@@cryptoavon2626 Most likely. I believe Ripple wants to stay out of controversy, so more or less replicating what USDC is doing is the best strategy. 😅 For example, on the Ethereum side, the entire concept surrounding the proxy and implementation contract is identical to how USDC handles it. So, technically, my belief is that they will just copy what the USDC is doing in that regard. 😀
Dank Wesley CryptoVision deinen Channel entdeckt. Heute noch darüber gesprochen das ich das ich das Thema besser verstehen möchte und hier bist du und erklärst es super easy und gelegentlich sogar witzig 😄 thanks a lot for your work. Ich wünsche dir eine Mega Reichweite und einen stetig wachsenden Kanal. Good luck 🍀
Danke für die lieben Worte und schöne Grüße zurück an Wesley CryptoVision. Ich hab mittlerweile sicher die Hälfte seiner Community übernommen (gefühlt 😆) Die super trockenen Themen witzig rüberzubringen is echt schwierig, aber ich geb mir Mühe. 😀
hi or "salü us der schwiz :)" for ethereum, i remember sometime ago someone explaining why erc20-contract calls (me signing a transaction) may be really dangerous because i somewhat "dont see beyond the proxy until it executes" where the controlling wallet of the proxy contract can implement functionality i dont really see until its too late. does someone know in which case this applies or why this statement is not or not fully true?
Salü Salü 😀 You're not wrong. 😀 In principle, because the upgradeable contract is known (disclosed), you can look at its specifics and inspect the code. The issue you're probably referring to is that "theoretically," because immutability is circumvented, Ripple could delegate its functionality to a malicious contract (voluntary or unvoluntary), which you'd probably not notice until it was too late because obviously no one checks on the contracts all the time. 😅 The user only approves and interacts with the proxy contract, which has certain drawbacks. The most important one is that you have to trust Ripple, not just on their reserves and off-chain backing but also on their capacity to keep the entire structure secure. 😀 When it comes to the XRPL, you never have to be worried about this. 😁
Yes! 🙂 To activate an account, you'll need 10 XRP. To "hold" an object (such as a trustline), you need 2 XRP. To "hold" the pre-authorization object for each account, Ripple needs 2 XRP per acccount. You also need at least 0.000012 XRP as a cost to transfer RLUSD, as every XRP transaction costs an "open ledger fee".
@@Krippenreiter This type of usage on the XRPL is what people been waiting for. Now my second questions is, what will be required to move RLUSD on the ETH Network, ETH? I wonder if if the transaction fee/gas fee will be expensive because I have moved ERC-20 tokens many times and unfortunately there have instances where my gas fee was more expensive than the amount I was sending.
@@OneEyeWillie8601 You are completely right that on Layer 1, on Ethereum, gas fees could rise dramatically, temporarily rendering RLUSD useless, which can only be "fixed" with Layer-2 solutions. But since RLUSD is an ERC-20 that sits directly on Layer-1, in terms of costs, XRPL has an obvious advantage. It's also one of the reasons why RLUSD could theoretically prove to be superior on XRPL when thinking of AMMs, as trading on XRPL is easier, quicker, and cheaper (lower fees) than on Ethereum. According to etherscan, the average fee for verifying a transaction is around $0.04 and takes between 12-30 seconds at ~50% utilization of the chain. However, there are larger costs for swaps, for example ($0.71) and NFT sales ($1.19).
@@Krippenreiter thank you so much for your detailed explanation. Sometimes it’s difficult for me to articulate the information to my family. I appreciate it man. Keep the videos coming! Things like this will help others understand.
