Representatives of the company Rippleserving as a major supplier on the world market of financial solutions, announced the closing of operations in one of the escrow accounts the sum of 55 billion coins XRP. The main purpose of the transaction was to reduce the number of tokens in free circulation. Relevant news appeared on the pages of social networking.
Representatives of the Ripple for the first time announced the desire to reduce the offers on the market to influence the value of the cryptocurrency in may of this year. Thus, the closing of the transaction took about six months.
Project representatives noted that by limiting the number of coins in circulation was planned to stabilize the ecosystem of Ripple, and to demonstrate to investors that they may not fear the emergence of huge number of excess coins in circulation.
Representatives of the Ripple noted that the actions taken are aimed at demonstrating the stability and high level of liquidity of XRP. The company noted that to date, cryptocurrency is the only existing solutions that provide investors a detailed application scenario of the tool for solving industry problems in the market, having a capacity of several trillion dollars.
How does it work?
The scheme is built using smart contacts and suggests the following procedure. On escrow account to the Deposit made to the amount indicated in the digital money. The program is configured so that when it reaches certain parameters set by developers, the market produces one billion coins, with an additional infusion is carried out with an intensity no more than once per month.
Stillway, in total the procedure of withdrawal of funds from the escrow account will stretch from developers for four and a half years, and will return the money in circulation without a sharp increase in load.
What you should also know?
Recall that the company Ripple last year initiated the formation of an international financial group, intended for implementation of interbank payments on the basis of technologies of the distributed registry. Among those who joined the financial enterprises are such large banks as Bank of America, UniCredit and other representatives of the market.
It should be noted that a distributed network Ripple in the recent time is gaining popularity. In the number of participants included an increasing number of large companies. The last of them was American Express. Against this background, the representatives of the company aim to provide participants the best conditions of work and guarantee reliability and safety.
In the past month to the system of international payments Corporation joined Standard Chartered, one of the largest Indian credit institutions Axis Bank, and Arab RAKBANK. Consider the possibility of joining the project and other major participants of currency-financial relations.
Main advantages of the proposed Ripple is a distributed network is called a high degree of payment security, speed of transfer and minimum cost of participants when carrying out payment transactions.