A new development proposal being discussed by the Ripple and XRPL communities might mark a key turning point for the growth of the dApp ecosystem on the XRP Ledger. It could also help to add “real-world” data to the on-chain systems built on top of XRPL.
XRP Ledger might onboard its own oracles, proposal published
Gregory Tsipenyuk, a software developer with Ripple, published a suggestion on GitHub under the title 0045 XLS-45d Price Oracles. It recommends XRP Ledger, a seasoned decentralised network, include native on-chain oracles. With these oracles, XRPL will be able to add “real-world data, such as market prices, exchange rates, interest rates, or weather conditions onto the blockchain,” similar to existing blockchains.
Technically, it creates a PriceOracle instance, a new on-chain object for XRPL. Tsipenyuk went into great depth on the steps involved in launching and integrating this instance with the blockchain.
It also takes a second look at a few XRP Ledger API stack components. The developer talked through some examples of transactions intended to add, remove, and modify a specific XRPL pricing oracle.
dApps on this blockchain will be able to use data from off-chain sources in their business operations if this proposal is accepted by the XRPL community.
As previously reported by U.Today, the current Ripple funding programme for blockchain engineers put a special emphasis on XRPL decentralised oracles.
Another Chainlink, another Flare?
The XRPL community is speculating over whether this solution will replace current oracle protocols like Chainlink (LINK) and Flare Networks (FLR).
The new mechanism will be able to work in conjunction with Chainlink (LINK) rather than taking its place. In its design, “Chainlink” serves as a model for a “Oracle Provider”.
The native oracles will initially be included into XRPL-based AMMs. They may now readily acquire precise pricing from other sources thanks to the new capability, according to commentators.
