Ripple’s XRP Ledger Just Introduced A Pivotal Update In Its Quest For Dominance

New updates have been made to Ripple’s XRP Ledger (XRPL) as the network looks to dominate and gain more ￰0￱ is also a positive for XRP, which serves as the network’s bridge currency. Ripple’s XRP Ledger Gets A New Update In an X post, XRP validator Vet revealed that the credentials amendment on the XRP Ledger is now ￰1￱ explained that credentials can be applied to attest to compliance requirements, such as KYC and AML, for a user or institution and issued to their decentralized ￰2￱ helps to further build trust in the ￰3￱ Reading: Ripple ￰4￱ Battle Heating Up As Exec Lands Major Blow To XRP Vet also noted that the amendment has all been done natively on the XRP Ledger.

Notably, this update is part of a larger move to enable compliance amendments on the ￰5￱ decentralized identities and credentials implemented, Vet indicated that their next focus is to work on the permissioned domains and permissioned ￰6￱ and other XRP Ledger stakeholders aim to utilize these compliance amendments to attract more institutions to the network, enabling them to adhere to traditional finance (TradFi) standards even ￰7￱ also comes as the network aims to become the go-to for ￰8￱ recently stated that 10% of global assets will become tokenized by 2030, and is undoubtedly looking to tap into this trillion-dollar ￰9￱ Engineer Breaks Down Significance Of This Update In an X post, Ripple engineer Kenny explained that the credentials update gives developers and businesses a way to handle identity checks and compliance requirements directly on the XRP ￰10￱ these, they do not need to approve each account one by one ￰11￱ Ripple engineer noted that traditionally, verifying user credentials like KYC requires multiple checks across different ￰12￱ Reading: Pundit Says Ripple Is The New SWIFT — Here’s What Is Driving It Kenny remarked that this process isn’t only inefficient but also increases privacy risks because sensitive information has to be shared multiple ￰13￱ such, this makes the XRP Ledger credentials update ￰14￱ Ripple engineer revealed that this feature enables credentials to be issued, stored, and verified natively on the ￰15￱ noted the benefits of how this allows users to prove a required criterion without undergoing repeated ￰16￱ also stated that this will improve the onboard process and enhance security, while maintaining ￰17￱ Ripple engineer further gave an example of what a typical flow will look like using this credentials feature.

A business will define the credentials it requires, such as the KYC, then a trusted issuer creates and signs that ￰18￱ user then accepts and stores these credentials in their XRP Ledger ￰19￱ way, the credential is checked on-chain whenever the user interacts with the ￰20￱ the time of writing, the XRP price is trading at around $2.83, up in the last 24 hours, according to data from ￰21￱ image from Adobe Stock, chart from ￰22￱