XRP Ledger Feature ‘Checks' Goes Live; Works Similar to a Traditional Paper Check

So long as it retains popular approval, checks will remain active within Ripple.

XRP Ledger has introduced the traditional finance feature of checks starting from June 18th after getting the approval of the validators. The firm claimed that the feature was introduced with ripple v0.90.0. However, it failed to get the required support of node validators to be active at that time.

However, Wietse Wind, a popular XRP contributor, claimed that this amendment was implemented without getting the approval from Ripple-associated validators.

For this amendment to be passed and remain active, at least 80% of the node validators must approve it, and as long as this amendment enjoys majority support, it would be available on the XRP ledger.

What Would be the Use of Checks on XRP Ledger?

The ‘checks‘ feature on XRP Ledger would function quite similar to that of traditional tests where anyone can use them to transfer a certain amount of XRP to a particular person. The holder of the check can then cash the mentioned amount.

The developer also explained that the real transfer of value only occurs once the check is cashed out, so in case the sender of the check does not have the specified XRP in their wallet, then the check would “bounce.”

Until the recipient cashes out, the XRP remains in the sender’s wallet. The official announcement made by the XRP also mentioned that the XRP community does not require to download any update to avail the new Check feature as the minimum requirement for the XRP ledger to support this function as it is already synced with the network.

XRP, as a cryptocurrency token, hasn’t seen any progress in terms of price, failing to get past the psychological barrier of $0.30 ever since the bear market of 2018 and recently also lost its third-position in crypto rankings by CoinMarketCap to Tether's Stablecoin. However, it has continued to support Ripple’s remittance technology and offers liquidity for the RippleNet.

Ripple (XRP) Live Price

1 XRP/USD =$0.1772 change ~ 0.22%

Coin Market Cap

$7.67 Billion

24 Hour Volume

$171.36 Million

24 Hour VWAP

$0

24 Hour Change

$0.0004

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

US Court Tosses Appeal in Child Exploitation Case; Accessing Coinbase Account Didn't Violate Fourth Amendment Rights

Richard Gratkowski, convicted of purchasing and receiving child pornography, and accessing websites with an intent to access child porn, was sentenced to 70 months...

Lebanon’s Fiat Currency, the Lira, Drops 50% of Its Value in 10 Days Due to Hyperinflation

Lebanon's financial crisis is only deepening with each passing day, as the country is engulfed in hyperinflation. An unofficial report suggested that the value of...

Bitcoin-based Startup Zap Opens Strike for Public Beta And Plans to Release Visa Rewards Card

Jack Mallers, Zap founder, revealed on Thursday that Zap’s Strike product, which enables individuals to receive Bitcoin in US dollar form through direct bank...

Techemy Capital Plans To Launch Compound (COMP) Investment Portfolio for Yield Farmers

Techemy Capital, a New Zealand based digital asset investment firm and fund management, announced the planned launch of new DeFi strategic investment products next...

Bitcoin Retail Investors will Eat Up All the New Supply Starting 2028: Report

The latest study titled, “Retail Investors Steady in Physical Bitcoin Snatch-Up” talks about how the remaining 10% of bitcoin supply will take 120 years...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today