XRP Ledger Version 1.12.0 is Now Better with Clawback Features

The post XRP Ledger Version 1.12.0 is Now Better with Clawback Features appeared first on Coinpedia Fintech News

A recent blog press published by Ripple announced the release of the new and better Ripple Ledger Version 1.12.0. The cryptocurrency community is excited about the release as the new version has new features and bug fixes. The new version of Ripple Ledger 1.12.0 has particular amendments like AMM, Clawback, and ‘fixReduceOffersV1’. 

What are The Benefits of These New Features?

Ripple’s main focus now is enhanced consumer trust, security, and safety. 

This most recent modification to the rippled 1.12.0 release is being examined and decided in the validator community. If used, the XLS-39 Clawback feature would offer developers cutting-edge tools to boost the security and credibility of their issued assets on the XRP Ledger. Developers can increase the security and reliability of their issued assets on the XRP Ledger if this functionality is approved.

While this happens, the developers stand to gain from this optional functionality, mainly when releasing content in particular areas. If the functionality is turned on, issuers will have the power to “clawback” tokens in instances of fraud or when users cannot access their accounts, which will speed up account recovery.

The notification claims that, additionally, this function completes the current Freeze function, another account-level indication that may affect a Trustline. Notably, Freeze functions as a unique token asset control tool within the XRPLedger, enabling issuers to “freeze” assets in the event of fraudulent behavior. 

This additional feature of being able to “clawback” tokens adds an extra layer of security and protection for users, as it allows issuers to take immediate action in case of any fraudulent activity or account accessibility issues. By combining the Freeze function with this new capability, issuers will have even more control over the safety and integrity of their token assets within the XRPLedger ecosystem. 

Trustlines

The XRP Ledger’s asset control capabilities are significantly aided by Trustlines, an important component. As a spam filter, it stops unauthorized token transfers between users. Authorized Trustlines allow issuers to designate which accounts are permitted to receive or hold a specific issued asset.

Along with the updates to Freeze and the addition of Clawback, the Trustline object type is made to integrate seamlessly into the XRPL for developers, giving them the confidence they need to create. 

Developers can easily incorporate Trustlines into their applications, ensuring secure and efficient asset management. This integration enhances the overall functionality of the XRPL, providing a robust platform for developers to build innovative solutions.