Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
BitGo and Bitso are two new additions to RippleNet. Ripple has released information about its current XRP holdings, as well as the list of large companies (like Microsoft) that help Ripple grow.
Per the Ripple stats, Microsoft Corporation (NASDAQ: MSFT) is the leading company working on its blockchain and processing the transactions. XRP has entered a turbulence zone recently, with the token price rushing up to $0.29 two days ago. At the moment of writing, its price is $0.28.
They are facilitating a very robust node system, but a list of ventures joined the game. Just like the U.S.-based enterprise BitGo, or its Mexican alternative – Bitso. These two companies are the newbies among other big-sized Ripple supporters. Per the Ripple staff, BitGo is a longtime validator within their network, as well as CGI, Berkeley Haas, GateHub, WordLink, Bahnhof and Flagship.
The names are more than famous, which makes Ripple’s network somewhat strong in front of attacks. Among top network validating nodes, Ripple controls only 17% of them, and the company plans to leave supporting the network and deciding on who will be the trusted validator.
Ripple’s Accounting Available via Report
The key statistics regarding Ripple’s performance show 49,700,000,013 XRP is in the secured escrow, which equals $13.8 billion. The accounts where Ripple holds the escrow are cryptographically safe, intended to foster the adoption via monthly token releases. At the end of 2017, Ripple did put 55,000,000,000 of XRP into such an escrow account to sell them off later.
Every month, the system automatically releases 1 billion XRP tokens and the company dumps them onto the market. Despite such a ‘dangerous’ anti-inflation policy, Ripple’s token doesn’t experience major price fluctuations after such operations.
Ripple was selling their token during the years to ensure sufficient decentralization of ownership:
“Since 2012, Ripple has methodically sold XRP and used it to incentivize market maker activity to increase XRP liquidity and strengthen the overall health of XRP markets… By securing the lion’s share of XRP, people can mathematically verify the maximum supply of XRP that can enter the market”
According to such logic, if you want to control more within the network and make sure that the tokens operate, try them out by yourself. During Q4 2019, Ripple had sold XRP tokens equaling $13,8 million, with institutions as the primary investors.
Notable fact: they weren’t selling the tokens off from regular crypto exchanges. Those have support for XRP and would gladly accept the offer. But Ripple seems to differentiate between their clean coins and the ones that may have been used in illegal activity.
Companies Like Ripple, Bitgo, Bitso Don’t Like Crooks
The company presents a fresh new website for anti-scammer initiative! Dedicate yourself to searching and exposing the naughty players of this industry who illegally use XRP. The Ripple’s investigators will receive and check the user’s requests. You can share intel on unusual activity, giveaway scams, shady exchange services, phishing and so on.
Users who submit tickets should be aware that the company may send the case details to the U.S. lawmakers:
“Information submitted via this form may be used or disclosed by Ripple in connection with evaluating or investigating your report. Additionally, Ripple may provide information from this report to federal, state, local, or international law enforcement or regulatory agencies for possible investigation.”
The company says that it could provide investigative services, but won’t reverse XRP transactions:
“Ledger and the users of the XRP Ledger are not customers of Ripple, therefore, Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).”
There is a special web-page, where anyone can submit the request. By enabling such an unusual service, Ripple shows that their dedication and transparency are of the highest caliber. Because if someone from their company will try to scam users or the company, such an investigative bureau will lead Brad Garlinghouse directly to the scammer. Ripple will act very quickly, using the wisdom of crowds.