XRP Classic has informed the community of the swap process as it prepares to switch to its own blockchain.
XRP Classic is happy to announce the latest update before moving to its own blockchain network. The project is fully transitioning to the XRP Ledger network! In a very short time, the platform will be fully operational on the XRP Ledger network. They stated that they would announce how they would perform the swap process shortly after completing the integration process between them and the Centralized Exchanges (CEXs).
How XRP Classic will Handle the Process
Evan James said, “We will complete transactions through CEXs that we list because it is safer and easier for our valued community, so we will be protected from SCAM swap websites that are commonly encountered in such swap transactions. We will complete the swapping process entirely through CEX to maximize the security level.”
Why XRP Ledger Network?
In the last quarter before switching to their own network, they will move to the XRP Ledger network due to the fact that transfer fees are lower and for reliability, and the main benefit here will be to fully implement ReFi logic on the Blockchain. This will renew confidence all over the world as they complete a lot of CEX listings and, in the process, complete their Blockchain.
Will the XRP Reward Continue?
The distribution of Xrp rewards will not continue. A 5% “Reflections” tax was imposed on taxes to distribute XRP rewards. They stated that if they reset this rate, they would bring the tax rate to the lowest level. However, current taxes and charges on CEXs will continue.
When will they switch to their own Blockchain?
The XRP Ledger network is almost ready, with new roadmaps up to date on the website. Users can learn about the entire process by reviewing the new roadmap.
In summary, in the third quarter of 2023, XRP Classic will have definitely switched to its own eco-friendly blockchains. The success and progress of the team is commendable.
Evan James added, “We thank you all for your trust in the whole process.”
Why they didn’t switch directly to their own Blockchain
The team is keen on avoiding any security vulnerabilities in its blockchain software; hence, it needed time to do thorough software tests. This achievement will renew the confidence of the community and help the project achieve higher market relevance, as well as contribute to the development of the XRP Ledger network, invite the world to be environmentally friendly, and at the same time, uphold their credibility in the cryptocurrency market.
Where will trade continue after the network change?
Firstly, the XRP Ledger, and then they will switch to their own networks, so they will continue from CEXs after a while, so they are in contact with all other CEXs. They proudly stated that they aimed to successfully complete most of the top 30 CEX in the first place.
They stated that blockchain networks need to go through a detailed software process to make them work faster and more stable than most blockchains on the market and with very low commission fees. At the same time, they collaborate a lot behind the scenes.
Xrp Classic Team sincerely thanks all its investors who trust in this process and reminds users that they are ushering in a new era of environmental friendliness!
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.