XRP Ledger (XRPL) Launches Latest Version

XRP Ledger (XRPL) Launches Latest Version

A new version of the XRP Ledger (XRPL) protocol has been released, per a RippleX post on the X app. XRP Ledger version 1.12.0 comes with new features, bug fixes, and some amendments like an Automated Market Maker (AMM), Clawback function, and fixReducedOffersV1.

Upgrade Demands for New Version

Users who already utilize the XRPL server would be required to upgrade to the latest version for service continuity. These users have until September 20 to complete this action or face the risk of being cut off. Upgrading to XRPL v0.12.0 is also a prerequisite for voting for new amendments such as XLS-30.

In the meantime, there are three new amendments that are currently open for voting according to the XRPL’s amendment process. New users would only need to install the server to be able to take part. 

The introduction of an AMM protocol to the XRPL’s Decentralized Exchange (DEX) is to facilitate the trade of assets without a counterparty. Clawback on the other hand, helps an issuer to recover or clawback tokens that were previously issued. Notably, this function cannot be activated unless the issuer have issued out tokens that needs to be retrieved.  

According to the blog post, Clawback “Adds a setting, Allow Clawback, which lets an issuer recover, or claw back, tokens that they previously issued. Issuers cannot enable this setting if they have issued tokens already.”

Some other bug fixes were introduced as behind-the-scenes improvements which are not expected to impact the end user. About 20 people were listed as contributors to the release of this XRP Ledger version. 

XRPL Acknowledged as a Game Changer

Noteworthy, the launch of the version 1.12.0 comes only a few weeks after XRPL Labs announced that it is becoming part of the Xahau Ledger, a smart contract sidechain for the XRP Ledger ecosystem.

This latest improvement is bound to impact on the performance of the XRP Ledger. The initial version of the protocol was performing optimally and many projects acknowledged XRPL as a game changer, lending credence to how much of a change this new version will herald.

HSBC, one of the world’s largest banks issued a report on Distributed Ledger Technology (DLT) in the Capital Markets and while at it, the bank highlighted that XRPL is solving the challenges encountered in real-time cross-border settlements. As such, we can expect more functionalities with this latest XRPL upgrade.

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!