Discover how the XRP Ledger Digital Identity XLS40d Amendment stands to change how interact with the world. Learn how this technology is transforming industries outside of crypto and improving our daily lives. Be a part of the future, watch now!
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00:00Why haven't we seen real-world adoption for distributed ledger technology?
00:05So, last year I had the pleasure of attending Swell in Dubai.
00:08It's an event that Ripple puts on on an annual basis.
00:12In 2022, they had it in London.
00:142023 was in Dubai.
00:16We have some projects that we're working on,
00:19building things out that would be interoperable with the network at a later date.
00:23And so we were able to attend, really blessed to be able to do so.
00:27But while we were there, a few things were discussed
00:30about really the core foundation of what needs to be in place
00:35in order to scale all the sexy financial products
00:38that everybody wants in the future on these networks.
00:41And those two main components are identity and custody.
00:46Okay, so Ripple made the acquisition of Medeco in 2023.
00:51It was a $250 million acquisition.
00:53It's a big step forward for them in their ability to offer a full scope of services
00:57to all of their banking clients.
00:58And now we have the introduction of XLS40D, which is an amendment on the XRPO.
01:04And this is why this is so important.
01:07The Web3 Consortium has a standard that allows basically DeFi applications
01:12to be consistent and compliant with the current regulations that exist.
01:15And the component that is required for that is KYC, AML, accreditation, all of those things.
01:21You have to have a digital ID component associated with your wallet
01:26or whatever you're utilizing to do these financial products.
01:30We're not going to get rural adoption from institutions, enterprises, anybody else until that's in place.
01:37So guess what?
01:38That amendment is up for vote.
01:40We're at 13 yeses.
01:42We need 28 out of the 35 to reach the 80% consensus
01:46for it to then have the two-week waiting period before it goes live.
01:49You know, I know people were upset the other day when we had to step back for the AMM.
01:53You know, there was a bug.
01:55Realistically, I don't think that that's going to be able to go live and be used at scale
01:59until we have the digital identity component in place on the XRPO.
02:04And that's going to foster a lot of adoption for this network in comparison to other ones.
02:10There's other people that have rolled out digital identity solutions on other networks
02:13that really just haven't taken off.
02:15I don't think they have the partnerships or the real buy-in of the institutions
02:20that Ripple and others that are working on the XRPL have, R3 to name one of those.
02:26And so I'll tell you something that caught my ear last year at XRP Vegas.
02:31For you that don't know Bob Way, Bob Way was like the 10th employee at Ripple.
02:35I hold him in a very high regard with his ability to code and understanding of financial products and systems.
02:43But he mentioned something on stage that I thought was peculiar that I had never heard before.
02:49And there's very few other people that have ever mentioned this as well.
02:53And that is that the XRPL is the best protocol or network for identity.
02:58He didn't say transfer of value, which obviously I believe it's that as well.
03:03But the identity component was something that really stuck out to me and I latched on to.
03:07And I really haven't heard a lot of other people discuss since then.
03:10But I think it's built that way for a reason.
03:14Again, this is the bedrock of what allows everything else to be scaled for financial products and instruments.
03:20And again, all the cool stuff that we want to come along for those that are early in the space.
03:25And so with this amendment up for vote, I think that, again, this is going to be a catalyst for the adoption of this network at scale by institutions, enterprises,
03:37and potentially lead to a lot of the price appreciation and the capability for everybody that holds XRP and other issued assets on the network
03:46to be able to participate in liquidity pools, DeFi projects, other things of that nature,
03:52to produce income or passive income like I've talked about in other videos like this one.
03:56I think that this is going to have a huge impact for us here in 2024 and the adoption of the tokenization for real-world assets.
04:03Again, these things have to be in place prior to that happening.
04:07So these things should transpire over the next couple months here.
04:11And we should start to see significant adoption in this year, which hopefully will lead to some more volume on the network.
04:19And again, price appreciation.
04:21If you haven't already, please like, subscribe, and we'll see you on the next one.
