Ripple is still on its quest to become the most advanced and popular tech company in the world. The San Francisco based company isn’t leaving anything to chance as it makes improvements and upgrades on its technologies from time to time. Two days ago, the company announced that the XRP ledger version 1.2.0 is ready for network activation.
XRP Ledger Version 1.2.0
XRP ledger is one of the different technological solutions provided by Ripple. The new version comes with many amendments including fixTakerDryOfferRemoval, MultisignReserve Amendment, and fix1578 Amendments. In 2016, Ripple released the multisign option as one of the methods of transaction authorization. It was released along with regular keys and master keys. With the MultisignReserve amendment, the reserve requirements associated with signer multisign lists will be reduced significantly.
XRP (XRP) Price Today – XRP / USD
With the multisign option, users don’t need to use a single private key. They use different private keys and this is beneficial. It provides an additional layer of protection in case a private key gets into the wrong hands. As long as there is no consensus among all the other holders of the private keys, transactions cannot be completed. It gives the owner the power to delegate the right to perform transactions when he or she isn’t available.
Per the recent announcement, users must upgrade to version 1.2.0 before the 27th of February if they are to keep enjoying their accounts. Ripple will block the server amendment of anyone who doesn’t have the upgrade activated by the 27th of February. What this means is that they will no longer be able to determine the validity of the XRP ledger with their servers. When this happens, they will be unable to process transactions or vote on the network for future amendments.
The XRP ledger is cryptographic decentralized ledger that is used for the storage of XRP which is powered by peer-to-peer servers in a network. The latest update on the ledger will make servers capable of detecting censorship attempts automatically and issuing warnings accordingly. This increases the severity of transactions.
XRP’s Market Capitalization Is Overvalued?
XRP is currently the third largest cryptocurrency per market capitalization after holding its ground as second against ETH until recently. When Ripple released a financial report for the last three months of 2018, it revealed that it sold $535.56 million in XRP within the entire year. Just after the report was released, Messari, a cryptocurrency analytics firm released a report claiming that the market capitalization of XRP is overvalued by more than &$6 billion. If this is true, it means the market capitalization for XRP is 48% higher than it should be.
At the time of writing, XRP was trading at $0.303765. This shows that it is down by 0.04% against the USD and down by 0.21% against BTC. The trading volume over a 24 hour period is $411,495,771 and the market capitalization is $12,517,567,812. The news about the upgrade hasn’t had any effect on the price of XRP. Hopefully, the token may be able to get a boost ahead of the deadline.
Do you think the multisign amendment is a good thing?