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Ripple is looking into converting the XRP cryptocurrency into a privacy currency

Posted on November 5, 2022 by admin

Ripple is looking into converting the XRP cryptocurrency into a privacy currency

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Answer Ripple is looking into converting the XRP cryptocurrency into a privacy currency

in article Ripple recently published that the Ripple network is ready to convert XRP digital currency into a privacy currency.

As Stephanie Ross, an assistant professor at Delft University of Technology, revealed the reasons why Ripple believes there are holes in current blockchain models, so Ripple aims to integrate the anonymity features into Ripple’s Ledger as a solution to this shortfall.

Ross added that people see Bitcoin as insufficient for anonymity as there is a possibility to track people through their data and link it to the data of the Bitcoin blockchain, so tracking people can be achieved if the details provided can be linked to a personal profile.

Read:Mike Novogratz Still Buys Bitcoin Considering It Digital Gold!

The Ripple blog stated that Ripple recognized the need for anonymity and data protection and began directing efforts to integrate anonymizing features into Ripple’s Ledger.

The need for data protection has increased rapidly in recent times as companies around the world have warned against revealing sensitive data when performing transactions on the blockchain.

Companies feel that the private blockchain has a limited solution for the future based on the fact that the system can only be used by a small number of users.

While the public blockchain is the future solution because it provides enough functionality for anonymity.

So Ripple wants to propose its own solutions by funding Ross and fellow researchers under the Ripple Blockchain Research initiative to conduct in-depth research into anonymity via the Ripple Ledger.

Ross and her team will work to eliminate existing bugs in large projects of a complex blockchain model while integrating anonymity across the Ripple Ledger.

Aside from the financial assistance coming from the Ripple initiative, members of the research team will also be given direct access to Ripple executives, as a way of exposing them to valuable experiences in the blockchain industry.

Read:Nasdaq and Fidelity Invest in Cryptocurrency Exchange

It is important to note that the Ripple network has long supported the training of future professionals and through this research is expanding this initiative further.

As a reminder, Nick Bogales, a C++ software engineer, announced the publication of a newly proposed feature called “Blinded Tags” on the Ripple Ledger to enhance the privacy of the blockchain.

Read also:

Ripple plans to enter DeFi in this way

Why didn’t XRP rise? A tour around the numbers and data of Ripple


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