Discover why the XLS47D Price Oracles amendment is one of the most significant updates to the XRP Ledger. In this video, we break down the impact of this crucial update, how it enhances the XRP ecosystem, and what it means for developers and investors alike.
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Find more from Jake Claver by visiting the links below:
🖥Websites🖥
Digital Ascension Group - https://www.digitalfamilyoffice.io
Beyond Broke Mastermind - https://mastermind.beyondbroke.com
Digital Wealth Partners - https://www.digitalwealthpartners.net
Need a cold storage wallet solution? We are proud to support D'Cent
D'Cent Wallet - https://store.dcentwallet.com/o1cddj
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LifestyleTranscript
00:00In this video, we're going to get into what I think the second most important amendment for the XRPL is over the next year, and why it matters to you.
00:11In a previous video, I talked about what I believe the most important amendment on the XRPL in the next 12 months is going to be, and that is digital identity.
00:20Second to that is actually the Oracles.
00:23So this is XLS 47D. It's currently been proposed, and so what this does is it allows for Chainlink, the FTSO, which is the Flare, Time Series Oracle, or other Oracles to be interoperable with the XRPL.
00:40And why an Oracle matters so much is basically for DeFi and being able to actually understand the value of the underlying assets that are being transacted or the representations of those assets on the network.
00:55So if you have tokenized stocks, you need some way to actually transmit the real price of that stock onto the network.
01:03Same thing for commodities or any other market that has yet to be tokenized with real-time interoperability with the network.
01:13And even then, you're going to need some way to transmit or get the right data into the marketplaces where those things are being transacted.
01:21So, Chainlink obviously has a lot of adoption as the leading enterprise solution for Oracles in Web3 applications.
01:30You've probably heard of them, you know, a lot of large players utilize that network.
01:35IOTA is who I think is going to win in the public sector, where governments are using that Oracle to bring in information off-chain to on-chain to be able to transact in their, you know, private permissioned environments.
01:48But this is huge for the XRP ledger and a lot of the DeFi and lending and borrowing and earning or yields, all the other stuff that people want to be native to this network.
02:04And again, tokenized financial products or real-world assets, you have to have some way to be able to pull that information from the real-world on-chain to be able to execute smart contracts that happen, right?
02:15So, whatever stipulations are put forth in the smart contract to be able to execute a transaction between two parties, when those things happen in the real world, you need some way to transmit that data on-chain so that that transaction occurs and those assets are traded or swapped or a loan is issued or an escrow happens.
02:34You know, all of these things, you know, all of these things that people think about in transactions with mortgages, with stocks, with trading, are going to be impacted by Oracle's.
02:44And it's really a prerequisite for any of those things to actually exist at scale and in the way that we want them to.
02:51So, and again, for financial institutions, enterprises, banks, the general public to adopt this at scale to be able to create the efficiencies and the benefits that all of us want to happen, got to have the Oracle or the interoperability with Oracles.
03:09And that's really what XLS 47D is.
03:13So, yeah, there's, there's a lot of amendments that are being proposed.
03:20We'll see if this one actually gets to vote, but it is, again, critical that we have some iteration of this that allows for Chainlink and the other one's mission to be able to bring that data on-chain and be able to execute these transactions on the network.
03:37So, let me know what you think in the comments below, which Oracle do you think is going to win out and be the main leader for XRP's ecosystem?
03:46Is somebody new going to come in and create an Oracle like Plugin did for XTC?
03:52We'd love to hear your thoughts.
03:54And if you haven't yet, please like, subscribe, and we will see you on the next one.
04:07We'll see you on the next one.