Schwartz Chips In On xRapid Private Ledger Discussion

As we reported last week, Mercury FX has announced through their official Twitter that using Ripple’s native token, XRP on RippleNet they have transferred $4,552.41 in just seconds. The transaction was sent from the UK to Mexico as you can see in the tweet below:

1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy

— Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019

After this, cryptocurrency enthusiasts, who put effort to find the transaction on the ledger, didn’t have any luck. As reported by Ethereum World News, with this, many had believed that there was a private ledger which uses XRP for xRapid txn.

Following this, the talk was taken to Twitter where the CTO of Ripple, David Schwartz was brought into the conversation and was even questioned about the hidden ledger.

It's hard to imagine what such a merger would look like. It would have to follow the rules of the public ledger. It's kind of funny, I was actually thinking just today about how cool it would be if you could run the XRPL software in a private ledger mode and later bridge ...

— David Schwartz (@JoelKatz) January 10, 2019

“The conversation continued saying, … to the public ledger. For example, you could have an asset issued on both ledgers that’s bridged by the validators of the private ledger who multisign txns for the public ledger. It’s actually a cool use case to cut txn fees and scale.

 

@XRP_Mahn1:

 

Ha that is weird you were just thinking about that. Just to be clear for someone I was having a discussion/dispute with there is only one XRP ledger according to the protocol correct?

 

@joelKtaz (David Schwartz):

 

Yes. The authoritative record of who has what XRP is the XRP Ledger. There are ways that you can use real XRP on the private ledgers but that would require operators of the private ledgers to get XRP from somewhere in order to do the bridging.”

Quick transactions

The sales director at Ripple, Ross D’Arcy noted that its solutions are designed to make banking transactions as simple and as quick as possible, such as sending an e-mail or any sharing information on the internet.

“3 clicks, 30 seconds, receive a confirmation that the end beneficiary has been paid. So as easy as we can do a voice chat or exchange emails, that’s exactly how we want the payment experience to be. “I think Swift’s a really interesting example. Because Swift, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We don’t see our customer’s transactions. Our customer’s transactions go over the internet. So Ripple could shut down as a business tomorrow, and our customers could still transact using our software. The same wouldn’t be the case with Swift.”

What are your thoughts? Let us know what you think down below in the comments!