As a seasoned analyst with years of experience in the crypto market, I find the recent developments on the XRP Ledger (XRPL) particularly intriguing. The network’s democratic approach to change, where validators vote on amendments that affect transaction processing, is commendable and reflects the maturity of the ecosystem.
The XRP Ledger, or XRPL, could potentially undergo substantial improvements in the near future since crucial proposals have garnered a majority approval from the network’s validators.
On the XRP Ledger, significant modifications to the transaction processing mechanism are proposed as amendments, which then undergo a voting process by validators.
As reported by an XRPL dUNL validator named Vet, two modifications to the XRP Ledger have recently received enough support and have entered a two-week activation period. These amendments are fixPreviousTxnID and fixEmptyDID, which are essential as they need to be implemented prior to the DID amendment.
Changes or additional functionalities to transaction processing within a system are referred to as amendments. These amendments undergo the consensus process for approval, ensuring that any alterations impacting transaction processing on the XRP Ledger are sanctioned.
For an amendment to take effect, it needs to secure approval from at least 80% of reliable verifiers for a period of two full weeks. If the backing drops beneath 80%, the amendment is provisionally denied, and the two-week clock starts over again.
If an amendment garners over 80% approval for a period of two weeks, it becomes law and remains in effect for all future record updates. To reverse a past amendment’s effects, a fresh amendment needs to be proposed.
Two new XRPL specs published
This week, Mayukha Vadari, a top software engineer at RippleX, unveiled the incorporation of two fresh specifications into the XRP Ledger. Apart from these, there are currently two amendments undergoing a two-week activation process.
In a recent tweet, Vadari announced that they have released two new specifications for the XRPL (XRP Ledger) focusing on aspects of permissioning and compliance.
Initially, XLS-80d: Controlled Domains, a foundational aspect designed for streamlined management of on-chain permissions, built upon XLS-70d. Subsequently, XLS-81d: Regulated DEX — Offering secure trading environments that comply with regulations. Vadari posits that these enhancements will foster enhanced flexibility and security within the XRP Ledger.
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2024-09-14 20:04