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Major Identity Update Coming to XRP Ledger: Details
The Ripple community is abuzz with the latest news regarding a significant update coming to the XRP Ledger. In a recent announcement, it was revealed that the network will be introducing a new feature called “Credentials,” which aims to optimize user onboarding processes.
According to reports, this feature will first focus on deposit authorization, allowing senders to be automatically approved rather than going through a manual process. This change is expected to significantly streamline the verification process for users looking to access various products and services offered by XRP-based platforms.
Additionally, the Credentials update also enables the authorization of off-ledger transactions in conjunction with decentralized identifiers (DIDs). When combined, DIDs serve as a basic “fingerprint” for each user, while credentials provide the identification and compliance layer needed for various scenarios.
The implications of this update are far-reaching. For instance, it could pave the way for simplified onboarding procedures for tokenized rehypothecation agreements (RWAs), which would allow users to gain access to these products without having to undergo a lengthy manual approval process.
It’s worth noting that the development of Credentials is closely tied to the recently introduced Decentralized Identity standard. By incorporating this new technology, XRP Ledger aims to provide a more seamless and efficient experience for its users while further solidifying its position as a leader in the blockchain and cryptocurrency space.
As it stands, the voting process for the Credentials amendment has already begun, with the proposal requiring more than 80% of trusted validators to continue supporting it over the next two weeks.
Source: https://u.today/major-identity-update-coming-to-xrp-ledger-details
