Before I respond let me say that the discussion that Spenda uses...

Before I respond let me say that the discussion that Spenda uses XRP is purely speculative and we won’t know until we get confirmation. There are some clues that it could be XRP but after ANZ Banks announcement that they have created a stable coin using ETH who knows.

So on to your post. Yes, you’ve got the concept right that there are 2 ledgers but unfortunately you haven’t grasped the concept that they do entirely different things. XRP don’t have anything resembling financial software. The term ledger is not the same as General Ledger.

Let me see if I can better explain this using an old school process as an example by going back in time to before on-line banking.

It’s 1981 and I’ve just bought my Scorpion. How do I pay for it? I get a personal loan and a bank cheque.

I go to my bank apply for the loan and get approval 4 days later. They charge an establishment fee. But before I get the money I’ve gone on holidays to the Gold Coast.

The bank deposits the money in my account - effectively my personal GENERAL LEDGER.

I go to the bank on the Gold Coast and get them to write a bank check that I can send to the dealership. They charge me a transaction fee for creating the bank check. They record the cheque number, amount and my details in their Bank Cheque LEDGER.

So now I need to get it to the car dealer so I can pick up the car when I get home. I go to Australia Post to request a Registered Letter and they charge me a fee for that. They record my details, the car dealerships address, and parcel description in their LEDGER - a record of registered letters.

The letter with the enclosed bank cheque makes its way to the car dealers postie who hand delivers the registered letter to the dealership ensuring their correct identity then writes in his book that the letter was delivered. His Registered Letter book is taken back to the Australia Post Office and the LEDGER of registered letters is updated to record the delivery.

Now the dealership takes the bank cheque to their bank and deposits it in their account. The bank then takes the cheque and submits it to the cheque clearing process. It contacts my bank with the cheque number and amount, validates it and my bank authorises and commits the transfer. That interbank cheque clearing process could be thought of as a PRIVATE LEDGER. Access to this is for participating banks ONLY.

The accounts receivable clerk updated the dealerships financial system to record the payment and then passed to their own GENERAL LEDGER to update the income account.

So I got back from holidays and picked up my new car. The whole process took 2 to 3 weeks.

Step forward to today and the whole process could be completed in minutes.

If you take my oversimplified example you can see there are a number of steps that generate fees. And ver importantly the word ledger has multiple meanings.

In today’s digital model there’s even more opportunities and complexities, and I believe that Spenda is well positioned to reap the benifits. Small businesses don’t have time to be IT / ICT / WEB 3 / BLOCKCHAIN specialaist. For that work they need expertise and advice which Spenda and FSC both have.


PS. That Scorpion was a bloody great car.