Ripple Adds New Feature to XRP Ledger 1.5.0 To Increase Efficiency and Use Cases

XRPLedger’s team announced the addition of several new features on the platform to increase the efficiency, scalability of the network and also increase its real-world use cases. The new features were added on the platform last week. XRP Ledger acts as a gateway for XRP based payment settlement and also facilitate the exchange of the digital asset.

Over the years, even though XRP has been at the center of controversy and centralization debate, XRP Ledger has turned out to be the choice of numerous banks around the globe where Ripple has partnered with over 200 commercial and central banks for cross-border remittance systems. The Blog Post detailing the new features and services read,

“support for gRPC API, API versioning, UNL propagation via the peer network, new RPC methods, augmented submit method, improved tx methods, improved CLI parsing, improved protocol-level handshaking protocol, improved package building, and various other minor bug fixes and improvements.”

The XRP developer team also notified that in the coming week they will be updating the XRP Ledger mainnet, Ripple servers as well as clusters and validators to the latest 1.5.0 version. XRP Ledger which was introduced a year back as an enterprise solution helps different financial organization to utilize the open-source software and integrate it to their existing financial infrastructure by leveraging XRP. This ledger is then used for cross-border remittance in any currency.

The XRP Centralization Dilemma

Ripple has maintained that XRP is a decentralized currency and the firm has no control over it, however, their claims are not easily believed as a majority of the token is held by Ripple themselves. Out of the 100 billion pre-mined XRP at the start, Ripple owned 80% of the total supply which it releases in the market.

While the debate over the centralization continues, Ripple is also involved in several class-action lawsuits where it has been alleged that XRP is a security, and as per the regulatory guidelines any firm cannot sell these securities unless they have been cleared by the SEC. This is the reason Telegram’s GRAM token is yet to be issued to its early investors, even though the firm was supposed to launch its mainnet back in October 2019.

Ripple, however, maintains that XRP is decentralized and there is no control over the functioning of the ledger, and even if Ripple Labs closes tomorrow the XRP Ledger would continue to function as it does today.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

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