What to know:
- XRP Ledger validators are expected to vote on a major protocol upgrade within the next two weeks.
- The update adds batch transactions, confidential transfers, sponsored fees, permission delegation, and dynamic MPT enhancements.
- Performance improvements and bug fixes are also included to strengthen XRPL node efficiency and network reliability.
XRP Ledger is nearing one of the most significant updates in recent months, with a set of protocol changes set to come up for a vote within the next two weeks. As stated by Vet, a widely known XRPL validator, the proposed changes are close to completion and will be able to introduce some vital features.
In case of acceptance by the validators, the upgrade will bring batched transactions, private payments, sponsored transactions and reserves, permission delegation, MPTs with dynamic properties, and a bug fix bundle. The update also contains optimizations intended to improve the performance of XRPL nodes.
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New Features Aim to Improve XRP Ledger
One of the major features included is Batch Transaction, an innovative tool that allows grouping and executing several transactions at the same time. This can help perform more complicated procedures while decreasing the total number of transactions that need to be done.
Another vital feature is Confidential Transactions. It will ensure that the amount of the transactions remains confidential, but won’t prevent the XRP Ledger from verifying the legitimacy of those transactions.
Moreover, there are also Sponsored Fees and Reserves (XLS-68) included in the new package. It means that one third-party participant is able to pay transaction fees and reserves for another user, simplifying the development of the apps and improving the onboarding process.
Along with this innovation, users will be able to delegate permissions to use some of their account features without granting access to the wallet itself via the function Permission Delegation. Finally, the package will increase the functionality of Dynamic Multi-Purpose Tokens (MPTs).
The vet explained that the development of such features has been put on hold because the team needed to concentrate on the security issues. Having finished all of the necessary work, they have gone back to working on the upgrade, which he called a good balance of everything.
Reserve Requirement Debate Continues
In addition to the imminent upgrade, there is a discussion among the members of the XRP Ledger community about whether the reserve requirement of the network needs to be decreased.
According to the vet, he does not agree to decrease the reserve requirement currently. This is because the reserve requirement has been greatly reduced throughout the years. At first, having an account on the XRP Ledger cost 1,000 XRP, which was later reduced to 200 XRP in 2013.
As per the Vet, reserve requirements continue to play an essential role in safeguarding the network. According to Vet, storage and memory are precious commodities, and it is through the reserve system that the network is able to defend itself against any form of spam and DDoS attack.
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