Ripple and Stablecoins: Building Banks of Tomorrow: Use Cases on International Remittance, Capital and Money Markets, Swaps, Micropayments, Trade Finance, Islamic Finance, and Stablecoins by Debajani Mohanty

Author:Debajani Mohanty [Mohanty, Debajani]
Language: eng
Format: epub
ISBN: 9789389423198
Publisher: BPB Publications
Published: 2019-02-15T00:00:00+00:00

The issuer can create a check using CheckCreate transaction type, which can be signed by the issuer’s secret key, and the blob is submitted to the network.

After CheckCreate, a Check JSON object is created on XRP Ledger that lists all the information of Check as defined by the transaction that created it. Most importantly, it has InvoiceID, which is also CheckID, a 64-character hexadecimal string.

The receiver, within the time of expiry, can cash an amount up to maximum limit using CheckCash transaction with CheckID.

Either the source or the destination can remove the check from the ledger by using CheckCancel transaction type with CheckID within the expiration time of the check. If the check has expired, any account on the ledger can do so.

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