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The XRP FUD private ledger broke out after news about the transfer of money from Mexico to the United States took place a few days ago. The people who tried to find the transaction on the XRP register failed to do so and were convinced that there was indeed a private ledger for xRapid transactions via XRP.
As for the company, they carried out a transaction valued at £ 3,521.67, ie 86,633.00 from the United Kingdom in Mexico. The company also said it had saved 79.17 pounds and 31 hours on this transaction.
@MarkCryptos and @ XRP_Mahn1 both asked a similar question to Ripple's CTO, David Schwartz if this were indeed true in separate tweets.
@ XRP_Mahn1 asked:
"@JoelKatz Some people seem to think that there is a ledger and a hidden ledger (one retail, one institutional) that will eventually be united, which in my opinion seems ridiculous since the protocol rules state that a state is valid and it is immutable. "
David Schwartz replied:
"It's hard to imagine how such a fusion would be.It should be following the rules of the public ledger.It's a little fun, I was thinking today just how nice it would be if I could run the XRPL software in a private accounting mode and then bridge …
to the public ledger. For example, you might have a resource issued on both master books that is filled by the validators of the private ledger that multisign txns for the public ledger. Actually it's a great case for cutting taxes and proportions of the txn. "
The conversation on the Twitter thread continued and a user asked if there is a possibility of a private ledger that could be set up between organizations for transactions via xRapid
Schwartz went on to say that the XRP register is public and is the "authoritative evidence" that a person holds XRP. He went on to say that there were ways in which a person / organization could use the real XRP on a private ledger, but would require that person / organization actually purchase XRP to make the bridge.
David Schwartz further stated:
"This gives you two interesting use cases: 1) No XRP for cases where the cost of XRP is a factor.You need / use XRP only when you need to interact with the public ledger 2) XRP completely connected, for cases where liquidity and connectivity are desired and no small costs are involved. "
In addition, Schwartz said that none of these was yet built and, even if it were to be done, it would not be difficult. Furthermore, he said that if such a thing were to happen, it would be questioned whether the system was centralized. He continued that he liked the idea of the federation's ledgers.
David Schwartz concluded by saying:
"If you were creating such a walled garden, why use a cryptography or blockchain? It seems like recreating the private account balances – what everyone has already done."
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