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XRP Ledger Gets New Amendment, Here's What It Should Fix

Tue, 01/03/2023 - 09:51
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Gamza Khanzadaev
As new amendment on XRP Ledger gets critical number of votes, let's look what it's about
XRP Ledger Gets New Amendment, Here's What It Should Fix
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The vote to apply the new amendment to XRP Ledger reached a consensus of 82.35%, with 27 out of 34 validators voting so far, according to XRP Scan. The vote will last another two weeks, until Jan. 17, so let's take a look at what it should change or fix in XRPL.

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An amendment called CheckCashMakesTrustLine is designed to automatically create a trust line to hold any XRPL token received via check. The innovation is designed to increase the efficiency and speed of the system, when previously, to "cash" a check, one had to create a trust line for the token being received manually through the sending of a special transaction.

The amendment is more of a patch to an earlier Checks innovation, which introduced paper check functionality to XRP Ledger. Although the innovation was introduced more than two years ago, the patch to it is only now being adopted.

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Trust lines are all over the place

The previous major amendment to XRP Ledger can be considered XLS-20, which introduced full functionality to create and use NFT applications in the ecosystem. Interestingly, the launch of XLS-20 was once canceled after consensus had already been reached on adoption for the reason of these very trust lines.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.