Breaking Ground: Ripple (XRP) Introduces ‘Remit’ for Atomic Cross-Currency Payments

• The CTO of XRPL Labs has introduced a proposal that could see senders dispatching multiple currencies to a designated destination.

• Users who do not want to receive Remit transactions can set their accounts to “asfDisallowIncomingRemit”.

The Chief Technology Officer (CTO) of XRPL Labs Richard Holland has come up with a new proposal dubbed “XLS-55d – Remit: Atomic Multi-Asset Payments for Xahau.” The plan is to revolutionize payment transactions within the Xahau sidechain. To throw light on the “Remit” captured in the proposal, Holland explained that it is a payment transactor designed for Xahau. It ensures that senders are empowered to easily dispatch multiple currencies and tokens seamlessly to a designated destination.

Remit is also said to be a push payment system that has an underlying principle for a “no matter what” delivery. The report also disclosed that this mechanism is designed specifically for Hooks and retail use cases. It is important to note that Hook adds smart contract functionality to the XRP Ledger. It also enables the execution of logic before and after XRPL transactions. The Hook amendment was announced in 2020.

July 30th 2020 we announced our vision on the Hooks Amendment for the XRP Ledger to add business logic support (smart contracts) to the XRP Ledger. We published blogs, insights, concepts & considerations along the way. We are really proud to present our PUBLIC BETA TESTNET today.

More on the “Remit” Proposal

Despite all the benefits attributed to Remit, it cannot transmit more than one currency. Holland discloses that both the new and pre-existing URITokens owned by the sender exhibit the same flexibility. On top of that, the transactor has carefully structured behaviors.

This includes promoting the payment of fees by the sender to ensure that the “creation of the destination and the creation of trust lines where any of these is missing” is covered. The recipient gets the exact amount specified in the transaction.

The transaction is atomic, either all amounts and tokens are delivered in the exact specified amount or none of them are. The transactor does no conversion or pathing, the sender must already have the balances and tokens they wish to send. When no amounts or tokens are specified, the transaction may still succeed. This can be used to create an account or ensure an account already exists.

For users who have no interest in receiving Remit transactions, they can set “asfDisallowIncomingRemit” on their accounts. They can equally install a Hook to regulate all incoming Remits. All unwanted URITokens can also be burnt or returned to claim the reserve paid by the sender.

XLS-55: REMIT transaction type. Sending multiple assets in one atomic transaction. Either all sent or none at all. Just one example: payment + loyalty + voucher @ once- Product: €10- Discount @ 500 points = €1– Voucher (URIToken) = 20% off. The founder of XRPL Labs Wietse Wind well accepted the proposal made by Holland.

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Another interesting addition to Remit is that senders are made to bear all transfer fees. The fees are designed to be distinct from the sent amount. Another proposal from Holland is that transactors refrain from conversions.

It is worth noting that XRPL is a public ledger where XRP is a native token. As of press time, XRP was trading at $0.636072 after surging by 2.5 percent in the last 24 hours. In the last seven days, XRP has surged by 4.6 percent.

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