Ripple Is Working On An Exciting New Feature On The XRP Ledger
Ripple revealed not too long ago that the company’s main goal for this year is to boost the adoption of the digital asset XRP.
Ripple is also pushing the adoption of XRP with a brand new partnership that’s been addressed not too long ago – it involves the company Azimo, a digital money transfer platform.
Despite the significant fall in prices that we’ve seen for all coins in the crypto market, the companies behind the projects are still working on their developments these days.
Ripple is preparing a new feature for the XRP Ledger
It’s been just reported that Ripple is working on a new feature that would allow users to launch asset-backed cryptos on the XRP Ledger.
David Schwartz, Ripple’s chief technology officer, said the development would be different from other systems that are currently offering similar features.
“One of the features that I think is very exciting is a feature that would allow people to launch… essentially assets pegged to some external value. Features similar to that exist on other systems, but the interesting thing about this is that the liquidity is guaranteed by the ledger mechanics,” he said.
Stablecoins are a use case for the new feature
It’s been also revealed that the digital assets could be used for a variety of purposes.
Schwartz said that stablecoins are an “obvious use case” for the new feature.
“The key distinguishing property of this proposal is that the stablecoin is always redeemable for XRP on the ledger from the collateral pool. So, for example, if you hold one unit of a USD stablecoin, you can make on-ledger payments at any time, just as if you held $1 worth of XRP,” he explained as cited by the online publication the Daily Hodl.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.