In a remarkable feat for the XRP ecosystem, the XRP Ledger has recently achieved the closure of an impressive 80 million ledgers in approximately 10.5 years, as reported by XRPScan, a renowned blockchain explorer dedicated to the XRP Ledger. For those unfamiliar with the term, a ledger serves as a comprehensive record of transactions within a blockchain network.
This milestone serves as a testament to the rapidity, dependability, and increasing popularity of the XRP ledger as a groundbreaking technology for processing transactions on the Ripple network. Launched in December 2012, the XRP Ledger (also known as XRPL) has played a pivotal role in enabling real-time, cross-border payments. As an open-source and decentralized blockchain technology, it offers a seamless solution for fast and cost-effective international transactions.
The XRPL empowers individuals to effortlessly send any currency to anyone around the globe within a matter of seconds, making it an ideal choice for cross-border transactions. While the XRP ledger has received accolades for its speed and low transaction fees, it has also faced scrutiny regarding its level of centralization.
Although technically decentralized, skeptics argue that the XRP Ledger’s close association with Ripple Labs and the substantial amount of XRP held by the company have resulted in a degree of centralization that distinguishes it from other blockchain systems.
In September 2019, the network celebrated its 50 million ledger milestone, and within just over a year, it had successfully added 10 million. This rapid pace underscores the growing acceptance and utilization of the XRP ledger, along with the Ripple network’s expanding capacity to handle a substantial volume of transactions.
The journey of the XRP Ledger has not been without controversy. Critics, including Blockstream CEO Adam Back, have frequently pointed out the permanent loss of the first week of the XRP Ledger’s existence. Despite such criticism, reaching this new milestone symbolizes the resilience and perseverance of the XRP ledger in the ever-evolving realm of blockchain technology.
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