Ripple entered the blockchain industry back in 2012 and formulated XRP, a rather dynamic cryptocurrency that has since attracted a lot of attention from various quarters – including the banking sector.
Over the years, Ripple has sought to develop and advance a common ledger system that accommodates various other distributed blockchain systems to foster smooth interaction among the many ledger systems existing within the decentralized crypto ecosystem.
This particularly innovative ledger is called the Inter-Ledger, and it already accommodates the XRP Ledger. Over time, Ripple has advanced the XRP Ledger to make it more efficient. In a recent post, Ripple’s CTO (Chief Technology Officer) David Schwartz lays out his vision for the XRP Ledger and seeks input from the XRP fan base.
From David’s point of view, the XRP Ledger is majorly focused on providing the best operating environment for payment settlements by ensuring adequate security and high performance.
Indeed, the XRP Ledger has been touted as one of the fastest payment settlement networks in the industry.
The CTO mentioned that Ripple has had plans to upgrade the XRP Ledger in 3 main ways, namely performance and resource usage, consensus, and features. In terms of resource consumption, Ripple aims at keeping it as low as possible to enable users to run their own full nodes without increasing their operational costs. Also, this has an added advantage of improving the network’s decentralized nature.
Going forth, David intimated that Ripple plans to make the XRP Ledger more robust to expand the capabilities of the consensus mechanism. This will, in turn, keep the network decentralized while improving performance and reliability. The upgraded XRP Ledger will also have more features like a stablecoin backed by XRP as well as directions to ease the pressure on the ’20 XRP’ account reserve policy.
The company now needs the community’s feedback to help better the design and roll-out of the upcoming changes.