Shortly after Ripple announced the release of a new version of the XRP ledger, JP Morgan announced the launch of a cryptocurrency dubbed JPM Coin. The XRP 1.2.0 is the latest version of Ripple’s peer-to-peer decentralized cryptographic ledger that is used to store XRP tokens. This upgrade is going to boost the ledgers ability to automatically detect censorship attempts. It also comes with more efficient issuance of warnings. Part of the official announcement was as follows:
One of the most significant benefits of DLT technologies like the XRP ledger is that they are censorship resistant. Already, the XRP ledger is censorship resistant. With this upgrade to XRP 1.2.0, the feature will be more efficient. Servers can now automatically detect attempts to censor the ledger. As soon as these attempts are detected, a warning is issued. The severity for transactions will be increased significantly when the servers believe that the transaction should have been in a close ledger after many rounds of consensus.
The XRP 1.2.0 will also have a MultisignReverse Amendment that will reduce the reserve requirement for signer lists for Multisign. The code also comes with improvements on how it handles offers on the decentralized exchange.
XRP (XRP) Price Today – XRP / USD
The company also urged those using the XRP ledger to update to the version 1.2.0 before the 27th of February to continue enjoying the services. Any server that hasn’t been upgraded by then will be blocked according to the announcement. They will be unable to determine ledger validity, process transactions or vote in future amendments. While they will still have data, the data may be invalid with no means of determining validity.
Ripple, JP Morgan Chase And SWIFT In The Battle Of The Ages
Ever since JP Morgan Chase announced that it was releasing the JPM Coin, there has been a lot of uncertainty about what this coin would mean for Ripple. Some experts have suggested that Ripple will be made obsolete because of this coin. This is because the JPM Coin was created to do everything the XRP token was created to do. What’s more? It is being backed by one of the biggest and most reputable financial institutions in the world. This means the fears are fully warranted.
Ripple is promoting its technology by partnering with banks and other financial institutions. So, far, it has been able to convince a handful of banks to use the technology. More banks would have joined if the message was being passed by a large, traditional financial institution. This is what JP Morgan is capitalizing on. Ripple has paved the way for something that can potentially reinvent the traditional remittance sector. In fact, many have referred to XRP as a test-case for this record-breaking blockchain solution.
Keep in mind that this move by JP Morgan was predicted by the Bitcoinist in March 2018. The cryptocurrency news agency, at the time, posted:
“Even if the Ripple technology is more superior than SWIFT’s technology, the truth is that many governments and supranational institutions will eventually start creating their own tokens so that they can retain control of their monetary system. This will render the XRP token obsolete.”
For now, it’s still too early to determine if this prediction will come to past. However, the facts are hardcore. Do you think Ripple will be able to keep XRP relevant even with the increased competition from JP Morgan or others to come?