With Ripple’s super efficient, highly scalable, and low fee rate blockchain platform, billions worth of XRP has been reported to be transferred in seconds with fees less than a penny. This shows the superior feature of Ripple over other cryptocurrencies.
Ripple Superior Quality At Play
Two Ripple transactions of 2.1 billion XRP, worth about $740 million and 4.6 billion XRP, worth about $1.6 billion was performed within seconds on the Ripple platform with low transaction fee rate.
The details were revealed via the XRPL monitor twitter handle.
The first transaction tweet states:
Transaction Type: Payment
Amount: 2,139,999,979 XRP
Fee: 12 drops (0.000012 XRP)
Sender: rHYTJDFrbCU1i2yCENTg9yjUrHHGaYTB4D
Sender Balance: 20.998428
Receiver: r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPaX5
Receiver Balance: 2,140,000,078.993
Link: https://t.co/Fg6kbZ9nNS— XRPL Monitor (@XRPL_Monitor) August 28, 2018
And the second transaction reveals:
Transaction Type: Payment
Amount: 4,668,132,964 XRP
Fee: 12 drops (0.000012 XRP)
Sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA
Sender Balance: 20.980988
Receiver: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US
Receiver Balance: 4,668,133,063.993
Link: https://t.co/KenPZEeBZl— XRPL Monitor (@XRPL_Monitor) August 28, 2018
The high scalability and the low transaction cost of that magnitude of transaction speak volume of Ripple.
Ripple through its proof of correctness gives high scalability to transactions, and it also has fee escalation, a built-in system that regulates the cost of transactions which makes it suitable for everyday payment.
The Speculations On The Transactions
Although these transactions as shared with the community is worthy of commendation, the subject also sparked divers thoughts from various people from community members. This they attributed to the sum of the operation which is the 6.7% of the ripple supply.
A member of the Ripple community noted that,
“Could be nothing, could be beginning of something, could be exchanged moving money around…. but around 6.8billion XRP just moved on the ledger in the last 30 minutes. Thoughts as to who/what/why? Pure speculative of course but speculation can be fun on occasion.”
A member of the community also noted that
“The second transaction again the source rHYTJDFrbCU1i2yCENTg9yjUrHHGaYTB4D is likely a founder as it has been mentioned before years ago as part of the block of addresses in control of either the founders or Ripple. Probably it’s Chris again? No idea about the destination r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPaX5. Both destination addresses sat pretty much unused since they were activated on Dec 1st 2017.”
The Speculation
The exact identity of the parties involved in the transactions is not known, because of the anonymity feature of cryptocurrencies.
Regardless of the identity of owners of the wallet addresses involved, this occurrence has shown the power of Ripple network over others.
