As a researcher with a background in blockchain technology and finance, I find SBI Holdings’ decision to become a validator for Ripple’s XRP Ledger (XRPL) an intriguing development. Given the company’s extensive history of utilizing XRP Ledger through Ripple Payments, this expansion of their relationship with Ripple is a logical next step.
Japanese financial powerhouse SBI Holdings will assume the validator role for Ripple‘s primary blockchain network, XRP Ledger (XRPL), starting from May 10, 2024. According to an announcement made on Friday, its crypto subsidiary, SBI VC Trade, will operate as a node for the protocol to foster the ecosystem’s expansion.
The Japanese financial behemoth, known for its extensive use of Ripple Payments and the XRP Ledger, a global blockchain payment system, has deepened its ties with Ripple by joining as an operator of the XRP Ledger through SBI VC Trade. This move extends SBI Holdings’ long-standing partnership with Ripple in utilizing their technology for financial transactions.
Empowering the Ecosystem
SBI VC Trade intends to interact directly with the XRP Ledger, enhancing transactional ease for its users and promoting network expansion by serving as a validator.
“SBI VC Trade announced that our company is now functioning as a validator for the XRP Ledger this time around. By doing so, we aim to create an operational system responsive to XRP holders’ perspectives, enabling us to manage XRP transactions more effectively and directly using the XRP Ledger.”
The company intends to not only become a validator in the protocol but also strive for inclusion in the esteemed Unique Node List (UNL). This list plays a crucial role in maintaining the network’s security, and entry is based on the company’s merit as an operator.
In the XRP Ledger, the community acknowledges and respects the role of UNL validators as reliable node managers, ensuring the security of the network against deceitful actions. With over 200 validators present in the network, a select number are chosen by the participants to be included in this esteemed group through voting processes.
As a crypto investor, I can tell you that the lists of UNL (Unified Node List) operators, curated by Ripple, Coil, and XRP Ledger Foundation, reflect the most significant contributors to the network in terms of their commitments, performance, identities, and unwavering dedication to upholding the integrity of the XRP ledger. These trusted nodes are vouched for by the foundation, ensuring they remain free from any involvement or collusion in fraudulent activities.
Championing XRP in Japan
Should our company be chosen as a UNL (Unvalidated Transaction Ledger) operator, we aim to significantly impact the expansion and progression of the XRP community in Japan. Upon gaining entry into the UNL, we will acquire the privilege to take part in decision-making processes through voting on proposed upgrades and innovative features for the network.
SBI also intends to advocate for the interests of XRP owners in Japan. Notably, XRP is the indigenous digital asset of the robustly-supported Layer 1 blockchain network spearheaded by Ripple.
SBI VC Trade, on behalf of the company, pledges to keep XRP holders in the country well-informed about any updates or novel features being introduced to the network. Through disseminating knowledge and relevant information, SBI VC Trade aspires to equip users with the necessary tools for making wise decisions that contribute positively to the ecosystem.
The crypto company plans to endorse any proposed changes that receive approval from stakeholders. They collect feedback via surveys and polls prior to reaching a decision.
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2024-05-10 12:36