- XRP Ledger, the decentralized blockchain network that powers the XRP cryptocurrency, is set to undergo significant upgrades, sparking anticipation within the cryptocurrency community.
- Proposals and discussions are currently underway, focusing on Compliance, Smart Contracts, Automation, TradFi and DeFi, Expanding features, Sidechains, and User Experience.
- Notable researcher Krippenreiter shares a comprehensive list of what’s in the pipeline for XRP Ledger, including DID, XChainBridge amendment, and price oracles.
XRP Ledger is preparing for major upgrades, with new proposals and developments set to reinforce its position as a leading player in the digital asset space.
Significant Upgrades on the Horizon for XRP Ledger
The decentralized blockchain network, XRP Ledger, is poised to undergo significant upgrades. These developments have sparked anticipation and excitement within the cryptocurrency community. The upgrades involve various aspects including Compliance, Smart Contracts, Automation, TradFi and DeFi, Expanding features, Sidechains, and User Experience.
Details of the Proposed Upgrades
Krippenreiter, an XRP Ledger and DLT researcher, has shared a comprehensive list of the proposed upgrades. These include DID, which allows for sharing and controlling individual digital identities on the XRPL. The personal data that links ID is held off-chain, with use cases including 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 also 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.
Conclusion
With these significant upgrades, XRP Ledger is set to reinforce its position as a leading player in the digital asset space. The proposed changes aim to improve user experience, expand features, and enhance compliance, among other aspects. As these proposals and developments unfold, the cryptocurrency community eagerly awaits the impact they will have on the XRP Ledger and the broader digital asset space.
