Innovative Proof Of Payments Protocol May Force XRP Ledger Exchanges Offline
As engineers at XRP Ledger Labs, the programming business driving XRPL-based payment systems services recently disclosed a model of their Proof of Payments protocol, offline transactions may soon be supported. At the Apex Developer Conference in Tallinn, XRPL Labs engineers demonstrated a sample of xPoP, a Proof of Payments protocol that will enable the blockchain to start XRPL-based operations without the need for Internet access. xPoP is expected to be released later this year.
“xPoP, or “Proof of Payments,” as demonstrated by Richard during the #ApexDevSummit (located at @XRPLF). Tallinn, Estonia. An interactive QR code is generated that contains all of the information required for *offline* (!) XRP Ledger payment verification (vending/casinos/…) xPoP.https://t.co/ATukow1cZU” — XRPL Labs (@XRPLLabs) on Twitter, October 6, 2021.
Any gadget that is linked with the xPOP interface will be able to generate a QR-Code, which will allow the owners of XRPL-based commodities to make payments quickly, without the need for both parties to be online at the same time. They expect that by doing so, they will be able to broaden the range of applications for the ledger and make it more accessible to gadgets that are not always linked to the web. This covers places like bus stops, parking meters, and vending machines, among other things.
The XRP Community
In a Twitter post, members from XRPL Labs also stated that this would signal a switch in the ledger’s priority as they attempt to tackle the “chicken/egg dilemma,” or the question of who entered the business first. The blockchain will change its emphasis away from being only focused on the industry and end-users and toward retail acceptance instead. They went on to say that “xPoP is among the useful breakthroughs for future commerce acceptance, and thus: for the ecological community.”
The XRP Ledger Foundation, a non-profit organization that organizes community-driven activities of the XRP society, owns the copyrights to the prototype, according to the business. As a result, they will only share the source code for xPoP whenever the “official soft launch” version of the protocol is deployed on the testnet.
Lite Accounts
‘Lite Accounts’ were another change that the ledger has recently suggested to make XRPL more accessible to the general public and enable widespread retail acceptance of the cryptocurrency. Engineers had advocated at the time that customized XRP Ledger accounts be created with reduced capital requirements. This would free up more XRPL capacity while also allowing additional users to join the system.
Users of the ‘Lite Account’ would also be required to lock in only one XRP, as opposed to the present requirement of twenty. Additionally, a $250 million NFT initiative recently launched by Ripple is aimed at attracting more users and innovators. More people are likely to join XRPL as a result of this, as they will receive financial and intellectual assistance to construct NFTs on the blockchain.
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