Blockchain ‘networks’ are built to always be improved. It’s an essential part of running a cryptocurrency project. Networks need space to grow and they need to be able to be built upon. Ripple have very recently flourished in some of the fruits of their own labour very recently, as it is becoming seemingly more apparent just how powerful the Ripple network is, in ensuring that XRP transactions can be made at super high volumes, with very low fees, in record breaking time.
This is the end goal of any financial transaction application – the facility to transfer huge amounts of money at a low cost, very quickly. Ripple are on the way to achieving this.
According to ZyCrypto, recently two huge XRP transactions took place that saw $760 million and 4.6 billion XRP (at a value of around $1.6 billion) transacted on the network within a matter of seconds. The transactions have been recorded as follows:
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
and
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
In these instances, the costs for each transaction amounted to around 0.000012 XRP, which at the time of writing equates to around $0.33.
Cheap, in other words.
These two transactions alone are evidence of the full capacity of Ripple’s technology. This is an example of ultra high scalability, within a fair transaction fee. Fees are low because the network can handle these transactions with ease, and is able to process them very quickly too.
According to ZyCrypto, a few members of the Ripple community have spoken out about these transactions specifically:
“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.”
“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.”
So, we don’t actually know why these transactions have taken place, but really for the purpose of examining the performance of Ripple’s network, does it really matter? Of course, this is an awful lot of money to move around, therefore there has to be some underlying justifications, however, what this has done, is its demonstrated the networks ability to handle demanding transactions.
As we mentioned at the start, progression through development is so important. Ripple get a lot of bad press, as does XRP, this though, shows us a different side to the XRP project, one that promises us all a very promising future.
