Ripple is growing a function that might enable customers to mint asset-backed tokens straight on prime of XRP Ledger, the agency’s tech chief has stated.
In an organization video launched Thursday, CTO David Schwartz stated Ripple is engaged on “thrilling” new options to broaden the ledger’s performance and permit third-party customers to introduce new cryptocurrencies into the XRP ecosystem.
Though Schwartz didn’t go into element on what precisely the brand new options are, he did say they could possibly be used for launching fixed-value tokens on XRP Ledger. “Stablecoins is the apparent use case, however it’s not simply stablecoins it is basically property pegged to some exterior worth,” he stated.
Related options exist on different blockchains, most notably Tether which runs stablecoin layers on a number of networks concurrently. However Schwartz stated asset-backed tokens on XRP would have “assured” liquidity due to the ledger’s mechanics.
This would not be the primary time Ripple has made forays exterior of his core settlement enterprise. The corporate’s funding arm, Xpring, acquired decentralized funds platform Logos Community in September. On the time, Xpring’s senior VP advised Fintech Zoom the acquisition would assist Ripple create new monetary merchandise on XRP Ledger.
Throughout Thursday’s video, Schwartz stated Ripple had explored further use circumstances earlier than, additional suggesting the ledger already has some un-utilized functionalities constructed into it.
Within the “early days,” Schwartz stated, the engineering staff “began to appreciate the properties of the algorithms we might developed allowed us to do issues, like a decentralized change.”
These had already been put into “a useful system” someday in mid-2012 and included a function permitting customers to problem their very own digital property, he stated.
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