Ripple Testing Private Version of XRP Ledger To Power Central Bank Digital Currencies

Published by andrewpbreen@gmail.com on

Ripple is piloting a private version of the XRP Ledger that’s designed to provide central banks a solution for powering digital currencies.

The project, called the Central Bank Digital Currency (CBDC) Private Ledger, will utilize the same blockchain technology as the XRP Ledger, giving it the ability to handle tens of thousands of transactions per second (TPS), as well as “the potential to scale to hundreds of thousands TPSs over time,” according to a new announcement from Ripple.

The San Francisco-based payment company notes that 80% of central banks are investigating the potential of sovereign-backed cryptocurrencies.

The CBDC Private Ledger offers banks the necessary transaction privacy, security and interoperability with the legacy financial system to further explore that option, according to Ripple.

David Schwartz, Ripple’s chief technology officer and one of the original architects of the XRP Ledger, says the new CBDC Private Ledger gives central banks more privacy, security and proficiency in their transactions.

“The XRPL has been running smoothly for 8+ years w/ billions of $ at stake.

The CBDC Private Ledger ensures transaction privacy and security controls combined w/ the reliability and payments proficiency of the XRPL – the best of both worlds.”

Ripple also notes the XRP Ledger uses less energy, is less expensive and is “61,000 times more efficient than public blockchains that leverage proof-of-work.”

The CBDC Private Ledger will use the same consensus protocol as XRPL to verify transactions.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Follow us on Twitter, Facebook and Telegram


Check Latest News Headlines

.dh_responsive {
padding: 0px 20px 0px 20px;
}
@media (max-width: 980px) {
.dh_responsive {
padding: 0px;
}
}

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1597129173244-0’); });



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Harry Costello

The post Ripple Testing Private Version of XRP Ledger To Power Central Bank Digital Currencies appeared first on The Daily Hodl.

Categories: Uncategorized