Ripple has made changes to its XRP Ledger amid its ongoing legal battle with the US Securities and Exchange Commission (SEC). Ripple’s Chief Technology Officer, David Schwartz, has provided insights on what to expect in the latest version of the Ledger.
One significant addition to the XRPL is the implementation of Decentralized Identity (DID) solutions. This feature gives users more control over their digital identities, removing the need for a centralized institution. Public blockchains like the XRP Ledger enable privacy and self-ownership, making these DID solutions possible.
The introduction of DID solutions on the XRP Ledger has the potential to increase the use case of Ripple’s ecosystem. South Korea announced plans last year to implement a blockchain-powered digital identity system, and other countries may follow suit.
Another notable update in the latest rippled version is the inclusion of an Automated Market Maker (AMM) mechanism. Schwartz has called this one of his “favorite XRPL features ever.” The AMM design, known as XLS-30, is the first of its kind and built as a native protocol. It allows users to trade against automated liquidity pools instead of relying on traditional order books.
The AMM design also introduces a novel Continuous Auction Mechanism that aims to reduce impermanent losses for liquidity providers. This update positions Ripple as a major player in the Decentralized Finance (DeFi) space. DeFi projects seeking more liquidity may consider migrating or building within the Ripple ecosystem.
Schwartz is confident that the XRP Ledger will disrupt the global financial system. He highlighted a demo he presented, showcasing the capability of transacting with different currencies on the Ledger, emphasizing its role in facilitating cross-border transactions.
These updates to the XRP Ledger demonstrate Ripple’s commitment to innovation and expanding its ecosystem’s capabilities. The inclusion of DID solutions and the AMM mechanism strengthens Ripple’s position in the blockchain industry.
References:
– Ripple eyes tokenized assets sector – [source](https://www.newsbtc.com/news/ripple/ripple-eyes-tokenized-assets-sector/)
– XRP pain: Ripple vs. SEC case – [source](https://www.newsbtc.com/ripple-2/xrp-pain-ripple-vs-sec-case/)
– SEC asks to file interlocutory appeal against Ripple – [source](https://www.newsbtc.com/news/ripple/sec-asks-file-interlocutory-appeal-ripple-xrp/)
– Ripple CTO Schwartz reveals insights into AMM trading strategy – [source](https://www.newsbtc.com/news/ripple/ripple-cto-schwartz-reveals-insights-into-amm-trading-strategy/)
– Microsoft announces blockchain-based decentralized identification system – [source](https://www.newsbtc.com/news/microsoft-announces-blockchain-based-decentralized-identification-system/)
– South Korea aims to boost economy with digital ID on blockchain – [source](https://www.bloomberg.com/news/articles/2022-10-16/south-korea-aims-to-boost-economy-with-digital-id-on-blockchain)
– Joel Katz on Twitter – [source](https://twitter.com/JoelKatz/status/1700032865860260235?s=20)
– Ripple X Developer on Twitter – [source](https://twitter.com/RippleXDev/status/1699906517036880093?s=20)
– Ripple CTO on SEC lawsuit – [source](https://bitcoinist.com/ripple-cto-sec-lawsuit/)
– Featured image from Investopedia, chart from Tradingview.com
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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