XRP Ledger revamps its foundation, prioritizing transparency, decentralized governance, and broad community representation.
New XRPL Foundation to transfer key assets, ensuring secure management and enhanced collaboration across the ecosystem.
Ripple launches the RLUSD beta test, reinforcing its commitment to innovation and stablecoin development within the crypto.
As part of a major change, the XRP Ledger community is concentrating on creating a new, inclusive, and efficient governance structure for the XRPL Foundation. XRPL Labs, XRPL Commons, Ripple, and other players in the XRP ecosystem convened recently to deliberate on the plan for this upcoming phase. Their main goal is to lay the groundwork for future security, expansion, and decentralized contributions to the XRP Ledger.
https://twitter.com/RippleXDev/status/1822269463284355236 Transferring Assets and Ensuring Transparency
One of the immediate outcomes of these discussions is the decision to transfer essential XRPL Foundation assets to a new, independent entity. Significantly, this new foundation will feature a governance structure that represents the broader XRP Ledger community, including developers, users, academia, validators, and infrastructure providers. The transfer will occur only when the new foundation is fully prepared to manage these assets effectively.
Moreover, the new foundation emphasizes operational transparency. Memberships, Audit, and Infrastructure committees will be established, and the community at large will be routinely informed about the foundation's operations. In order to guarantee that the foundation satisfies the many needs of the XRP Ledger community, this strategy seeks to promote collaboration.
Expanding Community Representation and Innovation
Besides governance, expanding community representation is another key focus. The foundation plans to include new members from various sectors such as large ecosystem players, exchanges, and universities.
To ensure that all stakeholders are fairly represented, this expansion will be carried out in a transparent manner. The foundation also hopes to retain a decentralized form of governance while encouraging innovation and development on the XRPL network.
Ripple keeps developing its ecosystem. A restricted beta test for Ripple USD (RLUSD), its stablecoin, was recently introduced by Ripple as part of its larger initiatives to innovate in the cryptocurrency market. In a brief video, Monica Long, President of Ripple, emphasized the value of stablecoins by describing how they are one-to-one pegged representations of real-world currencies.
The community of XRP Ledger is working hard to build a new foundation, and Ripple's creative moves point to a bright future for the XRPL ecosystem. The network's expansion, security, and decentralized governance are all expected to be improved by these measures.
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