Blockchain payments firm Ripple Labs has gained a new ally in the form of Messari co-founder and CEO Ryan Selkis, who recently took to Twitter to express his support for the company.
Despite having been critical of Ripple in the past, Selkis now believes that the XRP-SEC case should be won by Ripple and that the XRP Ledger should be given the opportunity to compete fairly on a global scale.
Ripple’s Potential: XRP Ledger’s PoA Algorithm and IOUs
In a tweet thread by Messari, it was shared that the demand for digital payment infrastructure is increasing, despite the external pressures being applied by U.S. regulatory authorities.
According to the tweet, the XRP Ledger (XRPL), which Ripple supports, can provide this infrastructure for individuals and existing financial entities such as central banks.
One of the unique features of the XRPL that the Messari tweet highlighted is its use of a Proof-of-Association (PoA) consensus algorithm, which requires each node to set a list of trusted nodes (UNL) that it will rely on for consensus.
All nodes on the XRPL run the same free, open-source software called “rippled.” Validators are nodes involved in reaching consensus and voting on improvement proposals, while stock nodes receive, relay, and process transactions. Nodes rely on their UNL to finalize the state.
The thread further elaborated that the XRPL’s Issued Currencies (IOUs) allow for the creation of multiple assets. While its Authorized Trust Lines enable issuers to choose which wallets can interact with their tokens. Additionally, the XRPL has a central limit order book, supporting low-liquidity IOUs.
Despite facing regulatory challenges, Ripple and the XRP Ledger are making progress. Additionally, with support from industry leaders like Selkis and others, the company is poised to continue making strides toward its goal of revolutionizing the world of finance.
Community Response To Selkis’s Support Of Ripple Labs
Ryan Selkis’ tweet in support of Ripple Labs and the XRP Ledger has garnered a lot of attention from community members. Many responded positively to Selkis’ observations, with one person saying that the XRPL is impressive for so many reasons and that digital assets should have a level playing field to compete with each other. They believe that true competition will drive innovation and help grow the space.
Others expressed their appreciation for Selkis’ support, with one person saying they were glad to have him on their side. Another community member pointed out that there should be no sides and that it’s all of us versus the existing system.
Many also acknowledged the potential of the XRPL, with one person applauding the thread and stating that it’s clear that the technology is good and deserves to compete. They expressed regret that Ripple was ridiculed in the beginning instead of being supported but were glad that things were changing.
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