XRP Ledger is set to fix its lending code before anyone can use it
Source: CoinDesk ·
From the source
Validators have a bug-fix patch on course to go live Friday. The lending system it partly repairs is still 10 votes short of approval. A batch of bug fixes is set to go live on the XRP Ledger on Friday, and some of them patch the lending system Ripple has pitched to banks and payment companies since June — a system that hasn’t been switched on yet and is still 10 votes short of approval. Validators are the independent servers that agree on which transactions count. A change to the network’s rules needs backing from more than 80% of the 35 validators the network trusts by default, which works out to 29, and that backing has to hold for two straight weeks. Under the plan , a lender deposits XRP or another token into a vault, and a loan broker lends that money out for a fixed term. The ledger records the loan and tracks repayments, and the broker decides offchain whether a borrowe Borrowers don’t post collateral, so the broker’s judgment is all that stands between lenders and a default.…