The XRP Ledger’s minimum reserve fees requirement from 20 XRPs to 10 XRPs proposal is approve after several weeks of voting.
However, the protocol insists holding a certain amount of tokens for opening a new account on the ledger. This will fend off spam and other malicious attacks.
So, Changing the reserve requirement there will be a consensus among the network’s trusted validators.
This moves are timely and necessary if there is a significant increase in the XRP price.
Furthermore, For every object (payments channels, checks, trust lines, etc.), 2 XRPs will be added to each address’s reserve requirement.
Related Posts – XRP Network Activity Spikes With Top Trader Bullish Talks
In April, Ripple CTO David Schwartz Advocates For Lowering XRP Ledger’s Reserves.
“I now personally advocate lowering the XRPL reserves from 20/5 to 10/2. (I have not discussed this with anyone at Ripple. (Thinking about it, I probably should have.) It is my personal position.)”
Meanwhile, The amendment is successful and kick starts with opening a new account two times cheaper.
Also, insufficient requirements can also increase the chance of a denial-of-service attack.
XRP Ledger’s validators gave their votes in favor of the controversial “Deleted Accounts” proposal last May.
Conclusively, In April XRP Ledger’s Labs introduced “lite accounts” with a minimum reserve of only 1 XRP.
