Fresh updates have been introduced to Ripple Book XRP (XRPL) When the network wants to dominate and gain more grip. It is also positive for XRP, which serves as the currency of the network bridge.
Ripple XRP Ledger receives a novel update
IN X PostVet Vet XRP revealed that the amendment to the Book of XRP is now dynamic. He explained that authentication can be applied to confirm compliance requirements such as KYC and AML, for the user or institutions and issued for their decentralized identity. It helps continue Build trust in the network.
The vet also noticed that all corrections were made natively on the book of XRP. In particular, this update is part of a larger traffic to enable network corrections. With implemented decentralized identities and certificates, the vet pointed out that the next goal is to work on permissible domains and Permission DEX.
Ripple and other stakeholders of the XRP Book are aimed at using these corrections to attract more institutions to the network, enabling them to follow time-honored finance standards (Tradfi), even in a chain. This also happens when the network is intended to become tokenization. Ripple recently stated that 10% of global assets will be tokenized until 2030 and you undoubtedly want to utilize it A trillion market for dollars.
Ripple Engineer spreads the importance of this update
IN X PostThe Ripple engineer, Kenny, explained that the update of certificates gives programmers and companies a way to handle identity control and compliance requirements directly in the book of XRP. Thanks to this, they do not have to approve each account one by one by hand. . Ripple engineer He noticed that traditionally verification of users’ certificates such as KYC requires many controls on various platforms.
Kenny noticed that this process is not only incompetent, but also increases the risk of privacy, because confidential information must be made available many times. Therefore, the XRP certificates are updated. The Ripple engineer has revealed that this function enables the issue, storage and verification of certificates natively on XRPL.
He noticed the benefits of how it allows users to prove the required criterion without repeated verification. Kenny also stated that this would improve the on -board process and enhance safety, while maintaining privacy. The Ripple engineer additionally gave an example of what a typical flow would look like using this function of certificates.
The company defines the required certificates, such as KYC, then a trusted issuer creates and signs this certificate. Then the user accepts and stores these certificates in his own Account of the Book of XRP. In this way, the certificate is checked in the chain whenever the user interacts with the company.
At the time of writing, the price of XRP is around USD 2.83, according to the last 24 hours, according to data with coinmarketcap.
A distinguished picture from Adobe, chart from TradingView.com
