Ripple is creating a attribute that could permit users to mint asset-backed tokens straight on major of XRP Ledger, the firm’s tech chief has explained.
In a firm online video released Thursday, CTO David Schwartz explained Ripple is performing on “interesting” new features to broaden the ledger’s features and permit 3rd-social gathering users to introduce new cryptocurrencies into the XRP ecosystem.
Though Schwartz did not go into detail on what just the new features are, he did say they could be used for launching preset-benefit tokens on XRP Ledger. “Stablecoins is the clear use situation, but it is not just stablecoins it is primarily belongings pegged to some exterior benefit,” he explained.
Identical features exist on other blockchains, most notably Tether which operates stablecoin layers on many networks at the same time. But Schwartz explained asset-backed tokens on XRP would have “assured” liquidity since of the ledger’s mechanics.
This would not be the first time Ripple has made forays exterior of his main settlement business enterprise. The firm’s expenditure arm, Xpring, acquired decentralized payments system Logos Community in September. At the time, Xpring’s senior VP informed CoinDesk the acquisition would support Ripple produce new fiscal solutions on XRP Ledger.
All through Thursday’s online video, Schwartz explained Ripple experienced explored added use conditions in advance of, additional suggesting the ledger previously has some un-utilized functionalities crafted into it.
In the “early days,” Schwartz explained, the engineering crew “started off to know the homes of the algorithms we might produced authorized us to do factors, like a decentralized exchange.”
These experienced previously been put into “a functional method” someday in mid-2012 and incorporated a attribute enabling users to challenge their personal digital belongings, he explained.
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