Satvinder Sagoo

🚨NEW: Senate Republicans have just released an updated version of the Clarity Act following briefing calls with stakeholders this morning. Here are some of the key provisions in the latest text, including ethics, the BRCA and other areas we’ve been following closely.

Had to sent an international EUR wire payment into the United States to be received in USD. Days have passed, money is somewhere stuck at an intermediary Bank, requested a SWIFT trace to figure out where the money is stuck. Likely it's pending somewhere for conversion from EUR to USD at someone's international wire desk. Payments still suck, especially internationally. On the XRP Ledger DEX cross currency payment between EUR and USD would be settled within a few seconds. Globally, verifiable by anyone (!) i don't need to ask someone else to tell me where it is i can check myself, 24/7.

🍄‍🟫 Heated debate on XRP Ledger reserves today. Im not voting for those lower reserves! Recap. 🧵In 2012 activating an account required 1000 XRP in base reserves. The create fee era, yea it was a fee back then not reserve that you get back in portion. Jed McCaleb lowered it to 200 XRP heading into 2013 for the XRPL we know today. The architects designed reserves as a deliberate protective mechanism of network resources, storage & memory, against spam and DDoS attacks. Storage and memory are still expensive due to AI, making them a real commodity for the network. Over time we lowered reserves through simple validator votes not amendments. It may be a simple vote but it requires active participation and possibly risks flapping between reserves. The graphic below shows the journey starting from the 200 XRP base and ~40 XRP owner reserve era. Today: Activating an account: 1 XRP base reserve, holding tokens like RLUSD USDC or 1-32 NFTs: 0.2 XRP owner reserve each. I myself voted also for lower reserves over time because the price of XRP continuously trended up and our servers are bigger than 10y ago to handle more. We have to be very careful in arbitrarily lowering reserves. There's a clear reason for its existence and security comes first. The debate should start there. I also challenge that it solves onboarding. If someone won't check out the XRPL because of $1 in reserves whereby they get $0.8 back if they leave then we have completely other things to tackle first. You always need some crypto to do anything on every chain. Always. XLS-68 sponsored fees and reserves is coming in 2 weeks, but it won't solve what i believe is what people actually advocate here for: Network subsidies for their business. But this should be second to security. Make the ecosystem so that people want to come, build interesting products, align with validators on amendment and GTM to bring features secure and in time for builders and users. At the same time, worth diving into improving the XRPL to have more network resources. I'm not voting for lower reserves and i'm definitely not voting for higher tx fees which people use as an argument to compensate for lower reserves. Changing my vote if lower reserve requirements provide the same level of protection.