Ripple has just rolled out a major update to the XRP Ledger with the release of rippled version 2.4.0. This update brings a series of exciting new features, improvements, and bug fixes that aim to enhance the security, compliance, and overall functionality of the network. RippleX, the team behind the update, has highlighted several key changes that are set to optimize the XRP Ledger, ensuring it remains efficient and robust while maintaining its decentralized nature.
One of the most significant additions in this release is DynamicNFT (XLS-46), which introduces the ability to mint mutable non-fungible tokens (NFTs). This feature allows the metadata (URI) of NFTs to be updated even after they have been issued. In other words, creators can modify the details associated with their NFTs post-minting, which opens up new possibilities for the NFT space. This change is expected to increase the versatility and appeal of NFTs on the XRP Ledger, providing greater flexibility to creators and collectors alike.
Another major update in version 2.4.0 is PermissionedDomains (XLS-80). This feature enhances the network’s compliance capabilities by restricting access to specific domains within the XRP Ledger ecosystem. With increasing regulatory scrutiny around cryptocurrencies, PermissionedDomains allows XRP Ledger to better align with evolving regulatory requirements, providing more control over which participants can interact with the ledger.
Additionally, DeepFreeze (XLS-77) is a new amendment designed to improve security. This feature allows token issuers to freeze specific trust lines, preventing asset transfers for certain holders. It adds an extra layer of security to the network by offering a mechanism to control the movement of assets in cases of potential threats or breaches. Furthermore, the fixFrozenLPTokenTransfer amendment prevents liquidity pool (LP) tokens from being moved when at least one asset within the pool is frozen. These features work together to strengthen the overall security and integrity of the XRP Ledger.
The fixInvalidTxFlags amendment also deserves attention as it refines transaction flag validation. This ensures that transactions involving CredentialCreate, CredentialAccept, and CredentialDelete are properly validated, improving the overall accuracy of transactions on the ledger.
Beyond the key amendments, rippled version 2.4.0 brings several performance improvements aimed at enhancing the user and developer experience. One notable addition is a new simulated API method. This allows developers to perform “dry runs” of transactions before executing them on-chain, providing valuable insights into potential outcomes and minimizing the risk of errors. This feature is expected to be particularly helpful for developers building complex applications on the XRP Ledger.
The update also includes improvements to the Unique Node List (UNL) security, which strengthens the consensus mechanism of the XRP Ledger. Validators now have the ability to require multiple UNL publishers for validator agreement, which reduces the risks associated with centralization and further decentralizes the network.
In addition to these features, Ripple has addressed several long-standing bugs, improving the overall reliability of the XRP Ledger. For example, the issue that prevented rippled from building on Windows with VS2022 has been resolved, as well as a fix for MacOS unit test failures. Several other bugs have been addressed, including issues related to double fee charges and failed inbound ledger acquisitions due to delayed trusted proposals.
As with previous updates to the XRP Ledger, the new amendments must secure approval from at least 80% of validators over two consecutive weeks before they can be activated. This ensures that the changes are fully decentralized and that the XRP community plays an active role in the decision-making process.
The updates introduced in rippled version 2.4.0 position the XRP Ledger to better compete in an increasingly regulated and competitive crypto market. By focusing on security, compliance, and performance, Ripple continues to strengthen its position within the industry. As the amendments await validator approval, the XRP community remains eager to see how these changes will affect the network’s future.
With these new features and improvements, Ripple has once again demonstrated its commitment to enhancing the XRP Ledger and maintaining its relevance in the ever-evolving world of blockchain technology. The full impact of these changes will likely unfold over the coming months, as the community adapts to the updated version and explores the new possibilities it offers.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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