Recently, the XRP Ledger received a fresh update, making available a new version: 2.4.0. This upgrade introduces better improvements, features, and bug fixes to increase the platform’s functionality and efficiency. It focuses on five important amendments, such as the DynamicNFT amendment (XLS-46), where users can mint mutable non-fungible tokens (NFTs). The PermissionedDomains amendment (XLS-80) has introduced restricted access, which is a great compliance measure.
With these improvements, Ripple can adhere to better compliance and security and enhance the platform’s performance. These upgrades can impact the XRP price, the platform’s native token. In the past, enhancements to the XRP Ledger have increased trading volume, and this can happen with this upgrade as well.
In this article, we will explore the main improvements of the XRP Ledger after the recent upgrade. Keep reading to learn more.
What are the main features of the recent update?
DynamicNFT (XLS-46)
One of the best improvements to the XRP Ledger is the DynamicNFT (XLS-46). With this upgrade, users from this ledger can mint mutable NFTs. This allows the metadata (URI) of the non-fungible tokens to be updated after being issued. In this way, users can take advantage of post-minting benefits, and they can modify some of their non-fungible tokens after creating them. This is an innovative feature, which is why it can increase the appeal and versatility of non-fungible tokens on the XRP Ledger. This can attract creators and offer more flexibility.
PermissionedDomains (XLS-80)
PermissionedDomains (XLS-80) is another great feature of the upgrade of the XRP Ledger. This platform aims to restrict access to some of the domains on the platform. This improves compliance capability, especially since digital currencies are volatile assets and can be under regulatory scrutiny. With the help of this feature, the XRP Ledger can adhere to the regulatory framework and keep better control over the network.
DeepFreeze (XLS-77)
DeepFreeze (XLS-77) is a feature designed to enhance security. With this, users can deep freeze trust lines and block the transfer to certain holders. Thanks to this update, the feature adds better security, as users have more control over their assets, which is especially helpful for potential breaches and threats.
fixFrozenLPTokenTransfer
This amendment prevents the transfer of the LP tokens if the liquidity pool has at least one frozen asset. This can significantly improve the platform’s integrity and security.
fixInvalidTxFlags
This amendment can improve the transaction flag validation. In this way, the CredentialAccept, CredentialCreate, and CredentialDelete transactions can be properly validated, which enhances the accuracy of transactions on this ledger.
Enhance performance and bug fixes
Other improvements to the recent update were to enhance the platform performance and fix bugs. These advances work together with the five amendments mentioned above, and with them all, the XRP Ledger can improve the developer and user experience. One notable example is the API method that allows developers to have access to “dry runs.” In this way, they can perform these transactions before they are validated on-chain. Thanks to this, participants can have a better insight into the future outcome and minimize the risk of mistakes.
The new version of the XRP Ledger has also improved the Unique Node List (UNL) security. This allows the consensus mechanism of the XRP Ledger to be strengthened greatly. For instance, the validators can require more UNL publishers to reach the validator agreement. Thus, Ripple can address the centralization concerns and decentralize the network even more.
Other than this, with the new version of the platform, Ripple managed to fix several bugs, which is a testament to its reliability. Some of the improved bugs include the MacOS unit test failure, the error that prevented using VS2020 when building on Windows, and errors with double fee charges.
What is the history of XRP?
XRP is one of the oldest cryptocurrencies, being developed in 2012, shortly after the development of Bitcoin (BTC). The XRP Ledger is a decentralized open-source blockchain whose native token is XRP, and it has a limited supply of 100 billion coins. The main purpose of the XRP tokens is to offer faster, cheaper, and more energy-friendly transactions.
Over the years, XRP has become a viable solution for businesses, institutions, and governments. This has made XRP benefit from a long list of advantages, such as border payments, crypto liquidity, and access to Ripple services. Other than this, many companies have started to accept payments with XRP, and in this way, they offer users the possibility to buy a real-world product or service with XRP. XRP is an important player in the crypto realm. With the latest update, this cryptocurrency can increase the trading volume and make more investors add this digital coin to their portfolio.
Can this update make the price of XRP soar?
The new upgrade can allow XRP to experience massive growth, which could give this digital coin a broader financial application and expand its utility. Up to this moment, XRP has already been a good cryptocurrency for cross-border transactions, especially for financial institutions. However, with the new upgrade, users can access even more utility from XRP and employ this digital coin in more sectors.
So, the platform’s new enhancement can be a catalyst for XRP’s growth. If it manages to expand its functionality, XRP can improve its use cases and have broader adoption, which could strengthen its position as an important digital coin.
With the new upgrade, the XRP Ledger proved it can have better compliance and security. For now, the XRP Ledger needs to wait for the approval of at least 80% of validators so that all these improvements can be validated. This makes Ripple remain decentralized and not become a centralized platform. Even though XRP is one of the oldest cryptocurrencies and blockchain platforms, it has proved it can stay relevant to users’ current needs with constant upgrades.
