The decentralised blockchain network that powers the XRP cryptocurrency, XRP Ledger, is about to get major enhancements that are causing excitement and expectation within the cryptocurrency community.
Compliance, smart contracts, automation (optional fees), TradFi and DeFi, feature expansion, sidechains, and improved user experience (UX) are now the topics of new ideas and discussions.
With all of the upcoming talks, ideas, and advancements, XRP Ledger is poised to advance and solidify its standing as a major participant in the digital asset market.
An extensive list of what is planned for XRP Ledger is shared by Krippenreiter, a researcher specialising in DLT and XRP Ledger.
https://x.com/krippenreiter/status/1787341796403560934
Among these is DID, which enables the exchange and management of distinct digital identities on the XRPL, with the personal information connecting IDs being stored off-chain. Reusable KYC and a permissioned, controlled, and compliant DEX are two of its use cases. Voting on this amendment is presently underway, and version 2.2.0 will provide a new problem remedy.
Cross-chain asset transfers between different independent ledgers, such a mainchain (like XRPL) and a sidechain (like an EVM-Sidechain), are made possible by the XChainBridge modification. Use cases include EVM-Interoperability and introducing wrapped XRP as a native asset on a sidechain. Voting on this amendment is presently underway, and version 2.2.0 will provide a new problem remedy.
In order to access off-chain data from an Oracle provider for use on the XRPL for dApps, DEX, and other XRPL-based protocols, price oracles offer a native method. It functions as version 2 of AMM. Voting on this amendment is presently underway, and version 2.2.0 will provide a new problem remedy.
The Managed Single Asset Tokenized Pool, Sponsored Fees and Reserves, NFToken Escrows, suggested Lending Protocol, and Atomic/Batch Transactions are just a few of the modifications that are up for debate. The XRPL Hooks and Plugins are currently in draft form.
By leveraging money from the single-asset pool, the proposed Lending Protocol enables native decentralised lending on the XRPL by providing fixed-term loans with predetermined terms for interest-bearing debt. Simple “smart-contract-like” automation is made possible by the Atomic/Batch Transactions Status, which enables the grouping of up to eight transactions into a single item.
