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What Does Ripple Chain Mean (Latest News from Ripple Labs)

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What does Ripple Chain mean? Ripple Chain is a blockchain project developed by R

What Does Ripple Chain Mean (Latest News from Ripple Labs)

What does Ripple Chain mean? Ripple Chain is a blockchain project developed by Ripple Labs, with the goal of becoming the largest cryptocurrency by market capitalization. It consists of three technical components: XRPLedger, XRP, and Bitcoin (BTC), to facilitate the development of the entire digital asset network.

In Chinese, Ripple represents “a payment system based on smart contract technology if we use Bitcoin or any other virtual currency for transactions.”

Furthermore, it points out the purposes for which XRP can be used, such as incentivizing people to participate by issuing a new token.

Latest News from Ripple Labs

Editor’s Note: This article is from the blockchain media outlet BlockBeats (ID: BlockBeats) and authorized to be reprinted by Odaily Star Daily.

The latest news from Ripple Labs has given everyone a deeper understanding of “RippleX.” According to an official blog post, “RippleX” is an independent digital currency project operated by the Swiss National Bank. Its aim is to make the global economy more stable and efficient. Its operation is similar to traditional banking systems, therefore it can help reduce transaction costs and risks in the financial system. Additionally, it will provide a viable and reliable way to support the issuance of bonds by the Federal Reserve. “RippleX” is also known as RippleNet. It is a blockchain network created based on the US dollar. The tokens on this chain include a portion of Ripple Labs’ holdings and use XRP to pay for billing fees, avoiding high transaction costs while ensuring users can receive returns at any time. These funds are received by making payments to customers. This allows them to achieve portfolio diversification and protect assets from the impact of inflation without sacrificing price, as the value of RippleX fully belongs to the investors themselves. Currently, Ripple Labs is researching a proposal that includes all the information needed to establish a central authority to manage its monetary system, known as the “Ripple Federal Reserve Act.” This new law is expected to take effect in February 2021. (Note: R3 previously stated, “Due to the rapid development of the cryptocurrency industry in recent quarters, we hope to provide a secure environment for all participants. But over time, if this continues, it needs to be taken into account.”) The latest statement from Ripple Labs seems to imply that the U.S. Department of Treasury is taking action to allow Congress to expand scale and reduce public trust in Ripple—at least for now, there are no plans for this to happen. It is reported that U.S. Treasury Secretary Steven Mnuchin announced on Wednesday that he intends to establish a new intergovernmental fund to fund the adoption of Bitcoin as legal tender in the country. The former White House official said, “I think we’ll do our best,” and added that once Congress approves a new document regarding the design of CBDC, they can enter the market. Meanwhile, “people may question whether there will be some positive factors,” he wrote on Twitter.

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