XRP Ledger (XRPL) Deepens Transparency With This Feature
The XRP Ledger (XRPL) is on track to enhance its transparency by introducing a new feature announced by its dominant explorer service, XRPScan.
New XRP Ledger (XRPL) Transaction Fee Advances
According to a post from XRPScan, explorer users can now view the base transaction fee onchain. This feature inclusion becomes necessary following the comment from Dr. J. Scott Branson, an Advisor to the XRPLF.
BaseFee votes can now be tracked on: https://t.co/9zolhCu6gh https://t.co/4g38FZcCV5 pic.twitter.com/BiYetAx52f
— XRPScan (@xrpscan) January 1, 2024
Branson highlighted the base transaction fee of the XRP Ledger is very low based on the amount of overhead required to process the transactions. Branson’s take on the low cost of charges on the XRP Ledger also encompasses the cost requirements to store XRP transactions on the chain.
He claimed that the transaction volume on the XRP ledger is proof that many are taking advantage of the lower cost of transactions on the network, compared to its peers. Per its design, the XRPL aims to facilitate large-scale transactions bordering on payments and cross-border settlements.
With the low fee, a great deal of disservice is being done to the validators as they generally do more while earning less, a move that Branson is motivated to put an end to. To do this, he is proposing to increase the base fee from 10 to 200 drops, a vote he is pushing forth through the Cabbit Tech validator.
Top leaders in the XRP ecosystem align with Branson with WietseWind, the founder of XRPL Labs, the creator of Xumm Wallet noting that the proposal will be put up for voting when the next maintenance is billed to take place.
XRP Ledger Innovation Encompassing
Throughout 2023, the XRPL welcomes many interesting milestones 2023 ranging from the launch of the Xahau sidechain on the mainnet to the many upgrades designed to make its hosted Decentralized Exchanges (DEXs) and Non-Fungible Tokens (NFTs).
With the concerted efforts to change the profitability of validators hosted on the XRP Ledger, the protocol may eventually welcome a new crop of vibrant applications that will come to trust the security and responsiveness of the XRP Ledger as a viable competitor when compared to its top peers including Solana (SOL), Ethereum (ETH) and Avalanche (AVAX) amongst others.
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