$XRP Ledger Surpasses 79 Million Ledger Milestone, Bolstered by Increasing Adoption

Posted on

The $XRP Ledger, a decentralized, open-source blockchain platform designed for fast and efficient cross-border transactions, has recently surpassed the 79 million ledger milestone as its adoption grows.

XRP Scan, a prominent XRP Ledger blockchain explorer, highlighted the achievement in a tweet, pointing out that the blockchain is on track to reach its 80 millionth ledger soon. On the network, a ledger represents a digital log of transactions occurring on the network. It includes information about the ledger’s current state, transaction history, and other essential data.

Each XRPL ledger has a unique sequence number and updates every few seconds to display the most recent network transactions. The XRP ledger is powered by its native digital asset, XRP, which serves as a bridge currency for facilitating global payments.

The XRP Ledger has a number of main features, including a built-in decentralized exchange that allows users to trade any issued asset on the platform, and a consensus mechanism that is more energy-efficient and faster than the Proof-of-Work mechanism used by blockchains such as Bitcoin and Litecoin.

It plans to introduce federated sidechains, parallel ledgers that can interact with the main ledger, enabling the development of new applications and features without affecting the core functionality of the XRPL.

The network’s adoption has been growing over time, with a report from Messari published last month emphasizing that it now has nearly 5 million accounts on it. The network has been growing even after the U.S. Securities and Exchange Commission (SEC) sued Ripple and two of its executives alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” 

Last month, XRP’s price bucked a bearish trend in the wider cryptocurrency sector as  Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the case left him feeling more confident than ever about Ripple’s chances of winning.

Major cryptocurrency trading platform Uphold has meanwhile been reaffirming its support for XRP while reacting to a trend on the microblogging platform Twitter where users kept on asking for trading platforms to relist XRP.

Image Credit

Featured Image via Pixabay

Source: Read Full Article