The Xumm team, known for its work on the upcoming Xahau sidechain, has made the decision to alter the ticker of the native token for the sidechain. Initially known as XRP+, it will now be referred to as XAH. This move comes in response to compatibility issues and potential confusion with XRP within exchanges and decentralized finance (DeFi) systems.
Concerns Spark Community Engagement and Poll
Wietse Wind, the founder of XRPL Labs, took to X on October 4 to involve the community in a critical decision-making process.
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Recognizing the potential compatibility challenges caused by the `+` character, Wind organized a poll seeking input from the community regarding the name change for the Xahau native asset.
1/ ✅ Re: that last minute change. The Xahau Launch Alliance members & everyone here on Twitter feel the native asset for the Xahau network should be named XAH.
Guess it now is. Forget about XRP+ (confusing, tricky ticker for exchanges, etc.). It's XAH.https://t.co/GzVNl41Hqx
— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) October 6, 2023
After enthusiastic participation from the community, the results of the Twitter poll were revealed, with a majority of 73% in favor of the new name: XAH. Armed with the poll results, Wind shared the decision on Twitter, officially announcing the change from XRP+ to XAH.
Introducing XAH: The Fuel for Xahau Network
During this announcement, Wind took the opportunity to provide further details on XAH. He explained that XAH plays a vital role within the Xahau network, acting as the “Gas” that prevents spam and ensures network security. Users who are not utilizing the Xahau network are not required to hold XAH.
Similarly, Wind highlighted that the original XRP token serves as an asset for consuming resources on the XRPL. With the introduction of XAH, users of the Xahau network will need to acquire XAH tokens to cover mandatory network fees, rendering spamming economically unviable for potential malicious actors.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
XAH Token Issuance: Innovation Through the xPOP Standard.
In a departure from the conventional token issuance methods seen in Initial Coin Offerings (ICOs), XAH adopts the xPOP standard, which was unveiled during the APEX event—an XRPL developer conference. Acquiring XAH involves a unique “Burn to Mint” (B2M) exercise that utilizes a “Proof of Burn” mechanism from the mainnet.
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Users are required to burn a specified amount of XRP and provide evidence of the burn to Xahau, which will then reward them with XAH tokens. This streamlined process eliminates the need for third-party swaps and mitigates associated risks.
While the B2M exercise presents a novel and efficient way to acquire XAH, it’s essential to note that validation messages exist temporarily and are not permanently stored in the ledger’s history. Users who miss these messages will be unable to create an xPOP and, consequently, will burn XRP without being able to claim XAH on Xahau.
In conclusion, the Xumm team’s decision to change the native token ticker from XRP+ to XAH demonstrates their commitment to addressing compatibility concerns and reducing potential confusion within the cryptocurrency ecosystem.
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