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XRPL Labs Head Joins Ripple CTO in Voting for XRPL Reserves Reduction, Here's Why

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Thu, 04/29/2021 - 10:29
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Vladislav Sopov
Wietse Wind of XRPL Labs agreed with Ripple Labs CTO David Schwartz on a crucial amendment to XRPL protocol
XRPL Labs Head Joins Ripple CTO in Voting for XRPL Reserves Reduction, Here's Why
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Wietse Wind, lead developer of XRPL Labs team tasked with building XRP Ledger instruments, shared his opinion on "XRPL reserves" reduction.

XRPL account reserve threshold might be reduced to 10 XRP

Mr. Wind announced that he supports the position of Ripple chief technology officer David Schwartz on the necessity of reducing the "XRPL reserves."

XRPL Labs supports fees reduction
Image via Twitter

"XRPL reserves" should be referred to as the minimum amount of XRP stored by an XRPL account to perform some actions on the blockchain. Namely, the "account reserve" is "the smallest amount that can be sent to fund a new account in the ledger," i.e., the minimum transactional value on XRPL.

While today it is equal to 20 XRP ($28 by press time), the validator run by Mr. Wind votes for this number to reduce to 10 XRP ($14).

Also, an "owner reserve" that should be held additionally for each object that this or that XRPL account stores, it needs to be reduced from five to two XRP, Mr. Wind claims.

With too low reserves, XRPL network is exposed to DDoS attacks

Also, voting might reconsider the "reference fee" or the amount of XRP tokens destroyed for the authorization of reference transaction, the cheapest transfer in XRP Ledger.

The XRPL.org portal of XRP Ledger stresses that if the validators approve too low thresholds for these indicators, this may expose XRP Ledger to "denial-of-service" attacks. With negligible minimum holdings, it would be much easier to initiate "dust" transactions.

The maximum levels of three parameters are predetermined by XRPL protocol internal data types.

Mr. Wind added that Alloy Networks, an influential XRP Ledger validator, also supports the reduction of the mentioned parameters.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)