25 million XRP has been moved by Ripple, while its co-founder keeps cashing out bits of his XRP riches

According to XRPL Monitor, Ripple transferred 25 million XRP; Meanwhile, Ripple co-founder Jed McCaleb (he was no longer a member of the Ripple group) is moving bits of the XRP he received from Ripple to convert them into fiat. Two transactions, 5.1 mln XRP each, have been detected from his tacostand digital wallet.

Ripple transfers 25 million XRP and Jed McCaleb goes on to sell another 10 million XRP

At the same time, XRPL Monitor uncovered two significant XRP stores being moved by the decacorn Ripple blockchain from its wallet: in the amount of 10 million and 15 million. The total amount of Ripple has deposited $ 6,971,591. A portion of this total – 10 million XRP – has been sent to a wallet belonging to the significant crypto custody service BitGo, which works with financial institutions.

The decacorn blockchain has more than 300 clients among major banks and other financial firms, and they get from Ripple a specific amount of XRP as part of their agreement.

In an interview last year, CEO Brad Garlinghouse assured the community that Ripple customers face restrictions on withdrawing the XRP cash they receive.

The second transaction, carrying 15 million XRP, made from the Ripple wallet to an anonymous address, was also activated by Ripple.

McCaleb is the co-founder of Ripple and a former CTO who left the company in 2013 to try his ideas – which was rejected by Ripple’s board – and eventually founded Stellar Lumens. Stellar Lumens owns XLM tokens and pursues very similar goals to Ripple: in particular improving payment systems for banks and financial institutions.

As part of the settlement agreement, Ripple regularly sends parts of XRP to McCaleb, and he cashes it out at any time by depositing money from his wallet “tacostand,” rEhKZcz5Ndjm9BzZmmKrtvhXPnSWByssDv, to the address rLkMJhSZYrummYQhVPV1

On August 11, McCaleb transferred 5 million XRP from “tacostand”; Today, another 5 million XRP has followed it.

Overall, according to Ripple’s current CTO David Schwartz, McCaleb’s compensation would bring him over $ 1 billion when the settlement expires.

Former CTO Stefan Thomas wanted to implement smart contracts, but it didn’t work out

In a recent episode of BlockStars hosted by Ripple CTO David Schwartz, Coli CEO and BitcoinJS creator Stefan Thomas discussed why XRP Ledger doesn’t support smart contracts.

Thomas recalled that there was a working prototype based on Google’s Native Client, but they ran into some security and usability issues.

One of the problems is that the code can still have undefined results. Decisive is at the core of XRP utility as a means of payment.

Choosing the programming language for writing smart contracts has also proven to be a challenge:

“We wanted people to write smart contracts in languages ​​that they are familiar with.”

Therefore, they have chosen not to introduce a more complex trading system by integrating smart contracts into the XRP Ledger.

“That seemed like a much better way to go about it.”

25-million-xrp-has-been-moved-by-ripple

Since 2013, he has been working on Codius, an open-source platform for hosting smart contracts. Thomas, who grew up working as a website, initially started freelancing, but finding a viable payment solution without overcharging becomes quite a challenge.

He then created BitcoinJS, a JavaScript implementation of the Bitcoin blockchain. While he claims that Satoshi doesn’t think Bitcoin will usher in the mainstream in its initial iteration, he then focuses on making it possible.

He worked for Kraken CEO Jesse Powell before meeting former Ripple CEO Chris Larsen, Schwartz, and the rest of the Open Coin team (the company was later renamed Ripple Labs).

Start the XRP Ledger from scratch, which includes multi-asset support among many other unique features that have recently been described by Schwarz.

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