Ripple Executive announced that company is working with Central Banks to develop digital assets.
Ripple makes private blockchain for building central bank digital assets. The company is piloting a private version of the public open-source xrp ledger that provides Central Banks secure, controlled and flexible solution for issuing and managing of digital currencies.
The public Xrp ledger is an open source, and transactions can be seen, while transactions cannot be seen on the new private version of the Xrp ledger.
The Central Bank Digital Currency (CBDC) private ledger is based on the same blockchain technology as Xrp ledger (XRPL), which means the central bank digital currency private ledger is also built primarily for payment.
The CBDC private ledger is designed for issuing currencies, with more than 5,400 currencies issued on the Xrp ledger (XRPL) for over eight years, including its native digital currency XRP, which can be used as a neutral bridge asset for moving value between CBDCs and other currencies.
Moving money on the private ledger will be cost effective, reliable and fast. The CBDC private ledger will handle tens of thousands of transactions per second, and transactions on the CBDC private ledger are proved by same accord rules used by the Xrp ledger, which is far less energy intensive, less expensive and it is sixty one thousand times efficient than public blockchains that use proof of work.
The private ledger is also supported by RippleNet technologies and the interledger suite of rules to allow ultra-high throughput use cases, such as micro- payment.
This is huge breakthrough for Ripple and Xrp traders. Despite the ongoing U.S lawsuit, Ripple is still making progress and getting support from institutions.
If you are a crypto trader and you held your Xrp throughout the bearish period without thinking of selling off, then consider yourself lucky, because this is just the beginning of their success story. Congratulations to all the diamond hands.