Sunday, February 28, 2021

The Introduction to XRP by an Exchange Claiming 9-figure ($) Daily Trading Volume Gets People Talking

The introduction to XRP by an anonymous cryptocurrency exchange that claims 9-figure ($) daily trading volume has got the XRP community members and cryptocurrency enthusiasts talking.

Leonidas Hadjiloizou, an XRP devotee that manages XRParcade, hinted at this via his official twitter handle a couple of hours ago. He intentionally made the cryptocurrency exchange in question anonymous.

Leonidas Hadjiloizou shared this, “This introduction to XRP from an exchange that claims to have a nine-figure ($) daily trading volume left me speechless.”

Read the introduction to XRP as written by the Crypto exchange below:

“RippleNet delivers a single, frictionless for global payments. Rather than a constellation of disparate technologies, unstandardized communications, and centralized networks, RippleNet is a single, global network of banks that send and receive payments via Ripple’s distributed financial technology – providing real-time messaging, clearing and settlement of transactions.

“RippleNet is a decentralized network based on an agreement between Ripple and network participants – all of which utilize the same technology and adhere to a consistent set of payment rules and standards.”

As expected, the update attracted a lot of reactions, as many questioned the figures in Total Supply and Total Circulation revealed by the exchange.

See a reaction from an XRP enthusiast below:

“I’m yet to see an exchange get it totally right, but this is just going way too far. I know that Ripple isn’t necessarily responsible for all XRP listings, but where they are I hope Brad Garlinghouse pushes its team to ensure accuracy and consistency of information.

“If you read up on XRP information on 10 exchanges, you’d have 10 opinions about what XRP is. I’m not suggesting it’s Ripple’s responsibility to fix this; and yet they ought to, being the biggest XRP stakeholder and having the resources and clout to get it done.”

XRP is Not Centralized –Marcus Treacher

The senior vice president (SVP) of customer success at Ripple, Marcus Treacher, has claimed contrarily to the assertion at some quarters within and without the XRP community, which portrays XRP as a centralized digital token.

Marcus Treacher, while speaking with Finance Magnates, said that Ripple’s consistent growth is keenly connected with the company’s quest in leveraging the market for international transaction infrastructure.

He said, “A large part of our success has been to not lose focus on solving a specific problem around cross border payments.”

Treacher further explained that “Ripple is the only blockchain company with customers using its products commercially for cross-border payments.”

About the criticism that claims XRP is centralized, he said, “XRP is not centralized”, adding that “It’s a decentralized, open-source digital asset, and the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — meaning no one party can control it, not even Ripple.”

He also said, “Ripple is a stakeholder of XRP thus is an interested party in its success, it wouldn’t be logical as a business to disrupt the XRP Ledger or XRP.”

Conclusively, he pointed out that “the XRP held by Ripple is locked in cryptographically-secure escrow accounts in which one billion XRP is released to Ripple each month. This provides an upper limit on the amount of new XRP that can be brought into circulation, and any additional XRP leftover each month is placed into a new escrow.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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