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Ripple has unveiled an exciting update regarding its Clawback feature. This innovative addition is part of the latest rippled 1.12.0 release and is currently up for review and voting within the validator community. If adopted, the XLS-39 Clawback feature promises to provide developers with advanced tools to bolster trust and safety for their issued assets on the XRP Ledger.
Ripple’s Focus On Enhanced Trust and Safety
As reported by Coingape earlier, the Clawback feature, a part of the recent rippled 1.12.0 release, is now open for evaluation by the validator community. This feature, if approved, will empower developers to enhance trust and security in their issued assets on the XRP Ledger.
Meanwhile, the developers stand to benefit from this optional feature, especially when launching assets in specific regions. If the feature is enabled, issuers will gain the ability to “claw back” tokens in cases involving fraudulent activities or when users lose access to their accounts, facilitating account recovery.
According to the announcement, Clawback operates by activating a flag on a Trustline, which users must use for sending and receiving a particular asset. In other words, before acquiring a token, users can check the Trustline to determine whether the Clawback account level flag is active.
In addition, this feature complements the existing Freeze feature, another account-level flag capable of impacting a Trustline. Notably, Freeze allows issuers to “freeze” assets in the event of malicious activities, serving as an original token asset control feature within the XRPLedger.
Meanwhile, Trustlines, another critical component, plays a significant role in the XRP Ledger’s asset control capabilities. It acts as a spam control filter, preventing unwanted token transfers between users. Authorized Trustlines give issuers the ability to specify which accounts can receive or hold a particular issued asset.
The Trustline object type, alongside the modifications to Freeze and the introduction of Clawback, is designed to seamlessly integrate into the XRPL for developers, empowering them to create with confidence.
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Recent Performance Of XRP
The XRP crypto was in the negative territory, as a gloomy sentiment was witnessed in the broader market. The XRP price was down 2.69% to $0.5103 as of writing on Tuesday, while its volume for the last 24 hours rose 18.11% to $882.77 million.
However, despite the recent slump, the crypto price noted gains of 2.08% over the past week. During writing, the XRP market cap fell 2.67% to $27.19 billion.
Meanwhile, in response to this development, Ripple’s CTO David Schwartz pointed out that the ‘clawback’ amendment is presently open for voting, allowing those who create new assets with this capability to recover a designated amount from asset holders.
Ripple’s introduction of the Clawback feature demonstrates its commitment to enhancing the functionality and security of the XRP Ledger, providing developers with versatile tools to manage and protect their issued assets. This latest development reflects Ripple’s ongoing efforts to advance the capabilities of blockchain technology.
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