XRPL’s First Evernode Standard Proposal Published, Here’s its Relevance
The XRPL is growing at a sporadic rate as top protocols resident on it are gaining good traction. In one of the most optimistic moves within the XRPL ecosystem, Evernode, one of the network’s Layer-2 protocols has welcomed a newly published standard proposal that may change the functionalities of the scaling solution’s functionality.
The Standard Proposal – Potential Implications
The Evernode Standard Proposal dubbed `EVS-01d` is the first of its kind and was proposed by independent XRPL and HotPocket developer Wo Jake. The essential idea behind the proposal is to introduce a Node Party Line (NPL) Brokerage system to HotPocket instances.
#Evernode: I've published the first Evernode Standard proposal, `EVS-01d`, which introduces an NPL Brokerage system to HotPocket instances. 😊
This standard may likely act as a foundational building block on the Evernode ecosystem, so take a look! pic.twitter.com/SucE1ebB9Q
— Wo Jake 🪝 (@woj4ke) July 6, 2023
As a foundational standard that can impact future developments on the protocol, the EVS-01d is designed to enhance the communications between nodes when processing transactions. The new standard proposal comes off as a unique activator for HotPocket, the smart contract execution and consensus engine that Evernode utilizes in its operations.
The new standard proposal will help correct a number of anomalies that are connected to the current way the NPL operates. Some of these anomalies come off as message overlap among nodes as well as the improper tagging of messages amongst others. The new proposal is billed to enhance the NPL operation in a more direct and customizable manner.
XRPL Growth, Positivity for XRP
The proposal to upgrade the architecture of the Evernode protocol is one of the unique and proactive ways to enhance the overall functionality of XRPL and by extension XRP.
XRP in particular in need of these positive fundamentals as they can serve as a unique anchor for investors to hang onto.
The digital currency has been embroiled in a legal battle between Ripple Labs Inc and the United States Securities and Exchange Commission (SEC), a situation that has impacted its growth. The legal battle which was instigated by the SEC back in December 2020 claimed that XRP is an investment contract and that the blockchain payments firm sold it to investors who expected to earn a return beyond the sales.
While XRP price has notably weathered the storm all these years, the growth in the utility and support for smart contracts by the XRPL can serve as a needed boost to cushion its growth in the near term.
At the time of writing, each XRP coin is priced at $0.4647, down by 1.32% over the past 24 hours.
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