Blockchain analysis company Coin Metrics has found discrepancies in blockchain payments network Ripple's escrow system reporting, according to a May 16 report.
Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, investigated Ripple and discovered what it said were contradictions that required an explanation.
"Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger," the report summarized.
"Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP.The"escrow queue" is implemented differently than announced, leading to a faster future release of escrowed funds compared to the announced schedule.
Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account".
According to Coin Metrics, Ripple did not respond to repeated requests for clarification of researchers' concerns.
As Cointelegraph reported, the company has previously attracted criticism from commentators over the past year: in February, a separate report from trading platform BitMEX accused the company of being overly centralized.
"Compared to traditional assets and currencies, most crypto currencies' supplies and behaviours can be audited to a much greater degree of precision," Coin Metrics concluded.
XRP has had a successful month in May, after American cryptocurrency exchange Coinbase released trading to New York residents and Germany's second-largest stock exchange debuted an XRP and litecoin exchange-traded note.
Coin Metrics Report Highlights Discrepancies in Ripple's Escrow System Reporting
gepubliceerd op May 17, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.