- Ripple has announced a new update known as the ‘Checks Amendment’ today.
- The concept of ‘Checks’ in the XRP ledger is quite similar to how the checks work on personal paper checks.
- XRP ledger checks also have an expiration date.
Ripple has always been dedicated to improving its XRP Ledger since its launch. It has announced a new update known as the ‘Checks Amendment’ today.
The XRP ledger is a decentralised cryptocurrency ledger. A P2P network powers it. Ripple is the main contributor to the ledger and looks over the development and advances of the ledger. One of the major advantages that sets the XRP ledger apart from any other digital assets network is that it has a full currency exchange. This means that within the system itself, customers can issue different currencies, and those customers can easily trade those issued currencies for Ripple XRP.
Ripple Introduces Checks
The concept of ‘Checks’ in the XRP ledger is quite similar to how the checks work on personal paper checks. The Checks that are issued by the Banks enable people to transfer their balance without actually involving cash, physically. Similarly, XRP Checks allow the users to transfer money using a method to which people are used to and are familiar.
To create a specific maximum amount and recipient, the sender needs to sign a transaction. The recipient can now use the Check to obtain cash up to the specified amount. The actual movement of the money only occurs when the Check utilized to cash out. Hence, subject to the sender’s current account balance and the liquidity, the Check may even fail. However, also if any such cases happen, the Check object is stored in the ledger.
ledger checks also have an expiration date. It means, if the recipient does not use the Check during a certain period, then the Check remains in the XRP ledger until someone cancels it. Both the sender and the receiver are allowed to cancel the Check if it expires. The XRP ledger Checks solves a problem indeed. It enables users to reject any unwanted payments or only to accept a portion of the payment.
The additional Check feature may come into the greater interest of the ripple users and will widely enable them to find new and creative uses of the Checks.