Recent speculation about Elon Musk’s X social media platform testing XRP payments has been dispelled by a validator on the XRP Ledger (XRPL).
The rumor stemmed from a transaction labeled “Musk” on the network. However, as clarified by the validator, anyone can label their account with any name, including “Musk” or “JPM,” without requiring authorization from the respective individuals or entities.
Read Also: Ripple CTO Defends 10 XRP Reserve Fee For XRPL Account Activation, Community Reacts
While X is expected to introduce peer-to-peer payment functionalities this year, it is not certain that cryptocurrency support will be included. Additionally, given Musk’s known affinity for Dogecoin, XRP integration appears highly unlikely.
🚨 XRP Ledger Account labeling on Explorers or other Wallet services 🏷️ is completely unauthorized.
There is no authorization from Elon Musk needed to label this account. Nor any other people or entities. I can label my account to be by Musk or JPM as well. No proof needed. pic.twitter.com/CAnzR5qSJN
— Vet 🏴☠️ (@Vet_X0) May 2, 2024
Addressing Identity Concerns on XRPL
One of the ongoing challenges on the XRP ledger is the lack of personalized user identification. In this regard, an amendment is being developed to implement Decentralized Identifier (DID) functionality.
Aligned with World Wide Web standards, DIDs will provide users with digital identities independent of any centralized authority. These identities will be cryptographically verifiable, ensuring tamper-proof security.
XRPL users will be able to generate DIDs for signing digital documents, conducting transactions, and logging into websites. Identity verification will occur through DID documents containing cryptographic public keys, with only the holder of the corresponding private key able to modify the document’s content. It is recommended that users refrain from uploading sensitive or personal information within these documents.
The integration of Decentralized Identifiers (DIDs) on the XRP Ledger (XRPL) has the potential to improve user experience and identity management. However, it’s important to note that this amendment is still undergoing development. The timeline for its implementation and the specific functionalities it will offer is still subject to further progress and community consensus.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Elon Musk’s Recent Post Ignites XRP Army to Push for XRP Payment Adoption
Nonetheless, the focus on DID technology signifies a positive step towards a more secure and user-friendly XRP ledger ecosystem, potentially attracting new users and applications that leverage the benefits of decentralized identities.
Besides improving user experience and identity management, the utilization of Decentralized Identifiers (DIDs) could open up opportunities for new applications on the XRP Ledger (XRPL). For instance, DIDs could be utilized to grant authorized access to specific functionalities or data within the XRP ecosystem, thereby encouraging the creation of more sophisticated and secure applications.
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