Deadline For XRP Ledger Upgrade Set For 27th Feb

The company behind the third largest cryptocurrency (at the time of writing) XRP, Ripple has recently announced that they have introduced a major network upgrade of its XRP ledger version 1.2.0.

The XRP ledger is a decentralised cryptographic ledger that stores XRP and is powered by a network of peer-to-peer servers. With the release of Ripple’s blockchain upgrade, the servers will be able to automatically detect transaction censorship attempts and, according to the announcement, they will issue warnings of increasing severity for transactions.

This version of the XRP ledger will include a number of network amendments which includes MultisignReserve Amendment, fixTakerDryOfferRemoval and fix1578.

The design for the MultisignReserve Amendment aims to decrease the reserve needed for what is associated with signer lists for Multisign. When it was released in June 2016, multi-signing is one of three ways to authorise transactions on XRP Ledger as well as regular keys and master keys.

As reported by CoinTelegraph, “the multi-signing method allows users to use a combination of multiple private keys, enabling a number of benefits, such as delegating the power to send transactions from an owner’s address to a group of people.” They are able to control the address in case the original holder is unavailable or unable to sign a transaction.

The XRP Ledger server users should be able to upgrade to the new version on the 27th February for the continuity of the service. You will have your server amendment blocked if you don’t run the 1.2.0 update or greater. This means that their servers won’t be able to determine the validity of a ledger to submit or process transactions or be able to participate in the consensus process and be able to take part in the decision of future amendments.

Ripple released their fourth quarter report for 2018 on 24th January. In the report, it claimed that the firm sold more than half a billion worth of XRP over last year while the XRP token sales summed up to $129.03 million which is equivalent to 0.24 percent of the international XRP volume.  

Simultaneously, on the same day, the cryptoanalysts over at Messari published a report which alleged that the XRP market cap might actually be over exaggerated. This would mean that it would be overvalued by around $6 billion.

At the current time of writing, XRP is priced at $0.30 after experiencing a 0.10 percent decrease over the past 24 hours.