A major update to the XRP Ledger (XRPL) has been made by RippleX, the company’s development division, with the goal of improving acceptance and usage. Mayukha Vadari, a senior software engineer at RippleX, announced the publication of XLS-68d, a new standard intended to streamline transaction procedures.
The establishment of reserves and sponsored transaction fees is the main focus of this development. This functionality streamlines the user experience and lowers entry barriers for new players by allowing platforms to manage transaction fees and account reserves on behalf of its customers.
https://x.com/msvadari/status/1786025640409334045
In order to meet the expanding complexity of blockchain technology, the concept lets users assign transaction management responsibilities while maintaining control over their accounts. By adding sponsor signatures to their transactions, users may give platforms permission to carry out transactions, pay related fees, and make reserves.
Some blockchain networks include similar features, which are sometimes called “sponsored transactions” or “meta-transactions.” This gives users recognisable transaction management tools and is in line with industry practices.
This feature’s launch is anticipated to benefit the XRPL ecosystem by making onboarding procedures simpler and lowering project and user financial obstacles. XRP becomes more accessible to a larger range of consumers and sectors by enabling platforms to pay transaction fees, which may lead to increasing adoption.
All things considered, the addition of reserves and sponsored transaction fees is a big step towards increasing XRP’s popularity and usage and establishing it as a more approachable and user-friendly digital asset.
