Ripple update: XRPL – Transaction Type: PaymentChannelClaim
Hey guys and girls,
As some as you may or may not know, there is an XRPL Monitor on Twitter that monitors major transactions on the XRPL. On here, you can see Escrow creations and transfers, from the millions to the billions of XRP.
Throughout the day/night, the XRPL has been constantly updating on a Transaction Type called ‘PaymentChannelClaim’ ([https://twitter.com/XRPL_Monitor/status/1026427572656263168](https://twitter.com/XRPL_Monitor/status/1026427572656263168)). By using the Find function, there are around 130 PaymentChannelClaim transactions that have occurred. Each transaction has an amount of around 4,030 XRP. Even as I am typing now, new PaymentChannelClaim transactions are constantly being made.
Someone on Twitter is saying that it is Coinone (South Korean Exchange) is behind these transactions, but is unsure why they are doing so many small transactions.
Searching Ripple’s development portal for Payment Channels, this can be found – [https://developers.ripple.com/use-payment-channels.html](https://developers.ripple.com/use-payment-channels.html). ” Payment Channels are an advanced feature for sending “asynchronous” XRP payments that can be divided into very small increments and settled later.”
Further to this, on XRPChat, Nik Bougalis, who is currently leading Ripple’s C++ team, states this – ” **Say you are a social media expert and I agree to pay you 1 XRP for every tweet you make about me. Sending you payments 1 XRP at a time isn’t a good use of my XRP or of the network in general. Instead what I do is I open a payment channel. You tell me you expect to tweet no more than 500 times. So I open my channel with a 500 XRP balance. That XRP is removed from my account and is transferred into the payment channel. Now every time I see a tweet from you, I send you (off-ledger) a signed receipt that authorizes you to “settle” the amount of XRP I owe you. You can claim the amount at any time by submitting a transaction with the receipt. You keep tweeting and I keep sending you receipts. Once you’re done, you take the latest receipt, submit a transaction to rippled, and say “here’s a receipt that allows me to take <amount> XRP from this trust line. Give it to me!”. Rippled will examine the payment channel and the receipt for validity and transfer the XRP to you.** ” (Edit: [https://www.xrpchat.com/topic/2109-payment-channels-discussioninfo/](https://www.xrpchat.com/topic/2109-payment-channels-discussioninfo/))
Doing some more research, it seems that Payment Channels are an important factor in Codius (which is pretty telling by just reading the above quote – It is a smart contract).
Without trying to be too speculative, does anyone have any ideas why (assuming it is Coinone) Coinone would :
1/ Be creating a Payment Channel Claim &
2/ Be creating so many Payment Channel Claims.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Author: Sog_E_Bacon
Score: 40
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