Coin Metrics Report Highlights Discrepancies in Ripple’s Escrow System Reporting
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Coin Metrics Report Highlights Discrepancies in Ripple’s Escrow System Reporting

May 17, 2019      Cryptoknowmics

Researchers from Coin Metrics say Ripple has not yet responded to requests to help clarify its operations.

Blockchain analysis company Coin Metrics has found discrepancies in blockchain payments network Ripple’s escrow system reporting, according to a May 16 report.

Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, investigated Ripple and discovered what it said were contradictions that required an explanation.

“Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger,” the report summarized.

The three aspects are the following:

  • “Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices)
  • The “escrow queue” is implemented differently than announced, leading to a faster future release of escrowed funds compared to the announced schedule
  • Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account”

According to Coin Metrics, Ripple did not respond to repeated requests for clarification of researchers’ concerns.

READ  Tim Draper Believes That The Time Has Come For Bitcoin; Criticizes Govt.

As Cointelegraph reported, the company has previously attracted criticism from commentators over the past year: in February, a separate report from trading platform BitMEX accused the company of being overly centralized.

“Compared to traditional assets and currencies, most crypto currencies’ supplies and behaviours can be audited to a much greater degree of precision,” Coin Metrics concluded.

Nonetheless, XRP has had a successful month in May, after American cryptocurrency exchange Coinbase released trading to New York residents and Germany’s second-largest stock exchange debuted an XRP and litecoin (LTC) exchange-traded note.

Go to Source
Author: William Suberg

#Crypto News #Cryptocurrency #Cryptocurrency News
Cryptoknowmics
Cryptoknowmics

The dynamics of Crypto Fraternity is changing at a lightning speed. Access to most critical information in a timely and curated manner is extremely critical for the health of your investments. Cryptoknowmics is the fastest platform to bring and deliver news and critical information from above 3000 sources at your fingertips. We cover almost all aspects of cryptoworld from exchange, tokens, coins, dapps, ICOs, IEOs, STOs, events, airdrops, jobs, services, wallets, etc. We strive to be the complete solution for your crypto needs.