XRP Ledger Set For A Major Overhaul With 8 Amendments

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Earlier today, RippleX, a division of Ripple Labs, reported that approximately 80% of servers have successfully upgraded to version 2.3.0 of the XRP Ledger software, known as rippled. This significant update, which includes eight new modifications, represents one of the most extensive revisions of the ledger yet.

XRP Ledger V2.3

On their recent post (previously Twitter), RippleX announced: “Update to X version 2.3.0. We’re almost at the 80% mark for server upgrades! … Upon the adoption of the first 2.3 amendment, all servers running 2.2.x and older will be disconnected from the network.”

Based on posts from the XRPL Blog, the latest version 2.3.0 of rippled introduces new functionalities like Multi-Purpose Tokens (MPTs), Credentials, and enhanced support for Clawback in Automated Market Makers (AMMs). Additionally, it provides essential updates aimed at improving stability. RippleX strongly advises server operators to update their systems promptly to minimize potential interruptions.

The update proposes eight changes that are currently under consideration for approval. This aligns with the XRPL’s decentralized system of governance, where an amendment needs more than 80% support from reliable validators over a span of two weeks before it becomes effective. Among the new additions and improvements are:

Modification of XLS-70: This update allows for the creation of Credentials on the system, which can be used to automatically approve incoming payments when using Deposit Authorization. Operators have the option to establish a DepositPreauth object associated with a specific issuer. Only those who are authorized by this issuer (and obtain their credentials) will be permitted to initiate such payments.

XLS-33 Multi-Functional Fungible Tokens: This innovative feature introduces a new type of interchangeable token tailored for institutional DeFi, including stablecoins. Its design broadens potential applications by providing greater flexibility in the issuance and administration of these tokens.

XLS-37 AMM Token Recovery Mechanism: This update introduces a mechanism that allows for the recovery of certain tokens within the Automated Market Maker (AMM) environment, particularly for users who require this option under specific circumstances. The amendment ensures the necessary safeguards, or “appropriate guardrails,” are in place.

Creating an NFT Sell Offer (XLS-52 NFTokenMintOffer): This feature enables you to create a sell offer for a new NFT during the minting process. By merging minting and listing into one transaction, the ledger aims to simplify and expedite NFT operations.

This update tackles “two issues” within the Automated Market Maker (AMM) transaction handling process, enhancing its stability during AMM-associated transactions to provide a more dependable performance.

Addressing NFT Directory Link Issues: This feature resolves problems that may lead to broken links in NFT directories, while also implementing a transaction system to mend any inconsistencies within the blockchain’s state.

As an analyst, I would rephrase it as follows: “I’m addressing two issues that arise when Non-Fungible Token (NFT) offers interplay with trust lines. This enhancement aims to streamline NFT offer handling and ensure consistent trust line management.

StandardizeInnerObjectTemplate2: Ensures a consistent approach to handling inner objects within all transaction and journal data, enhancing uniformity and making the validation of ledger data more predictable.

Moreover, there’s a draft amendment called InvariantsV1_1, which hasn’t been put up for a vote as of now. Initially, it aims to enforce the rule that “entries in the ledger associated with an account will be removed when the account is terminated,” along with other protective measures that are yet to come.

In the updated version, some specific functions are no longer available. IShard artifacts have been eliminated, and it’s recommended for users seeking comprehensive ledger history to switch to a Clio server instead. Additionally, the reporting mode has been taken out as part of ongoing efforts to simplify the system further.

The enhancements made go beyond the existing features, as they now enable adjusting the size of SQLite database pages and offer a library extension for libxrpl that provides a catalog of potential amendments. A variety of bugs have been resolved, including scenarios causing AMM crashes, race conditions, inconsistencies in specific API methods, and other issues.

At press time, XRP traded at $2.30.

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2025-01-11 05:14