The Evolution of XRP Ledger: Insights from Ripple’s CTO
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David Schwartz on the Future of XRP Ledger
David Schwartz, Chief Technology Officer at Ripple, recently shared his thoughts on the development trajectory of the XRP Ledger (XRPL). His insights emerge at a pivotal moment, as the network undergoes a significant upgrade aimed at enhancing its overall utility.
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The Impact of Institutional Participation
During a recent discussion, Schwartz highlighted the substantial progress made by the XRP Ledger, noting the surge in network activity. He emphasized that institutional involvement will be pivotal for the impending widespread adoption of the network, primarily through the tokenization of real-world assets.
Tokenization: Paving the Way for Growth
The XRP Ledger is increasingly becoming a hub for tokenized assets. For instance, Ondo Finance has introduced a tokenized US Treasury fund on the platform. Furthermore, the Dubai Land Department has initiated a tokenized real estate project in collaboration with Ctrl Alt, piloted on the XRPL.
Schwartz further elaborated on the transformative potential of projects that deliver essential financial services to the public. These include tokenized loans, payment solutions, and investment products. He confidently stated that such initiatives could enable the XRPL to capture a significant portion of the multi-trillion-dollar traditional finance (TradFi) market.
He reiterated the importance of supporting tokenized real-world assets for mass adoption of the XRP Ledger. The integration of concepts like fractional ownership and loan portfolios could be key drivers.
Ripple’s Strategic Vision
Ripple has already declared its ambition to create tools and services for asset tokenization. The company anticipates that real-world assets could evolve into a $30 trillion market by 2030, and it is strategically positioning itself to capitalize on this burgeoning opportunity.
Unveiling XRPL Version 2.5.0
The XRP Ledger has officially launched version 2.5.0 of ‘rippled,’ which serves as the reference server implementation for the network’s protocol. This latest update introduces a range of new features, bug fixes, and amendments across several components, such as TokenEscrow, Batch, PermissionedDEX, AMM, and EnforceNFT token functionalities.
Enhancements to Network Capabilities
The new features include increased network I/O capacity for handling higher transaction volumes, improved transaction relay logic, and updated code reviewers for RPC changes.
Ripple developer Mayukha Vadari remarked that this update represents possibly the most comprehensive set of amendments released in a single version. Ripple CEO Brad Garlinghouse also praised the progress achieved with this upgrade and extended congratulations to the team for their efforts.
As of now, according to CoinMarketCap data, XRP is trading at approximately $2.19, reflecting an upward trend in the past 24 hours.
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