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XRP: Important Warning Issued to Community in Wake of This Development

Mon, 08/28/2023 - 16:20
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Tomiwabold Olajide
Big announcement made about Xahau, smart contract sidechain for XRPL ecosystem
XRP: Important Warning Issued to Community in Wake of This Development
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As the Xahau whitepaper is out, an important warning has been issued to the XRP community.

On Aug. 28, the whitepaper for Xahau, the smart contract sidechain for the XRPL ecosystem, was published. XRP Labs announced its involvement in the launch, publishing the Xahau whitepaper alongside GateHub, Alloy Networks, EvernodeXRPL and others.

Given the enormous potential and prospects afforded, the announcement was no doubt met with excitement. Given the novelty of the innovation, the XRP community received a warning on how to stay safe and not fall prey to scammers.

XRP Forensics, an X account dedicated to preventing and countering financial crime on XRPL, has alerted the XRP community to a potential wave of scams that might arise as a result of the Xahau announcement.

The XRP community is reminded that Xahau is not live yet as only a whitepaper has been released. Also, there are no Xahau airdrops, nor are there any giveaways. There is also neither a trust line nor an IOU. XRP holders are warned not to share their keys with anyone. 

Evernode issues critical warning

In a tweet, Evernode, a Layer 2 protocol that seeks to bring smart contracts to the XRP Ledger via Hooks, explained more about Xahau.

The Xahau Ledger is the proposed Hooks sidechain and represents the smart contract sidechain for the XRPL ecosystem. The Xahau token is called XRP+, which has its own tokenomics.

When an XRPL account is cloned on Xahau, the account is subsequently credited with 2 XRP+, which covers the account reserve of 1 XRP+ and 5 ledger objects (0.2 XRP+ each).

Evernode emphasizes that there is no need for users to move or burn any XRP from their XRPL account to clone their XRP account and set up a trust line for the Evers airdrop.

It warns that anybody asking them to move their XRP, share keys, join a Telegram or Discord channel or ask for direct messaging on the X platform is a scammer attempting to steal tokens.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.