Ripple Labs has rolled out new upgrades to its asset’s ledger to improve functionality. The company continues to deal with the fallout of the SEC’s probe into its affairs.
Top blockchain company Ripple Labs continues to make progress with its XRP asset and other affiliated projects despite the looming lawsuits against it.
In a recent update, the company has announced operational developments that will improve its XRP Ledger’s efficiency.
Improved Speed, Reduced Bandwidth
Yesterday, the Silicon Valley firm published a press release confirming the launch of version 1.7.0 of its XRP Ledger. In the release, Ripple confirmed that the updates would go a long way in bolstering the ledger’s security, efficiency, and operational decentralization.
RippleX, Ripple’s open payment integration platform, has been working to improve the XRP Ledger’s resources and compatibility with various server configurations.
David Schwartz, Ripple’s technology chief, was given the most credit for this, following his work to reduce several caching layers. With his move, the payment platform has reduced execution time and memory by 50 percent.
Along with the optimizations, the latest update will also provide enhanced proposal routing, and transaction validation, and validator manifests, which will improve visibility into operators’ work across the XRP ecosystem.
There is also the introduction of forward ledger replay, which will enhance security on the XRP Ledger and improve server synchronization with the rest of the network. This way, the Ledger can reduce bandwidth and work faster.
On its plans, Bharath Chari, a member of the XRP Ledger Foundation, explained that they would be working to support the broader XRP ecosystem even more. For now, their focus will be on expanding the validator list and enhancing the XRP Ledger’s core code.
MoneyGram Joins the Movement to Ditch Ripple
The recent updates show that Ripple Labs isn’t entirely giving up on XRP yet. The company has had a bit of a rough patch over the past few months, following a lawsuit from the Securities and Exchange Commission (SEC) that accused it of organizing an illegal securities offering in its XRP Initial Coin Offering (ICO) back in 2013.
Since the SEC suit came out, Ripple Labs has been faced with significant industry pushback as exchanges, investment firms, and more distanced themselves from it.
Another pushback came earlier this week as payment processor MoneyGram, one of Ripple’s high-profile partners, suspended trading from its end. In its quarterly outlook, MoneyGram reported that it doesn’t plan to see any benefits from its Ripple market development fees in Q1 2021. Due to litigation from regulators, it has chosen to close all Ripple trades for the time being.
The MoneyGram partnership is one of Ripple Labs’ crown jewels. Ripple purchased 10 percent of the company in 2019, while MoneyGram incorporated its on-demand liquidity (ODL) tool to make quicker and safer cross-border transactions. While the relationship appeared rosy, Ripple did sell off a chunk of its MoneyGram shares last November 2020.
Asides from suspending its asset, the payment processor has also reiterated that it never used the ODL tool for direct customer transfers or forex transactions. With MoneyGram further distancing itself from Ripple amid its SEC lawsuit, the blockchain company is finding itself further in need of supporters.
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