- XRP community insider has shared tips to help XRP Ledger scale.
- The price of XRP is surprisingly in an uptrend today.
Panos Mekras, a renowned crypto author and Co-founder of Anodos Finance has offered a solution that may boost the mass adoption of the XRP Ledger (XRPL). The co-founde’s’ proposal is in tandem with substantial increases in the price of major cryptocurrencies.
The Way Forward for XRPL
The XRPL created by Ripple Labs Inc. is a decentralized public blockchain for businesses. Despite its prominence in the crypto space, Mekras has outlined some issues in its infrastructure restraining mass adoption.
In an X post, the co-founder explained that developers building Decentralized Applications (dApps) on XRPL are faced with obstacles that stem from technical challenges in connecting with the underlying blockchain. According to him, these challenges may dissuade end users.
He, therefore highlighted built-in account abstraction as the way forward for XRPL to experience mass usage. This solution eliminates reserves that act as an obstacle for an application to easily onboard users. Also, it allows an account, particularly those beneficial for projects to pay for transaction fees and reserves for other accounts.
Mekras claims the built-in account abstraction will resolve technical difficulties users experience while engaging with XRPL. Specifically, he mentioned that the solution would eliminate the many steps needed to be implemented by a crypto user on a dApp or a chain.
The XRP Ledger needs a built-in account abstraction solution! The main solution that will lead to mass adoption.
A solution that can allow an account (especially useful for projects) to pay for tx fees and reserves for other accounts, and maybe even reduce or remove completely…
— Panos 🔼{X} (@panosmek) April 28, 2024
He added that with the adoption of built-in account abstraction, end users would no longer have to approve numerous transactions, manage seed phrases and private keys, or deal with bottlenecks when making gas fee payments with the native token of a particular chain.
Mekras concluded by emphasizing that Stellar (XLM), a major rival to XRP has already adopted the account abstraction solution. This indicates that the solution is gaining widespread attention in the crypto ecosystem.
The crypto community responded positively to Mekras’ built-in account abstraction proposal. An X user, Vicent Van Code said he agrees to the proposal to a certain degree. He cited an example where using XRPL for ticketing systems is limited because 10 XRP is reserved for each wallet. At the same time, he pointed out that XRPL is a purpose-built blockchain designed for asset exchange and transmission.
Crypto Prices on the Brink of Rally
XRP is among other altcoin and cryptocurrencies on the brink of a substantial market rally. At the moment, the global crypto market is showing signs of recovery, increasing 1.8% in the past day.
Simultaneously, XRP is trading at $0.514, demonstrating an increase of 5.2% in the past 24 hours. The market cap is also up by 5.3%, settling at $28.4 billion.
This price increase is notable as it represents a shift from recent volatility in the market which triggered a massive sell-off. As formerly reported by Crypto News Flash, XRP declined by 10% within a week, dragging the asset below the crucial support level of $0.5 to $0.48.
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