David Schwartz, was seen saying that the company is working on a very exciting project.
Ripple to introduce some new features to broaden the company’s ledger’s functionality and also to allow all the third party users to introduce their cryptocurrencies in the Ripple’s ecosystem.
Third-party cryptocurrencies can soon be launched on the networks of Ripple, said the company’s CTO.
Ripple is said to be working on one such system where it would allow all third-party developers to be able to mint asset-backed cryptos directly on top of the XRP ledger.
Ripple has recently released a video in which the chief technology officer of the company, David Schwartz, was seen saying that the company is working on a very exciting project.
They also announced some new features to broaden the company’s ledger’s functionality and also to allow all the third party users to introduce their cryptocurrencies in the Ripple’s ecosystem.
Ripple to Unveil New Features Soon
Even though the chief technology officer David Schwartz did not go into the detail about what exactly the new features are going to be, he had said that the company might be used for launching fixed value tokens on the XRP ledger with the next updates.
David Schwartz said that all the stable coins are the obvious use case, and he also said that it is not just the stablecoins. It is essentially all the assets that are pegged to some external value.
Many other blockchains already host features similar to the ones announced by Ripple for their blockchain. Tether is one such blockchain that runs on stablecoin only layers simultaneously on many networks.
Asset-backed blockchain tokens on the XRP network will have guaranteed liquidity because of the way Ripple has made the ledger’s mechanics added David Schwartz.
David Schwartz also said that this would not be the first time for Ripple to make forays far outside of its core settlement business.
The announcements made by Ripple are very exciting, but the date of the reveal of the blockchain has not been released yet, so it will be a good idea to be on the lookout.