XRP Ledger (XRPL) Unveils Two Major Upgrades
In a recent development in crypto space, XRP Ledger (XRPL) has recently introduced two significant updates following the implementation of another recent amendment, drawing considerable attention from investors. This coincides with growing anticipation surrounding the potential launch of Ripple stablecoin RLUSD. Ripple’s ongoing development on the XRPL has sparked speculation about the potential impact of these upgrades on the stablecoin’s functionality and the broader ecosystem.
Overview of XRP Ledger Upgrades
As reported by XRPScan, the XRP Ledger implemented two major upgrades, “fixEmptyDID” and “fixPreviousTxnID,” on Friday, generating significant interest in the market. These upgrades received backing from 31 validators, surpassing the 28/35 threshold required for implementation.
The “fixEmptyDID” upgrade primarily aims to prevent the creation of empty DID ledger entries, which have previously occupied valuable space without providing any benefit. Following this change, any transaction attempting to create such entries will result in an error. This amendment is expected to enhance ledger efficiency without disrupting the existing process.
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Conversely, the “fixPreviousTxnID” upgrade focuses on improving transaction tracking by adding PreviousTxnID and PreviousTxnLgrSequence fields. Prior to the upgrade, some ledger entries lacked these critical fields, making it challenging to track transaction history. Both of these improvements are designed to streamline operations on XRPL and enhance the blockchain’s ability to manage data, laying the groundwork for more complex applications in the future.
Effects on Ripple Stablecoin RLUSD
Ripple has commenced beta-testing its stablecoin on both the XRPL and Ethereum networks. Recently, Ripple issued two batches of its stablecoin, each containing 485 RLUSD. As attention shifts to the potential impact of the latest XRP Ledger upgrades on the stablecoin’s operation, Ripple President Monica Long has confirmed that the launch of RLUSD is scheduled for this year pending US approval.
Furthermore, the stablecoin has garnered significant attention as it is expected to cater to a broader range of use cases compared to Ripple’s native crypto, XRP. Long also suggested that decentralized exchanges (DEXs) on XRPL could benefit from the stablecoin’s efficiency, while XRP would be used for smaller crypto transactions. These comments indicate that the recent XRPL updates may strengthen the ecosystem for both RLUSD and XRP, offering enhanced functionality and flexibility across multiple applications.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
