Jump to content
QtheXrP

How are xrp's destroyed?

Recommended Posts

When using the ripple protocol is there transaction that destroy xrp's even if it's fiat only?  I wondering because Whats going to control spam in that user case? 

Share this post


Link to post
Share on other sites

Yes, there is always a XRP "fee" (so you always need a bit of XRPs. And yes the XRP fee is destroyed) even if you only transfer fiat over the Ripple RCL network.

Yes, one purpose of the XRP "fee" is that it would get expensive for an attacker to do for instance a DOS attack. 

There are better more deep explanations here: https://ripple.com/knowledge_categories/xrp/

Edited by takida

Share this post


Link to post
Share on other sites

Yakida and the protocol can only handle 200 transactions a second destroying .00001. If ripple hits the tipping point are there scalability for that? That's only .12 xrp destroyed a minute. 

Share this post


Link to post
Share on other sites
1 minute ago, QtheXrP said:

Yakida and the protocol can only handle 200 transactions a second destroying .00001. If ripple hits the tipping point are there scalability for that? That's only .12 xrp destroyed a minute. 

What is the source of your claim that protocol can handle only 200 transactions a second?

Share this post


Link to post
Share on other sites

i heard it from zieler when he was explaining ripple to a blockchain collage course. Maybe someone can give more evidence to this, it's what I remember. 

Share this post


Link to post
Share on other sites
22 minutes ago, QtheXrP said:

Yakida and the protocol can only handle 200 transactions a second destroying .00001. If ripple hits the tipping point are there scalability for that? That's only .12 xrp destroyed a minute. 

I think someone better suited should answer the your concern but...

I actually think that the 0.00001 XRP figure is not the current fee/destruction for each transaction. If I understood it correctly you have to multiply the 0.00001 with the "load_factor_net" of 1000 on the network right now. JoelKatz wrote something here about it: http://www.xrpchat.com/topic/684-ripple-a-great-workplace/?page=3

Also, the XRP price is very low right now. If Ripple suceeds it should probably go way higher and it will get more expensive. And the RCL will probably evolve to handle more transactions too over time.

 

Edit: This is a better link: https://ripple.com/build/transaction-cost/

It says the current fee is now  0.01 XRP

Edited by takida

Share this post


Link to post
Share on other sites

That's a pretty big difference .01. And thank you! I've been trying to wrap my mind around what ripple has and what could be potentially destroyed a day. 

Edited by QtheXrP

Share this post


Link to post
Share on other sites
5 minutes ago, QtheXrP said:

That's a pretty big difference .01. And thank you! I've been trying to wrap my mind around what ripple has and what could be potentially destroyed a day. 

I think your very valid question deserves a better answer than mine.

I know there has been a dynamic fee that could be raised if an attack would occur but I don't think the dynamic fee is in place right now (please correct me if I'm wrong). It seems a bit cheap to do a DOS attack to me too so I hope someone can answer this also for me.

Share this post


Link to post
Share on other sites
2 hours ago, Morty said:

What about the 20 xrp to activate a wallet? Is it possible to get the 20 xrp back?

5 billion wallets would consume all xrp.

All fees are dynamically adjustable. If RCL becomes popular fees for transaction and account activation will be lowered by the network itself. Validators vote every 256th ledger and can set new rules on that matter. When i started with Ripple i remember the minimal XRP for account activation was 75 XRP, now it's 50.

https://ripple.com/build/fee-voting/

Share this post


Link to post
Share on other sites
4 hours ago, QtheXrP said:

When using the ripple protocol is there transaction that destroy xrp's even if it's fiat only?  I wondering because Whats going to control spam in that user case? 

Every ledger includes a counter that has the total number of XRP still available and the genesis ledger started at 100 billion XRP (well, technically, 100 billion XRP times 1 million drops per XRP). The amount has been decremented in every ledger, to account for the fees paid. As of ledger 18,066,235, the amount of XRP available was 99,998,345,654.47 so, approximately 1,654,345.53 XRP have been destroyed.

Since every transaction must pay a small fee using XRP and the amount is subtracted from the account that's doing the transaction, but it is not sent to any account, this reduces the total amount of XRP available and it's equivalent to "destroying" the XRP.

Note that using XRP to pay fees is different than sending XRP to "blackhole" accounts (like rrrrrrrrrrrrrrrrrrrrBZbvji) for which nobody has the key: using XRP to pay fees "destroys" the XRP, decrementing the amount of available XRP in the ledger header, whereas sending it to blackhole accounts means that they are no longer accessible.

 

 Almost every transaction: the server will allow a SetRegularKey transaction without a fee under some circumstances.

Share this post


Link to post
Share on other sites
When using the ripple protocol is there transaction that destroy xrp's even if it's fiat only?  I wondering because Whats going to control spam in that user case? 

Every ledger includes a counter that has the total number of XRP still available and the genesis ledger started at 100 billion XRP (well, technically, 100 billion XRP times 1 million drops per XRP). The amount has been decremented in every ledger, to account for the fees paid. As of ledger 18,066,235, the amount of XRP available was 99,998,345,654.47 so, approximately 1,654,345.53 XRP have been destroyed.

Since every transaction must pay a small fee using XRP and the amount is subtracted from the account that's doing the transaction, but it is not sent to any account, this reduces the total amount of XRP available and it's equivalent to "destroying" the XRP.

Note that using XRP to pay fees is different than sending XRP to "blackhole" accounts (like rrrrrrrrrrrrrrrrrrrrBZbvji) for which nobody has the key: using XRP to pay fees "destroys" the XRP, decrementing the amount of available XRP in the ledger header, whereas sending it to blackhole accounts means that they are no longer accessible.

 

 Almost every transaction: the server will allow a SetRegularKey transaction without a fee under some circumstances.

Wow you know your stuff my friend.

Sent from my SM-N910P using Tapatalk

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...