XRP has been at the center of various conspiracies over its run. The most recent rumor that took Twitterverse by storm was that the XRP Ledger was updated with the latest and long-awaited update, Cobalt.
Submitted by Ethan MacBrough, Cobalt is an update that will be applied to the XRP Ledger to make it more decentralized and secure, while also increasing the TPS (transactions per second). MacBrough’s whitepaper for Cobalt stated,
“… a novel atomic broadcast algorithm that works in networks with non-uniform trust and no global agreement on participants, and is probabilistically guaranteed to make forward progress even in the presence of maximal faults and arbitrary asynchrony. The exact properties that Cobalt satisfies makes it particularly applicable to designing an efficient decentralized “voting network” that allows a public, open-entry group of nodes to agree on changes to some shared set of rules in a fair and consistent manner while tolerating some trusted nodes and arbitrarily many untrusted nodes behaving maliciously.”
It all began after a Twitter user, @demludi, posted a tweet stating that Cobalt was live and that the transaction time had reduced to 1 second.
— Borislav Stoilkov ⚡️ 💧💡 (@demludi) March 24, 2019
The rumor caught fire after many news outlets and YouTubers reported this. However, the rumor gained strength after XRP charts showed some approved transactions taking just a second or less. The last update about Cobalt was given by Ethan MacBrough on 27 March, 2018, when he said that the update would be launched “no sooner than 2019.”
Ethan MacBrough, the lead scientist at Coil, who’s responsible for its launch and implementation, clarified the matter. He tweeted,
No, Cobalt is not finished. Geez you people are persistent with your conspiracies.
— Ethan MacBrough (@emacbrough) March 24, 2019
He also added,
“Apparently this isn’t clear to many people, but Cobalt will not just go live silently.
It changes how consensus works, so it will require an amendment to be passed.
Thus it will be publicly announced *before* going live so that validators can vote whether or not to accept it.”
When asked about an estimated launch date, MacBrough refused to give one, adding that giving an estimate was a bad idea. MacBrough also clarified that the XRP chart might have had some bugs. He tweeted,
“Not within my area of expertise, but naively I agree with Nik’s thoughts. This has happened several times before due to either bugs in XRPcharts or contention among validators causing difficulty agreeing on a block close time.”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.