Mir ist das alles viel zu hoch...ich häufe lediglich XRP´s an und hoffe es reicht um IRGENDWANN mal nicht mehr 5 Tage die Woche malochen zu müssen:D Am besten vorgestern endlich, aber morgen klingelt der Wecker wieder
Wichtig ises nur am Ball zu bleiben und immer ein bisschen zu lernen. Wir Menschen ticken so, dass es dann ganz plötzlich irgendwann klick macht. 😀 Lass dir beim Lernen also gern soviel Zeit wie du brauchst 👍 Oder löchre mich mit Fragen. Alles erlaubt. ✌
@@Krippenreiter das liegt aber natürlich nicht an dir. Mir fehlen einige grundlegende Zusammenhänge, die ich erstmal nachschlagen muss. Aber iüber die Telegramgruppe habe ich jetzt einiges verstanden 🫶🏻
No, I don't think so. It's just that certain settings have to be activated so that the stablecoin redemption process is possible and the account remains secure. 😀
They are technically and legally very different in nature, so no, I don't think RLUSD is a threat to XRP. I personally hope that RLUSD becomes widely used and an XRP/RLUSD AMM pool becomes active and profitable, which would help XRP on-chain.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
What do you think? Will Clawback remain active after the testing phase? 🤔
*Follow me here:*
► Patreon: www.patreon.com/krippenreiter
► X: x.com/krippenreiter
► RUclips: www.youtube.com/@Krippenreiter?sub_confirmation=1
► Instagram: instagram.com/krippenreiter_com
► Telegram: t.me/krippenreiternews (English)
► Telegram: t.me/krippenreitercommunity (English)
► Telegram: t.me/krippenreitercommunityGER (Deutsch)
► Linktree: linktr.ee/krippenreiter
*Here are some resources about the "RLUSD" Stablecoin:*
► Ripple Press Release: ripple.com/insights/a-new-era-of-stablecoins-ripple-usd-begins-testing-on-the-xrp-ledger-mainnet
► XRPL Issuing Address: livenet.xrpl.org/accounts/rMxCKbEDwqr76QuheSUMdEGf4B9xJ8m5De
► Ethereum ERC-20 Implementation Contract: etherscan.io/address/0xcfd748b9de538c9f5b1805e8db9e1d4671f7f2ec
► Ethereum Proxy Contract (RLUSD): etherscan.io/address/0x8292bb45bf1ee4d140127049757c2e0ff06317ed
*XRPL Core Series Playlist:*
► ruclips.net/p/PLh8Injf5GfwwqwkjYQgaamNRuH1smrVsM
ripple think I don't want the SEC to knock on the door again. regulatory if I look at it then it will probably stay activated 🙈
@@cryptoavon2626 Most likely. I believe Ripple wants to stay out of controversy, so more or less replicating what USDC is doing is the best strategy. 😅
For example, on the Ethereum side, the entire concept surrounding the proxy and implementation contract is identical to how USDC handles it.
So, technically, my belief is that they will just copy what the USDC is doing in that regard. 😀
Great back ground exploration
Great overview, thank you!
Thanks for the awesome explorer! 😇
Dank Wesley CryptoVision deinen Channel entdeckt. Heute noch darüber gesprochen das ich das ich das Thema besser verstehen möchte und hier bist du und erklärst es super easy und gelegentlich sogar witzig 😄 thanks a lot for your work. Ich wünsche dir eine Mega Reichweite und einen stetig wachsenden Kanal. Good luck 🍀
Danke für die lieben Worte und schöne Grüße zurück an Wesley CryptoVision. Ich hab mittlerweile sicher die Hälfte seiner Community übernommen (gefühlt 😆)
Die super trockenen Themen witzig rüberzubringen is echt schwierig, aber ich geb mir Mühe. 😀
Thanks for your work 💯
Informative quality content - awesome!
Thank you as always.
I study every day.
Learning is fun.🥰
Danke!👍🏽
Super great video, very well explained. Would be great if you keep explaining the XRPL details, thanks a lot.
Thanks! Will do exactly that, promise 😀
Awesome videos!!! Thank you
Thank you for this lesson.
Great video! How is Ripple creating their smart contract? Are they using EVM or the xahau?
The token's smart contract-based issuance (ERC-20) happens entirely on Ethereum (EVM). Xahau is not involved in any form (at the moment). 🙂
hi or "salü us der schwiz :)"
for ethereum, i remember sometime ago someone explaining why erc20-contract calls (me signing a transaction) may be really dangerous because i somewhat "dont see beyond the proxy until it executes" where the controlling wallet of the proxy contract can implement functionality i dont really see until its too late.
does someone know in which case this applies or why this statement is not or not fully true?
Salü Salü 😀
You're not wrong. 😀 In principle, because the upgradeable contract is known (disclosed), you can look at its specifics and inspect the code.
