Reserve updates, address checks and non-standard currencies

Reduced XRP Reserves

The reserve amount has been a controversial topic for some time now, especially since XRP has grown in value which made funding an XRPL wallet an expensive affair.

The reduced reserve amount is a result of a majority vote of the validator nodes on the XRP network. It’s exciting to see that such a change went through without a hitch and that the XRPL has become a more accessible place as a result.

Awesome news ?

Happy to see the change and make the #XRPL even more accessible ?

You can already use your XRPL wallets on GateHub under these new rules ?#XRPCommunity https://t.co/8iNuIYlmlE

— GateHub (@GateHub) September 20, 2021

A refresher on XRP reserves

10 XRP (formerly 20 XRP) is needed to activate an account. This is called the Base reserve and can not be moved or spent. This is to ensure that the Ledger does not get spammed with unused accounts.

2 XRP (formerly 5 XRP) is needed for each object a wallet owns on the Ledger. This is called the Owner reserve and can be spent after the object in question has been closed. Objects that you can own on GateHub are Trade Offers and Trust Lines. This amount is locked until the object is removed.

XRPL address check

We are working with xrplorer to give you more security when making transactions with your XRPL wallets. With the help of xrplorer’s advisory list we are able to give you real time information about the destination addresses.

On top of checking for malicious activity, we are now also including information about the owner of the destination address. This means that when you are sending XRP to a known entity like Bitstamp, there’s an easy way to double check that you are actually sending to a Bitstamp address.

Non-standard currency code support

We are working on bringing you the possibility to add trust lines for non-standard currency codes. All GateHub supported assets up to now have standard 3 character currency codes like BTC, EUR, ETH and so on.

The non-standard format allows currency codes longer than 3 characters and you can expect support for this feature soon along with all the necessary instructions.

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