The foundation network of XRP, XRP Ledger is set to undergo a crucial update that will enhance security and compliance. According to a blog post released on Friday, the upgrade is one of the key developments that comes with the migration.Â
As revealed, the latest update will fix critical bugs and introduce new features. Notably, the network will see the implementation of five major amendments including the DynamicNFT amendment (XLS-46) that allows users to mint tokens using dynamic URIs.
Also, the PermissionedDomains (XLS-80) upgrade comes with limited access to some domains, which helps enhance compliance measures. Meanwhile, the XRP Ledger will receive one key improvement ensuring stern transaction validation.
Further, the particular amendment improves security and control over asset transfers. Supporting the new security system is the Unique Node List (UNL) which mandates stricter standards for validators to improve the integrity of the network.
In the announcement, XRP Ledger hinted that a simulation API for transaction testing is now available on the network. Likewise, there will be key improvement on important features like logging and validation checks.
The new version also adds useful features such as a simulation API for transaction testing, updates to asset definitions in transactions, and improvements to logging and validation checks. However, the introductions are still subject to the approval of the XRP Ledger community and enough support from validators.
How XRP Ledger is set for a new dawn with the establishment of the XRPL Foundation
It is worth mentioning that the latest proposal emanated as part of the transition process to establish a sole foundation for XRP Ledger. As part of the initiative, leading organizations including XRPL Commons, XRPL Labs, Ripple, and XAO DAO among many others connected to the project will merge to form the XRPL Foundation.
On November 26, 2024, key entities connected to the transition signed the incorporation papers for the XRPL Foundation in Paris, France. By that, the organization will take a not-for-profit posture and operate under French law.
More so, the organization came into existence to serve two crucial purposes. The XRPL Foundation will promote and facilitate the communities and operations relating to the project.
Similarly, the foundation will focus on supporting the XRP Ledger to function properly as a decentralized blockchain network. Focusing on ecosystem advancement, the foundation will support developers to build decentralized solutions on the network.