The XRP Ledger will see a new amendment to be implemented today, without explicit approval from Ripple (as always). The “CheckCashMakesTrustLine” amendment will be automatically activated in the XRP Ledger today with a majority of 27 of 34 votes.
He amendment will adjust the “checks” feature of the XRP Ledger that has been available for two years. It works similar to paper personal checks. The sender writes a check for a specified amount, while the recipient must cash the check to receive the specified amount.
The actual movement of funds does not occur until the check is cashed, so the check may not clear depending on the sender’s current balance and available liquidity.
The new change customizes the “CheckCash” transaction so that when a check is cashed for an issued token, a line of trust for the token is automatically created. This eliminates the step of setting up a trusted line before receiving a token via check.
Before the change went live, users had to submit a separate “TrustSet” transaction before cashing a check for an issued token.
As a member of the “Wo Jake” community explainedthe amendment will pass with 27 of the 34 votes in the dUNL, as the list was reduced from 35 validators to 34. One validator moved to the nUNL:
The validator who transferred to the nUNL did not vote and has not returned to the dUNL for ~2 weeks, resulting in the amendment passing the 80% consensus threshold.
XRP Ledger is independent of Ripple
The amendment system provides a way to introduce new functionality to the XRP Ledger decentralized network without requiring approval from a central entity like Ripple. The system uses a decentralized consensus process in which more than 80% of dUNL validators must show their support for two weeks before the change takes effect.
In the past, there have been questions regarding the decentralized aspect of XRPL and the default single node list (dUNL). However, there are multiple UNLs, and each UNL is a unique list of validators that serve as a consensus source.
As Wo Jake explained in a previous Twitter threadThere are three widely known UNLs used by the network: Ripple’s, XRP Ledger Foundation’s, and Coil’s, all of which overlap and the most common overlay on the network is the dUNL.
XRPL validators are free to choose which UNL they use. However, the dUNL is more popular because it consists of trusted, safe, and trusted validators, is the default UNL when rippled is installed, and is a trusted source of consensus, as Wo Jake comments.
Therefore, even if Ripple were to crash, the XRP Ledger could persist. Ripple’s influence on the changes is practically non-existent.
XRP price today
At press time, XRP price stood at $0.4232, which points to a break out of the resistance zone and above the 200 day EMA.
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