⭐️ XRP Ledger Unveils New Identity Tools with DIDs and Proposed XLS Specs
The proposed XLS-70d specification enables on-chain credential management, making KYC verifications and licenses verifiable on the XRP Ledger.
The XLS-80d and XLS-81d specifications introduce permissioned domains for regulated access and a compliance-focused decentralized exchange (DEX).
Ripple’s XRP Ledger (XRPL) is taking the next step forward to better security and regulation as it adopts DIDs and introduces three new proposed specifications. All these are directed towards the increase in adoption among the institutions. So, these developments introduce tools for safe digital identity verification and controlled environments of transactions.
The DIDs represent a radical departure in the management of digital identities as they put control with individuals and institutions. In the traditional sense, centralized entities like governments or social platforms issue and maintain digital identities. However, the beauty of DIDs is that they allow users to fully manage their identities without requiring any intermediary, thereby improving privacy and ownership, reported CNF.
Thus, in 2022, the World Wide Web Consortium (W3C) issued a global standard around four core features: decentralization, persistence, verifiability, and interoperability. With this, developers of XRPL developed a format of an identifier, designed based on W3C standards for use by account holders. Furthermore, the XRP Ledger recently activated the price Oracle amendment after enhancing its DeFi capabilities, per the CNF report.
These three new technical standards have been proposed to support such integrations: XLS-70d, XLS-80d, and XLS-81d. These specs improve the capacity of the XRPL further and increase compliance hugel The voting is still ongoing wherein the developers and the validators go through the standards to provide an official amendment into XRPL.
