Friday, December 2, 2022
HomeCrypto NewsMarketXRPL Labs Improves The Security Of Multisig Addresses, Extends Signers List To...

XRPL Labs Improves The Security Of Multisig Addresses, Extends Signers List To 32

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XRPL Labs have enabled the “ExtendedSignerList” amendment on the XRP Ledger.

In a tweet on Thursday, XRPScan disclosed that XRPL Labs had enabled the ExtendedSignerList amendment on the mainnet.

As XRPL Labs developer Wietse Wind disclosed in a tweet confirming the development, the amendment went live after garnering over 80% of votes. Per the Github documentation shared, it extends the maximum number of signers on a signers list from 8 to 32 while providing an optional tag to identify key holders.

Wind sharing a transaction he signed using the Xumm Wallet, confirmed that the feature is live on the mainnet and is supported by both the Xumm platform and Xumm app. Additionally, the developer reveals that XRPL Labs is already working on an intuitive multisig app. 

Notably, the amendment was coded by a member of XRPL Labs, not Ripple.

It bears mentioning that a multisig address requires at least two or more private keys to approve a transaction, creating a form of two-factor authentication (2FA). Consequently, it takes more to compromise a multisig wallet, making it more secure. In addition, despite being slower than normal addresses that require only one private key, it is useful in several applications. For example, it is useful in escrow transactions and organizational decision-making over funds allocation.

Notably, the more signees needed, the more secure the address.

Per the Github documentation, the proposal was made to accommodate large organizations with more than 8 signees. Additionally, it will provide security benefits to Layer 2 protocols.

It is worth noting that the community has received the news with excitement, especially as the development comes from XRPL Labs and not Ripple, showing greater autonomy.

The latest amendment comes a day after the team launched a fiat to XRP on/off-ramp service in the Netherlands.

It bears mentioning that those running Ripple Ledger version 1.9.1 or older must upgrade to take advantage of the new amendment.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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