Cover image (via www.freepik.com)
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe that all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
The XRP Ledger (XRPL) is rapidly evolving, and one of its core modifications is to run on-chain. This upgrade, called the DID fix, could be a game-changer in resolving the complexities around Web3’s decentralized identities.
XRP Ledger DID Fix: Product of Mutual Agreement
The DID amendments were announced after a two-week activation period. The launch of this update is best described as the product of a mutual validator consensus, with 30 out of 35 possible votes in favor.
related
RippleX developer Mayukha Vadari explained what this means for the XRP Ledger. He pointed out that DID is roughly equivalent to a real-world fingerprint. Like fingerprints, DID may not be useful on its own, but it can be very valuable in other situations.
DID is roughly equivalent to a real-world fingerprint. Everyone has one, and it doesn’t do anything special by itself, but it can be useful in other situations. For example, you can connect to verifiable credentials (VC) or other data that proves who you are without trust. pic.twitter.com/mFact6pnsR
— Mayuka Vadari (@msvadari) October 30, 2024
Regarding data control, which is a key challenge for Web3, the concept of DID is one that many protocols, including Cardano, are actively considering. Obtaining DID on-chain can serve valuable use cases, especially as it is implemented according to the World Wide Web Consortium (W3C).
This ensures universal reach. Vadari explained that users can create a DID document and link it to an on-chain DID object on XRPL. By its design, other users cannot forge someone’s identity.
Broad advances in XRPL
Over the past year, the XRP Ledger has received several updates, including those related to automated market maker (AMM) enhancements.
related
Despite these, one of the most anticipated upgrades or product launches for XRPL is the Ripple stablecoin RLUSD. Since there is no definitive stablecoin on-chain, RLUSD helps turbocharge all liquidity pools on the protocol.
Although the exact timeline for the launch of RLUSD is unknown, millions of stablecoins have been minted, burned, and transferred over the past few months, and rigorous testing is underway. The ultimate goal is for the XRP Ledger to compete with rival layer 1 solutions.
