After several weeks of Fee voting, the XRP Ledger has finally lowered the Account Base reserve to 10 XRP and Owner reserve to 2 XRP.
Source: XRPScan
Opening Account on XRP Ledger is now two times cheaper
So, the minimum reserve requirement, which is necessary for opening a new account on the XRP Ledger, has been lowered to 10 XRP after several weeks of voting.
Besides, for the reserve requirement of each address for all objects, such as payments channels, checks, trust lines, etc., XRP Ledger added 2 XRP.
Basically, to combat spam and other malicious attacks, the protocol requires holding a certain number of tokens to open new accounts on the ledger. Reserve requirements can be changed if there is consensus among the network’s trusted validators. Such adjustments are needed when the XRP price increases significantly.
The team also recommends that “If your favorite XRPL tool still shows 20 XRP/5 XRP reserves, please allow them some time to make changes where necessary. Also, note that it is possible for the reserves to roll back to 20XRP/5XRP if any validator(s) change their mind.”
At the end of April this year, Ripple CTO David Schwartz also voiced his support for the reduction of XRP Ledger reserves.
Source: David Schwartz
While a successfully passed amendment makes it twice as cheap to open a new account, not having enough requests can also increase the likelihood of a denial of service attack.
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