Ripple’s XRP Allows Users to Terminate Their Wallets on the Network

Ripple Allows Users to Delete Their Wallets on XRP Network

Ripple announced that XRP users can now delete their wallets on the XRP network if they wish. This update is applied after the majority of the community voted in favour of such change.

“After maintaining an 80% consensus during the mandatory 15-day voting period, the XRPL Deletable Accounts Amendment became enabled on May 8, 2020 at 4:29:30 UTC, through the ledger 55,313,921,” former XRP Center manager, Arturo Portilla, said in a tweet.

XRP Users Can Delete Accounts on the Ledger

XRP running on a distributed ledger runs on Ripple. “An XRP Ledger account represents both an XRP holder and a transaction sender,” XRPL.org notes.

The blog XRPL announced the upcoming feature in a post. “However, only the account owner can delete it, as you must send a transaction from the account to be deleted,” the post explained.

Termination of a wallet means the account no longer exists on XRP’s current ledger, although the unchanging history of the ledger will still show the past activity of the wallet, the post said. However, sending 20 XRP or more to an old wallet rekindles the dead account. Anyone can do this, but the private keys to the wallet are still needed to manage the wallet.

The update is now in play, yielding the termination of the first account as is evident in Portilla’s tweets. Deleting an account also allows owners to regain XRP stuck in old accounts because each wallet requires a minimum balance of 20 XRP, detailed in the XRP post.

“For the first time in history, an XRPL account has been deleted,” he said tweet. Portilla added, “20 reserved XRP were released, 15 XRP were recovered and 5 XRP were burned as the transaction fee (as expected).”

As for the update, Portilla said, XRP users now have two wallet options, “deletable accounts” and “non-deletable accounts.” He also specified that accounts engulfed in certain functions, such as for example escrows, fall under the category of non-deletable wallets.

The XRP update also included other details, such as alterations to the XRP Ledger number.

Although Ripple and XRP continue to wage forward, in terms of securities law violations the coin is not yet out of the woods. This week, Ripple faced yet another lawsuit alleging that XRP is an unregistered security.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.