Ripple’s CTO David Schwartz on the XRP xRapid Private Ledger
As reported in the previous Ripple/XRP cover in EWN, Mercury FX announced via twitter that using XRP on RippleNet they have transferred £3,521.67 or $4,552.41 and saved £79.17 and 31 hours during a cross border transaction [from U.K. to Mexico] as seen in the post below.
1/1 We’ve made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy
— Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019
Following up, crypto-enthusiasts who put effort to find the transaction on the ledger had no luck. With that many believed that there exists a private ledger which uses XRP for xRapid txn.
So the talk was taken on twitter as David Schwartz was mentioned and questioned about the hidden ledger.
It’s hard to imagine what such a merger would look like. It would have to follow the rules of the public ledger. It’s kind of funny, I was actually thinking just today about how cool it would be if you could run the XRPL software in a private ledger mode and later bridge …
— David Schwartz (@JoelKatz) January 10, 2019
… to the public ledger. For example, you could have an asset issued on both ledgers that’s bridged by the validators of the private ledger who multisign txns for the public ledger. It’s actually a cool use case to cut txn fees and scale.
Ha that is weird you were just thinking about that. Just to be clear for someone I was having a discussion/dispute with there is only one XRP ledger according to the protocol correct?
Yes. The authoritative record of who has what XRP is the XRP Ledger. There are ways that you can use real XRP on the private ledgers but that would require operators of the private ledgers to get XRP from somewhere in order to do the bridging.
According to an article published by The Daily Hodl, Ripple sales director Ross D’Arcy commented that its solutions are designed to make banking transactions as easy and fast as sending an e-mail or any sharing information on the internet:
“3 clicks, 30 seconds, receive a confirmation that the end beneficiary has been paid. So as easy as we can do a voice chat or exchange emails, that’s exactly how we want the payment experience to be.”
“I think Swift’s a really interesting example. Because Swift, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We don’t see our customer’s transactions. Our customer’s transactions go over the internet. So Ripple could shut down as a business tomorrow, and our customers could still transact using our software. The same wouldn’t be the case with Swift.”