Ripple's XRP Ledger undergoes significant change in pursuit of leadership position
The XRP Ledger, the backbone of Ripple's network, has received a significant update. This update aims to improve the onboarding process, enhance security, and maintain privacy for developers and businesses.
With the new update, identity checks and compliance requirements can now be handled directly on the XRP Ledger. This includes Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, which are crucial for financial transactions.
The XRP Ledger credentials update also reduces the need for multiple checks across different platforms, decreasing privacy risks. Credentials are issued to a user or institution's decentralised identity and can be applied to attest to compliance requirements.
This update is expected to build trust in the XRP Ledger network, as Ripple continues to tap into the trillion-dollar tokenized asset market. Ripple believes that 10% of global assets will become tokenized by 2030.
According to Ripple engineer Kenny, the credentials update provides a way to handle identity checks and compliance requirements without approving each account manually. This update also enables credentials to be issued, stored, and verified natively on the XRP Ledger, serving as the bridge currency for Ripple's network.
At the time of writing, the XRP price is trading at around $2.83, up in the last 24 hours. This data is from CoinMarketCap.
It's important to note that no institution has been identified as the source of the credentials adjustment on the XRP Ledger. The editorial policy of the news source focuses on accuracy, relevance, and impartiality, ensuring that no advertisements or disclosures related to the news content were found.
The XRP Ledger credentials feature allows users to prove a required criterion without undergoing repeated verification, improving the efficiency and security of transactions on the XRP Ledger. This update is now active and could potentially revolutionise the way transactions are handled on the XRP Ledger.
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