Now XRP Can Be Burned This Way!

Burn XRP. (CryptoCoine)

JAKARTA – XRP will be able to be burned from every Bitcoin transaction through SpendTheBits which is a competitor to the Lightning Network. SpendTheBits is a project developed using the XRP Ledger (XRPL) blockchain.

According to SpendTheBits, the use of XRPL allows BTC transactions to be faster and cheaper than ever before. At the same time, CryptoLaw founder John Deaton views positively the use of XRPL for Bitcoin transactions.

“That's the beauty of the underlying technology. #XRPLedger is an open-source and permissionless distributed ledger technology," Deaton said in a Twitter post, September 10, 2022.

Deaton, who is a lawyer and supporter of XRP, stated that the SpendTheBits case, which is built on XRP Ledger, uses open-source code and does not require any permission from Ripple or anyone else to implement the technology. He stated this proves that the SEC's claims against Ripple and XRP are completely unreasonable. This is a technology created by Satoshi Nakamoto.

How XRP Burning Works

Citing U.Today, the most important feature of this project is clearly the use of XRP in transactions, or rather the burning process. So, apart from the fact that XRP is used to activate the account, XRP will be burned with every BTC transaction through the XRP Ledger blockchain.

It should also be clarified that when making Bitcoin transactions through the SpendTheBits app, users send synthetic “I-owe-you” versions of cryptocurrencies, such as xBTC from Coinbase or sBTC from the 21Shares fund.

This is a positive step for the development of XRP itself. Although Ripple still has to fight at the court with the US Securities and Exchange Commission (SEC).