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Time to lower the XRP reserve


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Why exactly was this deemed necessary? Is this something people have been asking for for a while now or?

Genuinely curious. I thought the 20 to activate a wallet and keep it locked up served a purpose. 

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1 hour ago, Neurotoxin said:

Why exactly was this deemed necessary? Is this something people have been asking for for a while now or?

Genuinely curious. I thought the 20 to activate a wallet and keep it locked up served a purpose. 

It does, but it's worth questioning whether you need a $30 reserve to keep people from spamming new wallets. The reserve is supposed to be low enough to not be a deterrent for an individual, but but high enough to make it expensive to create a lot of wallets.

Personally, I'm for making it as low as possible. I don't recall any problems when the reserve was well less than a dollar. XRP just went up in price over the years and the reserve remained the same.

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Thanks all.  Even 10/2 seems unnecessarily high.  More and more people are getting introduced to crypto and I would hate to have this perceived "barrier" prevent them from buying XRP.  

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I also think lowering the reserve sends a positive signal of confidence about the price.  Conversely, I'm a bit worried that reluctance to lower the reserve betrays some concern about a significant price crash.

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3 hours ago, tulo said:

I'd go for 5/1. 5$ for many people is already very high.

Agree and it goes against the whole spiel of XRP being so cheap and accessible to millions and bla bla... well not if you have to pay $25+ (or whatever) just to open an account (and you can never unlock that value again). Stupid. 

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On 5/12/2021 at 12:14 AM, mookie said:

Seems like it's finally time to lower the reserve from 20 to 1.  How does that decision get made and implemented?

80% UNL votes need to happen, and here's the live status thanks to xrpscan.com monitoring the votes in the ledgers: https://xrpscan.com/validators

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On 5/12/2021 at 6:13 PM, thinlyspread said:

Agree and it goes against the whole spiel of XRP being so cheap and accessible to millions and bla bla... well not if you have to pay $25+ (or whatever) just to open an account (and you can never unlock that value again). Stupid. 

I get the sentiment you and @tulo express, but I think the reserve is a double edge sword, with "too high" stifling innovation & "too low" yielding ledger bloat.

Not sure I fully understand how to measure & create a balance between the two, but there is an argument for each side.

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Posted (edited)
On 5/16/2021 at 6:04 PM, KarmaCoverage said:

Not sure I fully understand how to measure & create a balance between the two, but there is an argument for each side.

I'm talking more about the overall design of XRPL, its accounts and account reserves as a whole. 

There are other system designs of course, such as Avalanche, with in some ways superior transactional capacity or throughput to XRPL. However these are design tradeoffs to fit the specific staking mechanism that runs contrary to XRPL's consensus.

But I do wonder if there's got to be some innovative solution out there. There are interesting new approaches like xxNetwork's pre-computation (but again, that's to cater to advanced cMix & quantum resistance features). But I wonder sometimes if something like this couldn't be blended with Avalanche/BFT/SCP type systems to somehow pre-comp (subnets of) consensii before a transaction needs to actually settle, improving transaction speeds and modifying accounts into low-energy micro pre-computation nodes or something – just brainstorming, haven't thought it through and I'm not a computer scientist! 

But I cannot seriously believe there's no option but saying "sorry that's just the way it is". Flare changed the game just recently by combining multiple systems (SCP/FBA or even DAG & Avalanche/staking etc to create FCP). So it's not like we should all give up comp-sci advancements and we can't think outside the box and change things up because the XRPL is "oh so perfect as it is". 

Technically, if we include account fees, the low transaction fees on the XRPL would be much higher than touted. So it's kind of sneaky in some ways. Then again, one idea is not that everyone has accounts but rather only exchanges/corporates do (but that goes against a purely p2p, open-access vision started by Fugger/Satoshi, and you end up with hub-and-spoke).

Edited by thinlyspread
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On 5/16/2021 at 8:12 PM, thinlyspread said:

But I do wonder if there's got to be some innovative solution out there.

This!

XRPL tech was awesome 7 years ago until a few years ago. Now there are way better tech (Avalanche, Solana, ...) which solve most of the problems. In both avalanche and solana they have high tps, possibility to run smart contracts on EVM, solana has a DEX exactly as XRPL but with a bridge to bring tokens from ETH and BSC.

It seems there is none working on the innovation of the core of XRPL.

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4 minutes ago, tulo said:

It seems there is none working on the innovation of the core of XRPL.

I don’t agree with the premise, but even if you’re right, a good question is why aren’t you?

 

 

P.S.: Don’t worry, you don’t need to answer. It was just a rhetorical question.

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