深入探討XRP Ledger（XRPL）：運作機制、代幣交易方式與未來展望

XRPL在短短一個月內飆升3.5倍，市值甚至超越了Solana。這一戲劇性的市場表現再次證實了

In the current cryptocurrency market, XRP has indeed performed remarkably, skyrocketing 3.5 times in just one month. Its market value has even surpassed Solana, once again highlighting the unpredictability of the cryptocurrency market.

在目前的加密貨幣市場中，XRP確實表現出色，短短一個月就暴漲了3.5倍。其市值甚至超越了Solana，再次凸顯了加密貨幣市場的不可預測性。

Although XRP has been a controversial topic in the cryptocurrency community, market choices often transcend personal biases. As the meme coin market continues to flourish, the XRP ecosystem could become an important battleground for a new round of speculative craze.

儘管XRP在加密貨幣社群中一直是一個有爭議的話題，但市場選擇往往超越個人偏見。隨著meme幣市場的持續繁榮，XRP生態系統可能成為新一輪投機熱潮的重要戰場。

This article will deeply analyze the operating mechanism of XRP Ledger (XRPL), token trading methods, core concepts, and in-depth research directions.

本文將深入剖析XRP Ledger（XRPL）的運作機制、代幣交易方式、核心概念以及深入研究方向。

What is XRPL?

什麼是XRPL？

XRP Ledger bills itself as a blockchain platform that pursues speed and efficiency. However, in reality, it is not optimal in terms of speed, decentralization, and efficiency (especially efficiency, which is still controversial).

XRP Ledger 將自己定位為追求速度和效率的區塊鏈平台。但實際上，它在速度、去中心化、效率（尤其是效率，目前還存在爭議）方面都不是最優的。

Unlike blockchains that use PoW or PoS, XRPL uses a federated consensus mechanism, where validators can reach transaction consensus without mining or staking.

與使用 PoW 或 PoS 的區塊鏈不同，XRPL 使用聯邦共識機制，驗證者無需挖礦或質押即可達成交易共識。

The specific operating mechanism is as follows:

具體運作機制如下：

The entire network has more than 109 validators processing transactions, of which 31 trusted validators form the Unique Node List (UNL) for consensus. These validators include Arrington XRP Capital, Bifrost Wallet, Ripple, and XRPscan.

整個網路有超過109個驗證器處理交易，其中31個可信任驗證器形成唯一節點清單（UNL）以達成共識。這些驗證器包括 Arrington XRP Capital、Bifrost Wallet、Ripple 和 XRPscan。

While any entity can theoretically run and issue UNL, this mechanism of relying on UNL actually brings centralization risks, because Ripple and the XRP Ledger Foundation largely control the selection of the default UNL. New validators usually need to be approved by Ripple Labs, which is the origin of the name "federated consensus".

雖然理論上任何實體都可以運作和發行 UNL，但這種依賴 UNL 的機制實際上帶來了中心化風險，因為 Ripple 和 XRP 帳本基金會在很大程度上控制了預設 UNL 的選擇。新的驗證者通常需要經過 Ripple Labs 的批准，這就是「聯邦共識」名稱的由來。

XRP's transaction confirmation time is 3-5 seconds. In comparison, Solana is far ahead in terms of node number, transaction speed, and smart contract capabilities. However, XRP's transaction fee is almost zero, only 0.00001 XRP per transaction.

XRP的交易確認時間為3-5秒。相較之下，Solana 在節點數量、交易速度、智慧合約能力等方面都遙遙領先。然而，XRP 的交易費用幾乎為零，每筆交易僅需 0.00001 XRP。

Trust Lines, Reserves and Rippling Mechanism

信託額度、儲備金和波紋機制

Wallet Activation and Reserve Requirements

錢包啟動和儲備金要求

When creating a wallet in the XRPL ecosystem, there are some unique requirements to be aware of:

在 XRPL 生態系統中創建錢包時，需要注意一些獨特的要求：

An account activation requires at least 10 XRP as a base reserve. In addition, for each token held, the system requires an additional 2 XRP to be locked as an owner reserve. For example, if you hold 20 Meme coins, you need to lock an additional 40 XRP.

帳戶啟動需要至少 10 XRP 作為基本儲備。此外，對於持有的每個代幣，系統需要額外鎖定 2 個 XRP 作為所有者儲備。例如，如果您持有20個Meme幣，則需要額外鎖定40個XRP。

There is currently a governance vote underway to propose reducing these requirements by a factor of ten. Users can view the current specific requirements under the "base reserve" and "owner reserve" tabs in XRP Scan.

