The company behind the XRP Ledger crypto wallet, Xumm, revealed its plans to launch an “Infrastructure Overhaul” for the network. The company claims that the upgrade will take the XRPL to the next level. According to an official announcement shared with Bitcoinist:
This isn’t just a technical upgrade; it is a strategic move to reshape the foundation of the XRPL and ensure a sustainable, efficient and inclusive future for all participants.
XRP Ledger Upgrade Goes Beyond? Implications for the network
Xumm believes that the XRP Ledger has an ‘advanced’ infrastructure, but they want to address some key issues that impact ‘flexibility’ and performance. The company believes that with its current capabilities, the network has difficulty processing transactions and retrieving historical data.
In the long run, these issues can impact the ledger’s ability to introduce new users and use cases. The new update to Xumm aims to improve the ledger’s capacity to avoid bottlenecks while improving local node connections and “guaranteing” access to real-time data.
As shown in the image below, the infrastructure upgrade will enable entities operating on the ledger to filter out transactions, avoid scam accounts, reduce network costs and improve scalability. The company decided to donate the upgrade via software to the XRPL Foundation.
Wietse Wind, Founder and CEO of XRPL Labs, stated:
This is without a doubt the most monumental upgrade to the XRPL infrastructure since its inception, and marks a pivotal moment in our pursuit of a healthier, sustainable XRP Ledger.
New rewards for XRPL users, the Airbnb network
In addition to improving the XRPL’s infrastructure and ecosystem, Xumm wants to introduce a new monetization strategy to reward node operators. In this sense, the company claims to have “rebuilt the XRPL Cluster Software” to encourage users to stop relying on third parties.
This change will put more financial pressure on large platforms, such as non-fungible tokens or crypto trading platforms, rather than the small individuals operating on the ledger. The company added:
In this ecosystem, quality hardware is monitored and users can connect their node to the cluster and receive queries from nearby resources. The contributors will earn the lion’s share of the larger consumers’ bills. It looks like an ‘Airbnb for XRPL infrastructure’.
Some benefits of this infrastructure update include:
- Better stability.
- Guarantee real-time transaction processing.
- Connection consistency across the ecosystem.
Overall, individuals will benefit from these improvements. Xumm concluded:
This development provides a flexible ecosystem platform where supply and demand can be dynamically matched. Keeping public infrastructure flexible, scalable and cheap.
XRP is trading at $0.5 at the time of writing with sideways movement over small time frames.
Cover image from Unsplash, chart from Tradingview