[ad_1]
Source: Wit Olszweski
- The XRPL development team is working on a smart contract feature dubbed Hooks and will integrate it into XRPL transactions.
- Ripple developers are also proposing the XLS-30d standard which emphasizes DeFi and expands the financial options available to liquidity providers.
Ripple’s native cryptocurrency, XRP, made solid gains earlier this week gaining over 20% in the last 24 hours and is currently trading at $0.4581 with a market cap of $23.3 billion. As per the latest developments, XRP Ledger is currently on the cusp of a major paradigm shift regarding smart contracts.
Currently, the XRPL development team is working on a smart contract feature dubbed Hooks and will integrate it into XRPL transactions. It is currently under development by the XRPL Lab and will provide additional basic functionality on the base layer.
In addition, Peersyst is working on an EVM sidechain that will change the path of the ecosystem and will go live in 2023. As a result, XRP’s EVM sidechain will be able to perform computations on par with other chains such as Solana and Ethereum that support smart contracts.
Last year in June 2022, Ripple developers also proposed the XLS-30d standard for native automated market builders (AMM). The devNet AMM is up and running and the proposal is in draft. This particular AMM standard places an emphasis on DeFi and expands the financial options available to liquidity providers.
Although XRPL is open source, the XRPL Foundation and XRPL Labs have been major contributors to the development of the platform. Apart from that, Ripple also supports the growth of ecosystem services either through its own initiatives or by offering grants to other ecosystem related companies.
XRPL PoA Consensus – Pros and Cons
As we know, XRP Ledger uses a Proof-of-Association (PoA) consensus model which is also called Federated Byzantine Consensus Protocol. Each node in the PoA network must create a list of trusted nodes to consult while seeking consensus.
Ripple calls this list of trusted nodes the Unique Node List (UNL). Therefore, to take part in the consensus, the validator must first gain the trust of other nodes and cannot rely on financial resources alone. Nodes that do not have trust from other nodes will not be part of the UNL and thus, will not have any influence over the system. In addition, PoA systems do not require a lot of hardware, thereby lowering operational and electricity costs.
No spam, no lies, just insight. You can unsubscribe at any time.
However, the downside of PoA is that it cannot punish bad actors. This is because PoA is not constrained by large capital or large outside costs. Additionally, nodes can be moved from UNL in return and validator links can be unlinked.
Ripple Vs SEC
In other news, recent developments in the Ripple vs SEC case suggest that the case will end in a possible Ripple win. This is the reason why XRP price has jumped more than 20% in the last 24 hours.
Crypto News Flash does not endorse and is not responsible for or responsible for any content, accuracy, quality, advertising, products or materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash shall not be liable, directly or indirectly, for any damage or loss whatsoever caused or alleged to be caused by or in connection with the use of or reliance on any of the content, goods or services mentioned.
[ad_2]
Source link