Cryptocurrencies surge significantly: XRP soars by 7676%, Shiba Inu follows suit with a 12887% increase, and Ripple's CTO re-enters coding phase - summary of crypto updates
In the world of cryptocurrencies, the decentralization of blockchain networks is a crucial aspect. One such network, the XRP Ledger (XRPL), has seen a significant boost with Ripple's Chief Technology Officer, David Schwartz, developing a custom performance monitoring tool.
Schwartz's tool is designed to provide real-time insights into the XRPL's network performance and peer behaviour, offering improved network monitoring and transparency. With the ability to handle thousands of requests per second from hundreds of peers and a response time of about 0.006 seconds, the tool offers unparalleled visibility into the XRPL's inner workings.
The tool also implements peer link policing, protecting the network against malicious or overly demanding nodes. This feature helps maintain a healthy, well-functioning peer network, which is essential for decentralized consensus.
Schwartz's personal server environment, running in a New York datacenter with a 9950X processor, 256 GB RAM, and a 10 Gbps unmetered link, facilitates the addition of more independent nodes to the network. This, in turn, reduces reliance on a few centralized servers, enhancing decentralization.
The open-source nature of Schwartz's work fosters a collaborative ecosystem, with the CTO openly sharing glitches detected through his monitoring system and inviting community participation in fixes. This approach aligns with decentralization ideals by engaging distributed stakeholders in the development and maintenance of the XRPL's codebase and monitoring tools.
Advanced telemetry and diagnostics, such as the planned incorporation of tools like Grafana, will provide comprehensive metrics on CPU, disk usage, network traces, and peer telemetry. These capabilities will help quickly pinpoint peer-specific or routing issues, supporting distributed node operators in maintaining high uptime and reliability.
It's important to note that Schwartz's monitoring setup and server operation are personal initiatives and not official Ripple projects. This independent infrastructure development diversifies the network beyond a single corporate entity, strengthening decentralization.
Elsewhere in the cryptocurrency sphere, there has been a notable increase in large holder outflows on the Shiba Inu network over the past 30 days, amounting to a +12,887% increase. However, the exact cause of this increase remains unclear. The dramatic appearance of the percentage increase does not necessarily indicate a mass exodus or panic, as more than $2.61 million in longs were wiped out, while short liquidations barely scratched $34,130.
The Shiba Inu network's large holder outflows might be inflated due to a low base value, or they could be the result of delayed whale activity or portfolio reorganization. Regrettably, the article does not provide information about the number of large holders on the Shiba Inu network, the current price of Shiba Inu, or the total value of the Shiba Inu network.
In conclusion, Schwartz's custom XRPL performance monitoring tool exemplifies how enhanced observability and community-based infrastructure contribute to the XRPL's decentralization, reliability, and security. By providing detailed data for nodes spread across different operators and locations and enabling proactive network health management, this tool supports a more resilient and trustable distributed ledger system.
- In the world of cryptocurrencies and finance, the increase in large holder outflows on the Shiba Inu network, amounting to a +12,887% increase over the past 30 days, is a trend that raises questions about the reasons behind it.
- The technology behind the XRPL, such as Schwartz's custom performance monitoring tool, offers unparalleled visibility into the network's inner workings and helps maintain a healthy, well-functioning peer network, which is essential for decentralized consensus.
- On-chain data analysis in the realm of cryptocurrencies demonstrates the importance of tracking and understanding the behavior of key players, including 'whales', in shaping market dynamics and investment strategies.
