Blockchain-based financial services network RippleNet provides a safe, convenient, and easy-to-use wallet for holders of the cryptocurrency XRP, and the features to their system’s ledger may be expanding.
RippleNet has been developed significantly since it was created in 2012. The system’s users have long had the ability to perform transactions on a decentralized ledger. Soon they may be able to take advantage of a feature on the network which would allow them to mint asset-backed tokens like stablecoins on the XRP ledger.
According to a video released by Ripple last month, Chief Technology Officer (CTO) David Schwartz said he was working on adding new features to the company’s crypto ledger. In addition to “core consensus improvements,” the CTO stood by past statements in not further developing one of the more common features of blockchain:
“Proof-of-Work is kind of a technological dead-end.”
One feature Ripple may be unveiling would allow third parties to launch other third-party cryptocurrencies on the XRP system. The details of this feature have yet to be announced, but Schwartz mentioned it could be used to introduce fixed-value tokens like stablecoins to the ledger:
“One of the features that I think is very exciting is a feature that would allow people to launch — well, stablecoins are the obvious use case, but it’s not just stablecoins — it’s essentially assets pegged to some external value.”
How will RippleNet’s new features stand out among other blockchains?
Other blockchain-based networks have been able to let their users run stablecoins. However, Schwartz teased the Ripple feature as particularly interesting, because “the liquidity is guaranteed by the ledger mechanics.”
The number of companies in other countries joining the network and adopting Ripple’s technology has increased. With business picking up, Ripple has invested heavily in other transmission networks like MoneyGram. Focusing on developing this feature, rather than others, may break even more new ground.