New XRP Ledger (XRPL) Transaction Fee Enhancements
Now, you can have more transparency when it comes to the base transaction fee on the XRP Ledger (XRPL). XRPScan, the dominant explorer service for XRPL, has introduced a new feature that allows users to view the base transaction fee directly on the chain. This update was prompted by comments from Dr. J. Scott Branson, an Advisor to the XRPLF.
BaseFee votes can now be tracked on: pic.twitter.com/BiYetAx52f
— XRPScan (@xrpscan) January 1, 2024
According to Branson, the base transaction fee on the XRP Ledger is currently very low considering the amount of work required to process transactions and store them on the chain. He believes that this low cost has attracted many users who take advantage of the network’s affordability compared to other platforms.
However, this low fee has also put a strain on validators who put in more effort but earn less. To address this issue, Branson is proposing an increase in the base fee from 10 to 200 drops. This proposal will be voted on during the next maintenance period, with support from influential figures in the XRP ecosystem like WietseWind, the founder of XRPL Labs.
XRP Ledger’s Ongoing Innovations
The XRP Ledger has a lineup of exciting milestones for 2023. These include the launch of the Xahau sidechain on the mainnet and various upgrades to improve its Decentralized Exchanges (DEXs) and Non-Fungible Tokens (NFTs). The aim is to make the XRPL more competitive and appealing to developers and users alike.
By addressing the profitability of validators and ensuring their fair compensation, the XRP Ledger may attract a new wave of applications that trust its security and responsiveness. This could position it as a strong competitor to other leading platforms such as Solana, Ethereum, Avalanche, and more.
Hot Take: Enhancing Transparency and Fairness on the XRP Ledger
The XRP Ledger is taking steps towards greater transparency and fairness with its latest feature update. By allowing users to view the base transaction fee directly on the chain, XRPScan is empowering users to make informed decisions about their transactions. This move comes in response to concerns raised by Dr. J. Scott Branson about the low cost of transactions on the XRPL.
While the low fee has attracted many users, it has also placed a burden on validators who contribute significantly but earn less. Branson’s proposal to increase the base fee aims to address this issue and ensure fair compensation for validators.
With ongoing innovations and upgrades planned for the XRPL in 2023, including the launch of a new sidechain and improvements to DEXs and NFTs, the protocol is poised to become a strong competitor in the blockchain industry. By prioritizing transparency and fairness, the XRP Ledger is positioning itself as a reliable and user-friendly platform for developers and users alike.
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