Big News for Ripple: Major Feature on XRPL Receives 80% Approval

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The Clawback feature, included in the latest XRP Ledger version 1.12.0 release, has received 80% approval from validators. By activating clawback, developers can reverse token transactions in specific scenarios like potential fraud or facilitate account recovery if the sender has lost their credentials.

By default, the clawback feature is deactivated, but If the user decides to use the clawback feature, it indirectly activates the trustline flag. Trustlines in the XRP Ledger serve as structures for managing fungible tokens — they are designed to uphold a crucial rule within the XRP Ledger, preventing individuals from imposing the possession of tokens onto others unwillingly.

The CLAWBACK on the #XRPL reached an 82%+ consensus! I smell utility coming for #XRP

— The_Ripple_Effect (@Ripple_Effect11) January 25, 2024

Therefore, once the trustline is activated, it ensures transparency and enables users to verify the Clawback provision’s status and make informed transaction decisions.

Clawback does not replace XRPL’s existing Freeze feature, which does exactly what the name describes —freeze assets in response to malicious activity. Instead, Clawback complements the Freeze feature, heightening the sense of asset security in the XRPL ecosystem

We have a dedicated piece detailing the feature you can find here:

Everything You Need to Know About Ripple’s 1.12.0 Update

The Clawback Controversy

The Clawback feature is expected to strengthen XRPL’s position in the crypto landscape, allowing developers and issuers more control over their assets and implementing extra security measures. However, not everyone was precisely convinced about this feature at first.

Clawback was introduced to the XRP community in October 2023, causing quite a stir. The proposal received mixed reactions; some users were concerned about potential security issues, as it would give too much power to issuers who might not use it correctly.

Ripple’s CTO, David Schwartz, addressed the community’s concerns about the clawback proposal, stating that such a feature is not as harmful as portrayed and could help the network establish a unifying procedure and framework for stablecoin interactions within the ecosystem.

Other Ripple Updates

XRP is one of the many currencies that have experienced sharp price declines throughout January, dropping nearly 15%.

The US-based crypto exchange Gemini recently introduced XRP perpetual contracts, allowing traders to speculate on the future price of XRP without an expiration date. Despite the news, XRP’s barely moved. Instead, it dropped 6% over the week.

Meanwhile, the ongoing legal battle between Ripple and the SEC is intensifying. The regulatory body is pressing Ripple to provide crucial documents, including financial statements and post-complaint XRP sales contracts for 2022 and 2023.

The post Big News for Ripple: Major Feature on XRPL Receives 80% Approval appeared first on CryptoPotato.

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