Elon Musk Debunks Rumors: Not Experimenting with Ripple’s XRP (XRP) Payments

• Validator on the XRP Ledger, Vet, has debunked rumors about Elon Musk’s X social media network testing XRP payments.
• The rumors were sparked by a transaction labeled “Musk” on the network, but Vet clarified that no authorization is needed for such labeling.
• While X is expected to launch peer-to-peer payments this year, it remains unclear whether cryptocurrencies will be supported, with Dogecoin being a more likely contender than XRP.

Recent rumors about Elon Musk’s X social media network testing XRP payments have been debunked by Vet, a validator on the XRP Ledger. The rumors were based on a transaction labeled “Musk” on the network, but Vet clarified that no authorization is needed for such labeling.

Debunking the Rumors

The rumors were sparked by a transaction labeled “Musk” on the XRP Ledger. However, Vet clarified that no authorization is needed from Elon Musk or any other entity to label an account in this way. “I can label my account to be by Musk or JPM as well. No proof needed,” Vet stated. This clarification puts to rest the speculation that X, Musk’s social media network, was testing XRP payments.

Future of Payments on X

Elon Musk’s X social media network is expected to launch peer-to-peer payments this year. However, it remains unclear whether cryptocurrencies will be supported on the platform. If cryptocurrencies are to be integrated, Dogecoin appears to be a more likely contender, given Musk’s well-known affinity for the meme coin. Therefore, the idea of XRP being used for payments on X seems highly unlikely.

Upcoming Fix for Impersonalization

An amendment is in the works to add Decentralized Identifier (DID) functionality to the XRP Ledger. This amendment, developed in accordance with World Wide Web standards and guidelines, aims to solve the impersonalization issue. It will provide users with a digital identity that is not dependent on any centralized authority. DIDs are cryptographically verifiable, making them tamper-evident. Account holders will be able to generate a DID for signing digital documents, making transactions, and logging into websites. The identity of an XRPL user would be verified with a DID document containing cryptographic public keys, with content changes only possible by those controlling the private keys.

Conclusion

The rumors about X testing XRP payments have been debunked, and it remains unclear whether the social media network will support cryptocurrencies at all. Meanwhile, an amendment to the XRP Ledger is set to address the issue of impersonalization, providing users with a decentralized and cryptographically verifiable digital identity.