Ripple’s XRP Ledger May Add Digital Checks For Trading Cryptos

June 4, 2020   (0)   Jyoti Singh

The validators of Ripple have recently announced that they might soon integrate Checks feature in XRP Ledger of the blockchain.

XRP Checks, A Bit Similar To Paper Checks

XRP Checks will be like the paper checks, it would be quite similar. The initiator of the transaction could us the check to send the fund to a recipient and at a later date,  the recipient could cash out the amount through the check.

It is to be noted that till the recipient cashes the check the XRP actually does not move. But, if the funds are transferred from other blockchains like Bitcoin, then the recipient does not have to take any action to receive the fund.

It has been reported that the XRP Check has few other advantages like the send is allowed to cancel it or set a date for its expiration. Along with XRP, Checks allows the transmission of issued currency to the recipients.

One Vote Remaining For Check

Since February 2018, the XRP Ledger’s code has integrated the Checks feature but did not enable it because the feature did not get enough votes.

It is still not approved, fully, because the feature needs a total of 28 votes to get started and currently, it has 27 votes. As soon as one more validator would remove its veto, Checks feature would be enabled.

Alloy Network has recently stated that although Checks is not controversial feature, once it gets implemented, no one could undo it.

Some of the other features of XRP, like Escrow and Payment Channels, are very much alike Checks as they also support delayed transfer of funds which could be settled at later date.

Recently, another feature has been launched by the XRP Ledger, popularly known as Deletable Accounts. With the help of this feature, the user could easily eliminate its account and fetch the 20 XRPs that has been deposited into the account.

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Jyoti Singh
Jyoti Singh

Graduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.