Ripple Checks Amendment in Voting, Nears Majority
Summary
- Ripple Checks Amendment is in voting and is near the needed 80% majority.
- If enabled, users will be able to send deferred payments that operate similarly to traditional checks.
The Checks Amendment is currently in voting with 75% consensus, 5% from the majority needed to pass the amendment. The amendment was originally released in February 2018 with the Ripple v0.90.0 release but never reached majority consensus. However, the amendment is now just 5%, or one vote short from achieving a majority.
Ripple’s amendment voting system ensures decentralization by allowing multiple validators to vote on fundamental blockchain changes. The recently enabled DeletableAccounts Amendment now allows Ripple users to recover 75% of the 20 XRP activation reserve. At the peak of XRP’s bull run, this would’ve been worth over $75.
How Checks Will Work
If enabled, the Checks Amendment will allow users to send XRP checks, similar to traditional checks. This will bolster XRP’s use case as a digital currency that can be transacted in everyday life.
XRP checks will function similarly to traditional checks, allowing users to create checks holding a certain amount of XRP. The reception can then cash in the check, and the corresponding XRP will leave the issuer’s account. Furthermore, checks on the XRP blockchain will be transparent, essential in complying with financial regulations.
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