The greatest setback to how tech works is to have myths surrounding it that hinder its process. This holds true even for XRP Ledger (XRPL). You encounter on a daily basis a lot of misapprehensions related to XRPL like it is a centralized system, that there are hidden costs or fees associated with it, and that only financial institutes like banks can only access it, that it’s not scalable and secure, are to name a few.
These things often leave you confused especially if you are a software developer or someone who has a zeal to understand the functionalities of the network and you seek a single source of truth. Hence here are the top three myths associated with XRPL debunked. But before that let us understand what is XRP Ledger.
What is XRP Ledger?
It’s a public blockchain, which is decentralized and is managed by a global developer community that includes a varied set of software engineers, software operators, users, and even businesses. XRP Ledger is open to all. It provides powerful and a strong open-source foundation for implementing some demanding projects by the software developers.
Myth 1: XRPL Is Often Regarded Centralized:
This is the most widespread myth associated with XRPL. It is popularly claimed that XRP Ledger is built with centralized blockchain technology, if this is true then this would mean that there is a single authority that practically governs the entire network, controls any updates made to the ledger, and there exists only a single control point, which also indicates that the entire system is highly vulnerable to the hackers, making it easy for them to enter the system.
Truth: On the contrary to the above myth, XRP provides compelling utility to developers on a public, decentralized blockchain. So in short, XRPL is decentralized. There is no single entity that controls the validation; rather it happens with the common agreement process between several participants that manage a wide range of independent nodes. So for example a participant can propose adjustments to the XRPL, it gets only approved when a minimum of 80% of the validating community approves it for at least 2 consecutive weeks. Be mindful that Ripple is one of the contributors to this enormous network, and indicatively manages 5% of the total nodes on the XRPL. This should give you a strong base to buy Ripple in India.
Myth 2: XRPL Has Hidden Fees That Can be Reversed:
A lot is being said and done about transaction costs and fees being reversed, and even being rewarded to the validators.
Truth: Similar to other public blockchains, transaction fees are most certainly applied on the XRPL, but unlike some blockchains, these fees or costs are not reversed to any central authority, and neither are they paid to any third party or the validators as rewards. The transactional fees during the in-step are used to make the network safe from malicious attacks, or even spam. Not to forget that XRP transactions on the Ledger are settled in only about 3-5 seconds, making it the fastest and hassle-free when compared to other blockchains that take over 10 minutes, or even the banks that may take up to a few days to transfer the funds to some other bank. You can easily convert the cryptocurrency into your desired fiat currency like XRP to INR, you can use the crypto conversion calculator to buy or sell cryptocurrency.
Myth 3: Single Authority Can Add New XRP to Ledger:
This is concurrent with the first myth that is busted. It is believed that there is a single authority that regulates the system and can make changes to the code so that people can create a new XRP.
Truth: This is definitely incorrect if you ask why? Then let us remind you that any changes or adjustment requests have to go through the consensus protocol so there is no single authority that has the complete power to accept any change request. Factually 100 billion XRP were created at the time of its inception, and since then no further addition of XRP has been done to the system.
It is a notion that blockchains can’t be scalable and secure, breaking this myth XRP Ledger is one among the few blockchains that boast of being highly secure owing to the consensus protocol, scalable because it can support a maximum of fifteen hundred transactions every second, and decentralized as it is not managed by a single authority, but by a set of diverse participants.
Hope the above unraveling facts provide you with enough clarity about XRP Ledger. After all, developers for their projects need to use one of the best blockchains to get the best results.