Ripple Chief Technology Officer (CTO) David Schwartz has commented on the XRP Ledger’s (XRPL) growth and what could come next for the network. The Ripple CTO’s statement has come to light amid a crucial upgrade to the XRPL, which would boost its utility.
Ripple CTO Comments On XRP Ledger’s Evolution
In an interview, the Ripple CTO commented on how far the XRP Ledger has come, as the network continues to witness increased activity. David Schwartz then declared that institutional players would catalyze the next wave of mass adoption for the network. He claimed this would happen through the tokenization of real-world assets.
The XRP Ledger is also becoming home to these tokenized assets. Ondo Finance recently launched its tokenized US treasury fund on the network. Meanwhile, last month, Dubai’s Land Department (DLD) chose the XRPL to pilot its tokenized real estate initiative in partnership with Ctrl Alt.
The Ripple CTO also mentioned in the interview that the most exciting projects are those that will provide financial services that ordinary people need. This will include tokenized loans, payment services, and investment products. He is also confident that that is what the XRP Ledger needs to take a chunk of the multi-trillion traditional finance (TradFi) market.
Schwartz then circled back to tokenized real-world assets as one of the things that needs to be supported to enable the XRP Ledger to witness mass adoption. He also indicated that they need to key into ideas like fractional ownership and portfolios of loans.
It is worth noting that Ripple already made it clear that it intends to build tools and services for tokenizing assets. The crypto firm believes that the real-world assets (RWA) could become a $30 trillion market by 2030 and wants to tap into it before it takes off massively.
XRPL Version 2.5.0 Goes Live
In a blog post, the XRP Ledger announced that version 2.5.0 of ‘rippled,’ the reference server implementation of the network’s protocol, is now available. This upgrade release adds new features and bug fixes, and introduces amendments to several areas. This includes the TokenEscrow, Batch, PermissionedDEX, AMM, and EnforceNFT token features.
Meanwhile, the new features include network I/O capacity to handle higher transaction loads. There is also enhanced transaction relay logic on the XRP Ledger now, and updated code reviewers for RPC changes.
Commenting on the new XRPL version, Ripple developer Mayukha Vadari stated that this is possibly the best single lineup of amendments the network has had in one release. Ripple CEO Brad Garlinghouse also acknowledged the huge progress that has been made with this XRP Ledger upgrade and commended the team on the latest release.
At the time of writing, the XRP price is trading at around $2.19, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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