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XRP Ledger Might Soon Level up With New Upgrades: Details

Mon, 6/05/2024 – 10:55

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XRP Ledger, a decentralized blockchain network powering the XRP cryptocurrency, is poised to undergo significant upgrades, sparking anticipation and excitement within the cryptocurrency community.

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New proposals and discussions are now taking place involving Compliance, Smart Contracts, Automation (optional fees), TradFi and DeFi, Expanding features, Sidechains and better user experience (UX). 

With all the proposals, discussions and developments on the horizon, XRP Ledger is set to level up and reinforce its position as a leading player in the digital asset space.

Krippenreiter, an XRP Ledger and DLT researcher, shares an exhaustive list of what is in the pipeline for XRP Ledger. 

A few of these include DID, which allows for sharing and controlling individual digital identities on the XRPL, while the personal data that links ID is held off-chain. Its use cases include reusable KYC and a permissioned, regulated and compliant DEX. This amendment is currently being voted on, with a new bug fix set to be released in v2.2.0. 

The XChainBridge amendment allows for cross-chain asset transfers across distinct independent ledgers, such as a mainchain, for instance XRPL, and a sidechain, such as an EVM-Sidechain. Use cases include adding wrapped XRP as a native asset on a sidechain and EVM-Interoperability. This amendment is currently being voted on, with a new bug fix set to be released in v2.2.0. 

Price oracles implement a native mechanism that retrieves off-chain data from an Oracle provider for usage on the XRPL for dApps, DEX and other XRPL-based protocols. It serves as AMM version 2. This amendment is currently being voted on, with a new bug fix set to be released in v2.2.0.

Several amendments are also up for discussion, such as the Managed Single Asset Tokenized Pool, Sponsored Fees and Reserves, NFToken Escrows, proposed Lending Protocol and Atomic/Batch Transactions. XRPL Plugins and Hooks are presently in the draft stage.

The proposed Lending Protocol allows for native decentralized lending on the XRPL by using single-asset pool funds to offer fixed-term loans with preset conditions for interest-bearing debt. The Atomic/Batch Transactions Status allows the grouping of up to eight transactions into a single unit to allow for simple “smart-contract-like” automation.

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