The XRP Ledger (XRPL) has demonstrated its commitment to evolve in the crypto space through more innovative approaches.
As part of the network’s core amendments, XRPL has launched its XLS-40, dubbed Decentralized Identifier (DID) amendment.
The XLS-40 aims to strengthen the network’s security as it facilitates independent management of digital identities for users. Also, it focuses on tackling complications associated with DIDs in Web3.
XRPL Launches XLS-40, Its New DID
The XRP Ledger (XRPL) launched its new XLS-40, a Decentralized Identifier (DID) amendment.
The #XRPL DID amendment goes live today! DIDs (Decentralized Identifiers) in web3 can be pretty confusing, when looking into how they work. Here’s an explainer for XLS-40 and DID on the #XRPL!🧵👇
— Mayukha Vadari (@msvadari) October 30, 2024
The DID amendment went live after undergoing a two-week activation period. The XLS-40 will leverage Decentralized Identifiers to introduce user-controlled digital IDs.
It does so by allowing users to develop self-sovereign identities that are cryptographically verifiable. Moreover, the DIDs enhance the level of security and privacy for transactions on the XRPL and are independent of centralized controls.
This feature marks DIDs as globally resolvable, persistent, and compatible with several blockchains as it conforms with the standards of the World Wide Web Consortium (W3C).
One of the core developers of the DID standard on XRPL, Mayukha Vadari, highlighted more of the functionalities of DIDs. Vadari explained that the identifiers operate just like a digital fingerprint to ensure uniqueness and verifiable identity.
There’s a DID document for each DID, comprising verification methods, cryptographic keys, and service endpoints. Also, the document powers verifiable credentials (VCs) that confirm a user’s identity but allow the user to manage his/her data.
Moreover, the DID document gets a two-way reference link on-chain; it confirms authenticity and prevents alteration or forgery. Also, the DID and the document provide a mutual verification for each other.
The emergence of XLS-40 on XRPL offers several advantages to the ecosystem. It enhances the blockchain’s security while maintaining a user-controlled process for digital identity management.
In addition, DIDs on XRPL will help to streamline identity verification for online transactions, DeFi applications, and virtual document signing.
This move conforms with the industry trends of prioritizing privacy and user control over personal data.
XRPL Demonstrates More Impressive And Innovative Advancement Moves
Over the years, the XRPL has demonstrated innovative moves to advance in the industry. The blockchain has undergone several updates, some involving automated market maker (AMM) advancements.
Moreover, the network plans to release the Ripple stablecoin, RLUSD. This stablecoin is expected to boost the network’s liquidity pools and attract more users to the platform.
Kicking off Ripple Swell with a bang!
RLUSD has been nearly a year in the making, and with our trusted exchange partners, market makers, and advisory board, RLUSD is set to become the gold standard for enterprise-grade stablecoins—built on trust, liquidity, and compliance. https://t.co/fLPglsjkfI
— Brad Garlinghouse (@bgarlinghouse) October 16, 2024
While its launch date is unknown, the project has completed several experimentation phases, including token minting, burning, and transfers.
Meanwhile, in another new development, David Schwartz, Ripple CTO, handled the growing concerns from the XRP community over the network’s dependence on XRP.
The executive pointed out that XRP is a key driver for blockchain security as it serves as a hedge against spam attacks.
Schwartz explained that using XRP as a transaction fee limits fraudsters from overcrowding the network with many transactions.
Schwartz said: “For a public ledger to resist spam attacks, you need something scarce to fund transactions. Unless rules change, nothing can move on XRPL without XRP.”
