Say Goodbye to Old-School XRP: Kirjakulov Questions Key Amendments
XPMarket Founder Expresses Criticism Toward Proposed Changes in XRP Ledger Amendments
Artur Kirjakulov, the XPMarkets founder, is turning up the heat, opposing two influential amendments in the XRP Ledger (Credentials and Permitted Domains). His team is not blindly following suit, encouraging fellow validators to do the same.
Kirjakulov argues that these amendments cater to lofty institutional scenarios that aren't exactly popular right now. So, why bother?
To make his case, Kirjakulov shoves some damning stats under our noses. For example, Digital Identity (DID) transactions barely crack the double digits last month. RLUSD, the stablecoin, hasn't exactly been a crowd-pleaser for Kirjakulov either, considering it's "barely used." To add insult to injury, there's no institutional presence on the ledger.
Adding fuel to the fire, there seems to be a lack of real-world asset use cases on the chain, and the XRPL is more or less a "gambling-focused chain" hopped up on meme coins these days. That's a far cry from a robust ecosystem for legit developers like Kirjakulov.
In fact, only four decentralized applications (dApps) on the XRP Ledger currently generate revenue. Kirjakulov suspects it's because developers lack the essential tools to create meaningful applications which he believes could include batch transactions, advanced trading, and token escrow. A revamped toolkit would give XRPL a much-needed makeover, making it more competitive with other blockchain contenders.
Kirjakulov urges for change, putting it bluntly, "As validators, we're taking a stand...It's time to make XRPL work for those who are building, not those who aren't even here."
Background
The XRP Ledger, also known as the XRPL, has been attempting to worm its way into the institutional market due to its efficiency and cost-effectiveness. Key developments include:
- The acquisition of Hidden Road, expected to simplify post-trade operations in foreign exchange, swaps, and repo markets.
- Vaultro Finance, the first decentralized index fund protocol on the XRPL, allowing users to invest in curated funds and potentially sparking integration with DeFi and financial services.
- Wellgistics Health, which has adopted XRP as both a reserve asset and a payment infrastructure in healthcare, highlighting the XRPL's potential influence in traditional sectors.
Unpacking Kirjakulov's Opposition
While specific details regarding Artur Kirjakulov's stance on the Credentials and Permitted Domains amendments remain unclear, opposition might stem from concerns over potential regulatory changes, privacy issues, or technical challenges that could impact the XRP Ledger's security or decentralization. Understanding these aspects is crucial to making informed decisions about these controversial amendments.
- Artur Kirjakulov, the XPMarkets founder, is advocating against two amendments in the XRP Ledger, Credentials and Permitted Domains, urging fellow validators to do the same.
- Kirjakulov argues that these amendments cater to institutional scenarios that aren't popular currently, questioning their necessity.
- In a bid to make his case, Kirjakulov presents statistics showing low usage of DID transactions and RLUSD, a XRP-based stablecoin.
- Kirjakulov criticizes the XRPL for having a dearth of real-world asset use cases and being predominantly focused on gambling and meme coins.
- With only four decentralized applications (dApps) on the XRP Ledger generating revenue, Kirjakulov suspects this might be due to lack of essential tools for creating meaningful applications.
- He proposes a revamped toolkit, including features like batch transactions, advanced trading, and token escrow, to make XRPL more competitive with other blockchain contenders.
- Amidst the proposed amendments and potential changes, Kirjakulov urges validators to prioritize the needs of developers and ensure that the XRPL becomes a robust ecosystem for legitimate use.
