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HomeNewsXRP Ledger's Ripple-Backed Upgrade: A Game-Changer for Crypto

XRP Ledger’s Ripple-Backed Upgrade: A Game-Changer for Crypto

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  • XRP Ledger releases version 2.0, introducing XLS-38 Cross-Chain Bridge and XLS-40 Decentralized Identity, alongside other core ledger and API updates.
  • The new features are set to enhance interoperability and user control over online identities, aligning with W3C standards.

XRP Ledger’s Leap Forward with Version 2.0

The development team behind the XRP Ledger has officially rolled out the highly anticipated version 2.0 of the “rippled” software, marking a significant advancement in the platform’s capabilities and services.

XLS-38 Cross-Chain Bridge: Bridging the XRPL Ecosystem

A notable feature of this update is the XLS-38 Cross-Chain Bridge. This groundbreaking technology facilitates the movement of XRP and other fungible tokens issued on the XRPL between the XRPL Mainnet, XRPL Sidechains, and the upcoming EVM sidechain. This bridge enhances the XRPL ecosystem’s interoperability, allowing for seamless and secure transactions across different blockchain networks. The Cross-Chain Bridge’s integrity is safeguarded by independent witness servers, which authenticate transactions crossing between chains.

XLS-40 Decentralized Identity: Empowering User Control

Another key amendment in this release is the XLS-40 Decentralized Identity (DID). This innovative system grants users complete sovereignty over their online identities in a self-sovereign manner. Adhering to the World Wide Web Consortium (W3C) standards, the XLS-40 DID is designed to be interoperable across various distributed ledgers and networks, providing verified, self-sovereign digital identification. This lightweight amendment introduces a new ledger object that can be created, updated, and deleted through associated transactions, empowering users with enhanced control and privacy.

Enhancements and Updates in the XRPL Core and API

In addition to these major features, version 2.0 encompasses several core ledger updates and API enhancements. The API v2 release focuses on refining the user experience by eliminating obsolete fields and methods, renaming commonly misinterpreted fields, and ensuring greater response consistency. This update addresses various issues, including those related to authorized trustlines and discrepancies in exchange rates on offers compared to the order book rate.

The Amendment Process: Community Involvement and Validation

To implement these features on the XRPL Mainnet, amendments involving core protocol changes undergo a rigorous validation process. This involves a voting procedure where at least 80% of validators must approve the amendment, a consensus maintained for a minimum of two weeks. Upon meeting these conditions, the amendment is activated, and the functionalities outlined in the XLS standard go live on the mainnet. This democratic process ensures each amendment is thoroughly vetted and accepted by the XRPL community.

The release of version 2.0 of the XRP Ledger represents a monumental step in the evolution of blockchain technology, introducing powerful tools for cross-chain interoperability and decentralized identity management. These enhancements position the XRPL at the forefront of blockchain innovation, offering users and developers a more versatile, secure, and user-centric platform.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628
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