The XRP Ledger is an open-source, decentralized, and permissionless network. It facilitates several payments-related applications such as DeFi, micropayments, and even NFTs. Over the years, its native token XRP has meteorically grown to be among the top in the crypto space.
Recently, the XRP Ledger has received a new proposed amendment for implementation on the ledger. Denis Angeli is the contributor and proposer of the recent amendment tagged with the code XLS-34d.
The proposal’s details suggested some changes in the structural facilities of the XRPL ecosystem. It noted that such adjustments would help to improve the non-XRP native XRPL assets’ capabilities and functionalities.
Changes With XLS-34d Proposal
The new proposal will change the XRP ledger transactions, objects, and even RPC methods. In addition, it will allow the use of Trustline balances on Escrows and PayChannels.
Notably, the network supports different on-ledger negotiable instruments like Checks, Escrows, and PayChannels. However, the Escrows and PayChannels are used only for the native XRP assets. It’s the Check that allows the use of Trustline balances.
With the changes, escrow accounts would include all assets developed on the XRP ecosystem. It would become possible for a project team to lock some tokens in a Trustline balance and monitor the token supply.
Further, the amendment would allow token issuers to retain authorization control of their assets. Also, they could freeze the tokens even if they are locked into instruments.
Additionally, the amendment plans for maximum security and safety of the XRP Ledger, enhancing its efficiency. It would prohibit irrelevant multiplication of XRP-ledger entities and cut off computational stress on the ledger.
Similarly, PayChannels on the ledger will receive access to Trustline balances. So, for instance, when a user locks a certain amount of assets into his PayChannel, the LockedBalance on the Trustline will increase by the same amount.
The proposed amendment just got released, and the XRPL network is yet to implement it. Before its implementation, it would pass through voting by the XRP community to either support or reject it.
Some prominent figures in the XRP community support the proposed amendment. These include Scott Chamberlain, the co-founder of Evernode XRPL, and Wietse Wind, Xumm Wallet’s lead developer.
Previous Proposed Amendments On XRP Ledger
The XRP Ledger has received some amendment proposals in the past. One such proposal is known as the ‘CheckCashMakesTrustLine’ amendment.
The XRP community voted to implement the amendment to the XRPL ecosystem. According to XRP Scan data, the vote reached a consensus of 85.29%. It had 29 votes supporting the proposal, with five votes against it.
The amendment proposed that the network have an automatic trust line for holding XRPL tokens received through checks. It plans to enhance the speed and efficiency of the system while ensuring its security.
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Before the amendment, cashing a check on the system was quite rigorous. For example, a user will manually create a trust line for the assets he will receive by sending a particular transaction. But the system does the creation through the proposed amendment.
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Author: Eli Dambell