is presented at a very tense moment. Since he is currently facing a legal process against the United States Securities and Exchange Commission (SEC).

Mainly, due to the alleged commercialization of unregistered securities during the XRP token pre-sale campaign.

In fact, Ripple CEO Brad Garlinghouse provided some updates on the ongoing lawsuit:

Today, a letter was filed on my behalf indicating my intent to file a Motion to Dismiss in response to the SEC’s amended complaint against me. Simply put, the SEC’s allegations are regulatory overreach. The letter speaks for itself: https://t.co/bwj9YdDOQw

– Brad Garlinghouse (@bgarlinghouse) March 3, 2021

“A letter was filed on my behalf today, indicating my intention to file a motion to dismiss in response to the SEC’s amended complaint against me. Simply put, the SEC’s allegations are a regulatory overreach. “

Finally, Ripple stressed: “We believe this will change the rules of the game for central banks. And, we are excited to be able to publish more details very soon on how it works.

I say goodbye with this phrase from Pablo Picasso: «I would like to live as a poor man with a lot of money».

Did you like the content? Share it

Related