26 September 2023
The company behind the XRP Ledger crypto wallet, Xumm, unveiled its plans to launch an “Infrastructure Overhaul” for the network. The company claims the upgrade will push the XRPL to the next level. According to an official announcement shared with Bitcoinist:
This isn’t just a technical upgrade; it’s a strategic move to reshape the very foundation of the XRPL, ensuring a sustainable, efficient, and inclusive future for all participants.
XRP Ledger Upgrade Goes Beyond? Implications For The Network
Xumm believes the XRP Ledger has an “advanced” infrastructure, but they aim to address some key issues impacting “flexibility” and performance. The company believes that with its present capabilities, the network has difficulty processing transactions and fetching historical data.
In the long run, these issues could affect the ledger’s capacity to onboard new users and use cases. Xumm’s new update is set to improve the ledger’s capacity to avoid bottlenecks while enhancing local node connections and “ensuring” access to real-time data.
As seen in the image below, the infrastructure upgrade will allow entities operating on the ledger to filter out transactions, avoid scam accounts, reduce network fees, and improve scalability. The company decided to donate the upgrade via software to the XRPL Foundation.
Wietse Wind, founder and CEO of XRPL Labs, stated:
This is, without a doubt, the most monumental upgrade to the XRPL infrastructure since its inception, marking a pivotal moment in our pursuit of a healthier, sustainable XRP Ledger.
New Rewards For XRPL Users, The Airbnb Network
In addition to improving the XRPL’s infrastructure and ecosystem, Xumm wants to introduce a new monetization strategy to reward node operators. In that sense, the company claims to have “rebuilt the XRPL Cluster Software” to encourage users to stop relying on third parties.
This change will put more financial pressure on major platforms, such as non-fungible tokens or crypto trading platforms, rather than on the small individuals operating on the ledger. The company added:
In this ecosystem, quality hardware will be monitored, and users can plug in their node to the cluster, receiving queries from nearby sources. Those contributing resources will earn the lion’s share of the billing from larger consumers. It’s akin to an “Airbnb for XRPL infrastructure.”
Some of the benefits of this infrastructure update include:
Better stability.
Guarantee real-time transaction processing.
Connection Consistency across the ecosystem.
Overall, individuals will benefit from these improvements. Xumm concluded:
This development ensures a flexible in-ecosystem platform where supply and demand can dynamically be matched. Keeping public infra flexible, scalable, and cheap.
XRP trades at $0.5 with sideways movement across small timeframes as of this writing.
Cover image from Unsplash, chart from Tradingview