A popular influencer in the XRP community who goes by the Twitter name of Dr. T recently engaged in a social media conversation with another XRP follower, Cerberus. The latter posted a question about the method of XRP storage and security on the micropayments platform, XRP Tip Bot. The original tweet read:
“@xrptipbot I apologize if this question had been asked before. I was asked by a friend who I’ve just introduced to #XRP: What is the means by which XRP is secured with the #XRPTIPBOT? Where is the XRP stored, how is it secured, etc? The Echo skill is going to bring lots of people”
Here, Dr. T responded to the question and stated that Wietse Wind, the creator of XRP Tip Bot uses a cold or hot wallet model to store the currency, similarly to crypto-exchanges.
To secure the funds, the user logins can be 2FA or Two Factor Authentication, such as Twitter and Discord, he added. He also wrote that the monthly withdrawal limits make the large-scale hacks impossible as of now.
Furthermore, Dr. T stated that Wietse Wind might have plans for additional security, such as automatic regular key/disabling master key script in case of compromise or on-ledger tips that remove the need to store XRP in the XRPTipBot custodial wallet. However, he mentioned that these facts are yet to receive confirmation from the root source, i.e., the creator himself.
Recently, the integration of another micropayments service, Coil with XRP Tip Bot surfaced wherein the users of the latter were enabled to STREAM [Streaming Transport for the Real-time Exchange of Assets and Messages] cryptocurrency in small, continuous payments to support the websites of their choosing with tiny contributions.
It is believed that this could be the bases for disruptive advancement in the payment industry,