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The newly formed XRP Ledger Foundation aims at increased XRP ledger adoption

Photo of: Sangeetha Golchha
by Sangeetha Golchha

XRP Ledger Foundation is an independent organization that acts in the best interests of the XRP Ledger. The Ledger which was launched yesterday Tweeted about its launch and attracted quite a bit of user attention. The foundation establishes trust by working closely with developers and organizations that build on and contribute to the XRP Ledger. It intends to cultivate a diverse XRP Ledger ecosystem where many entities will contribute to the XRP Ledger and benefit from it. 

Source: Twitter

The foundation has already received grants from Ripple, the blockchain payment platform, a Content monetization platform called Coil, and a UK-based cryptocurrency wallet hub called Gatehub. As of now, the project is also expecting to receive additional grants from different organizations in the ecosystem to grow its purpose. 

The foundation’s core vision will be to support holistically the development of a healthy XRP Ledger ecosystem. This will include the involvement of the stakeholders including developers, public and private enterprises, and social initiatives. The ecosystem is designed to dynamic by enforcing intermittent changes to areas like governance, core code modification, and an ever growing list of validators. This kind of dynamicity will help in the growth of the Ledger. The targeted key areas for the initial activity and roadmap will include:

  • To develop infrastructure and enhance the current one which includes high capacity hubs, full history servers, and monitoring systems. 
  • To establish a list of public and objective criteria that would help in the evaluation of validators. 
  • To support the growing ecosystem of developers so that the adoption and use of Ledger become smoothened.
  • Also, support initiatives for further development of tools that will encourage financial inclusivity.

The foundation also intends to work with a wide community globally which would also include non-profit organizations and academic institutions to meet the dynamic challenges of a fast-growing segment of low-cost value transfer. Bharath Chari, advisor to the XRP Ledger Foundation said,

“This is a very exciting time for the ecosystem. The Foundation is extremely happy to be working with stakeholders in the ecosystem to further innovation and use of the XRP Ledger. The decentralized XRP Ledger provides an opportunity for developers to leverage the low cost and fast transfer of value for a multitude of use cases. We are fully committed to providing support to growing the developer ecosystem.” 

XRP Ledger developer and Foundation board member Wieste Wind said,

“We look forward to having a Foundation that has representation from industry leaders, academics, and social visionaries. We will also engage with schools that are part of the University Blockchain Research Initiative ecosystem in order to further research on improvements to the XRP Ledger”

The announcement to establish an XRP community fund is also on the cards so that formal engagement with the growing community will also be set. This will apparently operate independently of the foundation. The fund intends to focus on different events like developer interaction so that new ideas and innovation springs up which will further bolster XRP Ledger adoption. 

Ripple is also excited to be a part of the growth story.  David Schwartz, CTO at Ripple said,

“We and the community have worked over the past 8 years to dramatically increase the decentralization, performance, and feature set of the XRP Ledger and remain committed to its future growth and innovation led by the Foundation.”