The XRP Ledger, a prominent Layer 1 platform, has reached a significant milestone with the successful closure of its 84 millionth ledger. This achievement, announced by XRPScan, represents a major step forward in the platform’s development and underscores its growing importance in the blockchain ecosystem. The closure of the 83 millionth ledger on October 5th marks a rapid processing of one million transactions in less than six weeks, highlighting the robust and efficient nature of the XRP Ledger system.
Advancements in Ledger Technology
Recent developments within the XRP Ledger ecosystem indicate a focus on innovation and expansion. Two updated XLS standards have been introduced, signaling a commitment to enhancing user experience and functionality. The XLS-49d, known as “Multiple Signer Lists,” allows for multiple signer lists for each account, enhancing security and flexibility for users. Furthermore, introducing the “0051 XLS-51d: NFToken Escrows” standard is a pivotal development. This standard is designed to support NFT escrows, a feature increasingly in demand given the proliferation of NFTs on the platform, which now numbers around 4 million.
Before this, escrows on the XRP Ledger were limited to XRP tokens. The implementation of NFToken Escrows, as proposed in XLS-51d, is expected to facilitate a broader range of escrow activities, including trading and holding NFTs. This adjustment aligns with the growing trend of diversifying blockchain functionalities to accommodate a wide range of digital assets.
Future Prospects and Security Enhancements
The future of the XRP Ledger looks promising, with significant support from the community and ongoing developments. Over eighty percent of validators have backed two proposed amendments, “fixNFTokenRemint” and “fixReducedOffersV1.” Now entering a two-week countdown, these amendments are poised to refine the ledger’s performance and capabilities further.
In addition to these updates, the platform’s security has been a focal point. A recent announcement from Peersyst Technology confirmed that both the EVM sidechain and the XLS 38 bridge have successfully passed a comprehensive security audit conducted by Bishop Fox. This audit is a crucial step in ensuring the integrity and reliability of the platform, particularly in light of the increasing complexity and scope of blockchain technologies.
The collaboration between Peersyst and Ripple has been instrumental in this regard. Their joint efforts led to the launch of version 2 of the EVM sidechain on the devnet in June 2023. This development not only enhances the functionality of the XRP Ledger but also integrates it more closely with the broader blockchain ecosystem, particularly in the realm of Ethereum-compatible applications and services.
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