As its usage expands, the $XRP Ledger, a decentralized, open-source blockchain network built for rapid and efficient cross-border transactions, has recently exceeded the 79 million ledger milestone.
The feat was highlighted in a tweet by XRP Scan, a famous XRP Ledger blockchain researcher, who noted that the blockchain is on course to hit its 80 millionth ledger soon. A ledger on the network represents a digital log of network transactions. It contains information about the current state of the ledger, transaction history, and other critical data.
Each XRPL ledger has a distinct sequence number and is refreshed every few seconds to reflect the most recent network transactions. The XRP ledger is powered by its native digital asset, XRP, which functions as a bridge currency for worldwide payments.
The XRP Ledger includes a built-in decentralized exchange that allows users to trade any issued asset on the platform, as well as a consensus method that is more energy-efficient and faster than the Proof-of-Work technique used by blockchains like Bitcoin and Litecoin.
It intends to create federated sidechains, which are parallel ledgers that can interact with the main ledger and allow for the development of additional apps and features without impacting the XRPL’s fundamental functioning.
The network’s popularity has grown over time, with a recent Messari study highlighting that it now has approximately 5 million accounts. Even after the Securities and Exchange Commission (SEC) charged Ripple and two of its executives with “raising over $1.3 billion through an unregistered, ongoing digital asset securities offering,” the network has grown.Â
Ripple’s Chief Legal Officer Stuart Alderoty indicated last month that the most recent judgement in the lawsuit left him feeling more confident than ever about Ripple’s chances of winning.
Meanwhile, major cryptocurrency trading site Uphold has reaffirmed its support for XRP in response to a trend on the microblogging network Twitter in which users repeatedly asked trading companies to relist XRP.
