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XRP Ledger (XRPL), is advancing in its path to increase transparency by introducing a new feature announced by the data analysis company XRPScan. According to a post from XRPScan, users can now view the base transaction fee on the chain.
New Development in XRP
The inclusion of this feature became necessary following comments from XRPLF Advisor Dr. J. Scott Branson. Branson emphasized that the base transaction fee of the XRP Ledger is very low, depending on the general overhead required to perform transactions. Branson’s discussion of the low cost of fees in the XRP ledger also covers the cost requirements for storing XRP transactions on the chain. He claimed that the transaction volume in the XRP ledger is proof that many benefit from lower transaction costs compared to their counterparts on the network. By design, the XRPL aims to facilitate large-scale transactions limited to payments and cross-border payments.
With low fees, validators are significantly harmed as they often do more while earning less. It’s a move Branson is motivated to end. To do this, he proposes raising the base fee from 10 to 200 and is putting this vote forward through the Cabbit Tech validator. Senior leaders in the XRP ecosystem agree with Branson, and WietseWind, the creator of Xumm Wallet and founder of XRPL Labs, indicates that the proposal will be put to vote at the next maintenance billing.
Turning Point in XRPL
Throughout 2023, the XRPL welcomes many interesting milestones, from the launch of the Xahau sidechain on the main network to numerous upgrades designed to host decentralized exchanges (DEX) and non-fungible tokens (NFTs). Along with the joint efforts to change the profitability of validators hosted on the XRP Ledger, the protocol can welcome a new set of live applications that will rely on the security and response speed of the XRP Ledger as a reliable competitor when compared to its best counterparts.
