XRP Ledger upgrade is “awesome news”, says Ripple CTO David Schwartz

Rick Steves

“This is awesome news. This change reduces the ledger’s vulnerability to halting without any sacrifice in decentralization.”

Ripple has upgraded its XRP Ledger with the Negative UNL amendment, which provides resilience for the network when multiple validators are offline.

The blockchain specialist’s Chief Technology Officer David Schwartz turned to Twitter to celebrate: “This is awesome news. This change reduces the ledger’s vulnerability to halting without any sacrifice in decentralization.”

Negative UNL amendment took one year to activate

The Negative UNL is a feature of the XRP Ledger consensus protocol that improves liveness, the network’s ability to make forward progress during a partial outage, according to XRP.org. “Using the Negative UNL, servers adjust their effective UNLs based on which validators are currently online and operational so that a new ledger version can be declared validated even if several trusted validators are offline.”

In November 2020, CTO David Schwartz commented on the news that the NegativeUNL amendment would go forward: “By the way, this feature will be a huge game changer for XRPL’s UNL evolution”.

The “Negative UNL” is a list of trusted validators which are believed to be offline or malfunctioning, as declared by a consensus of the remaining validators, XRP.org explains. Validators in the Negative UNL are ignored for determining if a new ledger version has attained a consensus.

The Negative UNL has no impact on how the network processes transactions or what transactions’ outcomes are, except that it improves the network’s ability to declare outcomes final during some types of partial outages.

Validators can go offline temporarily for a number of reasons, including updates, hardware maintenance, or connectivity. This amendment allows elasticity in the quorum for validations in that period.

SEC v. Ripple lingers but has no impact on expansion of XRP network

The amendment comes in good time as Ripple is accelerating its expansion across the globe, with CEO Brad Garlinghouse planning to hire a few hundreds in 2022.

The SEC v. Ripple has put Ripple under the radar for both investors and prospective clients, it seems. The lawsuit is no longer causing hesitation among clients as they look to join the network, gain access to XRP-powered liquidity, or develop their own national digital currency.

This is the case with the Republic of Palau, which has decided to partner with Ripple as the country looks into developing its own central bank digital currency (CBDC).

Ripple announced the partnership yesterday, which will focus on strategies for cross-border payments and a USD-backed digital currency for Palau.

  • Read this next

    Retail FX

    Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

    Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    <