The issue you're probably referring to is that "theoretically," because immutability is circumvented, Ripple could delegate its functionality to a malicious contract (voluntary or unvoluntary), which you'd probably not notice until it was too late because obviously no one checks on the contracts all the time. 😅
The user only approves and interacts with the proxy contract, which has certain drawbacks. The most important one is that you have to trust Ripple, not just on their reserves and off-chain backing but also on their capacity to keep the entire structure secure. 😀
When it comes to the XRPL, you never have to be worried about this. 😁
Do you need XRP to move rlusd?
Yes! 🙂
To activate an account, you'll need 10 XRP.
To "hold" an object (such as a trustline), you need 2 XRP.
To "hold" the pre-authorization object for each account, Ripple needs 2 XRP per acccount.
You also need at least 0.000012 XRP as a cost to transfer RLUSD, as every XRP transaction costs an "open ledger fee".
@@Krippenreiter This type of usage on the XRPL is what people been waiting for. Now my second questions is, what will be required to move RLUSD on the ETH Network, ETH?
I wonder if if the transaction fee/gas fee will be expensive because I have moved ERC-20 tokens many times and unfortunately there have instances where my gas fee was more expensive than the amount I was sending.
@@OneEyeWillie8601 You are completely right that on Layer 1, on Ethereum, gas fees could rise dramatically, temporarily rendering RLUSD useless, which can only be "fixed" with Layer-2 solutions.
But since RLUSD is an ERC-20 that sits directly on Layer-1, in terms of costs, XRPL has an obvious advantage.
It's also one of the reasons why RLUSD could theoretically prove to be superior on XRPL when thinking of AMMs, as trading on XRPL is easier, quicker, and cheaper (lower fees) than on Ethereum.
According to etherscan, the average fee for verifying a transaction is around $0.04 and takes between 12-30 seconds at ~50% utilization of the chain.
However, there are larger costs for swaps, for example ($0.71) and NFT sales ($1.19).
@@Krippenreiter thank you so much for your detailed explanation. Sometimes it’s difficult for me to articulate the information to my family. I appreciate it man. Keep the videos coming! Things like this will help others understand.
@@OneEyeWillie8601 Thanks for watching and asking questions. 😀
New video is already in the pipeline 😎
Mir ist das alles viel zu hoch...ich häufe lediglich XRP´s an und hoffe es reicht um IRGENDWANN mal nicht mehr 5 Tage die Woche malochen zu müssen:D Am besten vorgestern endlich, aber morgen klingelt der Wecker wieder
Wichtig ises nur am Ball zu bleiben und immer ein bisschen zu lernen. Wir Menschen ticken so, dass es dann ganz plötzlich irgendwann klick macht. 😀
Lass dir beim Lernen also gern soviel Zeit wie du brauchst 👍 Oder löchre mich mit Fragen. Alles erlaubt. ✌
@@Krippenreiter Das stimmt sicherlich:) Vielen Dank!
Super insightful! Thank you @Krippenreiter
Ich habe erstmal nix kapiert 😬. Muss ich mir öfter anhören
Oh oh 😅 Wenn du spezifische Fragen hast, dann immer gern raus damit. Ich versuch es dann gern noch einmal anders zu erklären 😊
@@Krippenreiter das liegt aber natürlich nicht an dir. Mir fehlen einige grundlegende Zusammenhänge, die ich erstmal nachschlagen muss. Aber iüber die Telegramgruppe habe ich jetzt einiges verstanden 🫶🏻
👍👍
Danke dir ?
Bitte sehr ? 🙃
👏👏👏
Ripple over complicating simple things again
No, I don't think so. It's just that certain settings have to be activated so that the stablecoin redemption process is possible and the account remains secure. 😀
Ist Reiter amerikana
Der Reiter is ein Deutscha. 😀 Ich speake nur auf Englisch, weil ich damit mehr Leute erreiche. 😉
Do you think this RLUSD could be a threat to XRP? Danke für deinen Content 🫶
They are technically and legally very different in nature, so no, I don't think RLUSD is a threat to XRP.
I personally hope that RLUSD becomes widely used and an XRP/RLUSD AMM pool becomes active and profitable, which would help XRP on-chain.