目前正在進行治理投票，建議將這些要求減少十倍。使用者可以在XRP Scan中的「基本儲備」和「所有者儲備」標籤下查看目前的具體要求。

Trust Lines Mechanism Analysis

信任線機制分析

Trust Lines is the infrastructure used by XRPL to hold homogeneous tokens. According to Ripple's official documentation: "Trust lines enforce the rules of XRPL to ensure that others are not forced to hold unwanted tokens. This precaution is critical to achieving use cases such as XRPL's community credit."

Trust Lines 是 XRPL 用於持有同質代幣的基礎設施。根據 Ripple 的官方文件：“信任線強制執行 XRPL 的規則，以確保其他人不會被迫持有不需要的代幣。這種預防措施對於實現 XRPL 社區信用等用例至關重要。”

The core values of Trust Lines are:

信任線的核心價值是：

Preventing forced receipt of spam tokens

防止強制接收垃圾郵件令牌

Allows freezing and authorization controls to be implemented

允許實施凍結和授權控制

Support "No Ripple flag" to prevent accidental balance adjustments

支援“無波紋標誌”，防止意外平衡調整

When a token issuer creates a token, its balance may become negative, indicating the amount issued, while the holder's balance is positive. For example, after the issuer sends 100 tokens, its trust line balance is -100, and the receiver's balance is +100.

當代幣發行者創建代幣時，其餘額可能會變成負數，表示發行的數量，而持有者的餘額則為正數。例如，發行方發送100個代幣後，其信任線餘額為-100，接收方餘額為+100。

Rippling Mechanism Explained

漣漪機制解釋

Rippling (which is where the name Ripple comes from) takes this concept a step further by allowing token balances to flow automatically through connected accounts during the payment process. This is a passive exchange system that allows atomic settlement without the involvement of the issuer.

Rippling（Ripple 名稱的由來）將此概念更進一步，允許代幣餘額在支付過程中自動流過連接的帳戶。這是一種被動交換系統，無需發行人參與即可進行原子結算。

For example: if Alice owes Bob $10, and Bob owes Charlie $10, the rippling mechanism allows Alice to pay Charlie directly while automatically adjusting the balances on all trust lines.

例如：如果愛麗絲欠鮑伯 10 美元，鮑伯欠查理 10 美元，則波紋機制允許愛麗絲直接向查理付款，同時自動調整所有信任線的餘額。

This design is similar to a double-entry accounting system and is primarily used for:

這種設計類似複式記帳系統，主要用於：

Achieve efficient net settlement

實現高效率的淨額結算

Backed by Real Assets (RWA)

由實物資產（RWA）支持

Stablecoin trading

穩定幣交易

Tokenized Commodities

代幣化商品

Cross-border payments

跨境支付

This design gives asset issuers greater control. In particular, in terms of compliance requirements, authorized Trust Lines issuers can enable the "Require Auth" flag to limit token ownership to approved accounts. This makes XRPL particularly suitable for assets that require strict KYC/AML supervision.

這種設計賦予資產發行者更大的控制權。特別是，在合規性要求方面，授權的信任線發行人可以啟用「需要身份驗證」標誌，以將代幣所有權限制為已批准的帳戶。這使得 XRPL 特別適合需要嚴格 KYC/AML 監管的資產。

Although this centralized control may draw criticism from supporters of decentralization, it is precisely the unique advantage of XRPL in specific application scenarios.

雖然這種中心化的控制可能會招致去中心化支持者的批評，但這正是XRPL在特定應用情境下的獨特優勢。

After understanding how Rippling works, users can choose to enable or disable this feature according to their needs:

在了解了Rippling的工作原理後，使用者可以根據自己的需求選擇啟用或停用該功能：

Enable Rippling Fit:

啟用波紋擬合：

Users who wish to use their account as part of a payment routing

希望使用其帳戶作為付款路由一部分的用戶

Accounts acting as intermediaries, such as market makers or exchanges (it is not yet clear whether fees can be earned through this feature)

充當中介機構的帳戶，例如做市商或交易所（目前尚不清楚是否可以透過此功能賺取費用）

Disable Rippling Fit:

禁用波紋配合：

Users who do not want their balance to be used for payment routing

不希望其餘額用於付款路由的用戶