HomeNewsXRPScan's New Feature Elevates XRPL's On-Chain Transparency

XRPScan’s New Feature Elevates XRPL’s On-Chain Transparency

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  • The XRP Ledger (XRPL) introduces a feature that allows users to view the base transaction fee, enhancing transparency.
  • Dr. J. Scott Branson, an Advisor to the XRPLF, emphasizes the need to address low transaction fees and proposes an increase in the base fee for validators.

The XRP Ledger (XRPL) is taking significant strides towards bolstering transparency within its ecosystem with the introduction of a new feature facilitated by the leading explorer service, XRPScan.

Enhancing Transparency in Transaction Fees

XRPScan recently announced a pivotal feature that enables explorer users to directly access and view the base transaction fee onchain. This addition comes in response to insights shared by Dr. J. Scott Branson, an Advisor to the XRPLF, who highlighted the remarkably low base transaction fee associated with the XRP Ledger.

Dr. Branson’s perspective extends beyond the affordability of transaction fees; he also underscores the cost involved in storing XRP transactions within the ledger. The XRP Ledger is renowned for its cost-effective and efficient transactions, making it a preferred choice for various purposes, including large-scale payments and cross-border settlements.

The Dilemma of Low Transaction Fees

While the XRP Ledger’s low transaction fees have undoubtedly attracted users and facilitated its transaction volume, it has posed certain challenges for validators. Validators play a crucial role in processing and securing transactions on the network, yet the current fee structure leaves them with disproportionately lower earnings in relation to their efforts.

To address this issue, Dr. Branson is advocating for an increase in the base fee from 10 to 200 drops, a proposal he is championing through the Cabbit Tech validator. This proposal is expected to undergo voting during the upcoming maintenance cycle.

Innovations in the XRPL Ecosystem

Throughout the year 2023, the XRP Ledger witnessed several noteworthy milestones, including the launch of the Xahau sidechain on the mainnet and various upgrades aimed at enhancing its Decentralized Exchanges (DEXs) and Non-Fungible Tokens (NFTs).

By addressing concerns related to the profitability of validators and implementing transparency measures like the base transaction fee viewing feature, the XRPL ecosystem is positioning itself for further growth and adoption. These efforts could pave the way for a new wave of applications that trust the security and responsiveness of the XRP Ledger, potentially positioning it as a strong competitor among other prominent blockchain networks like Solana, Ethereum, and Avalanche. As the blockchain landscape continues to evolve, XRPL’s commitment to transparency and innovation remains evident.

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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