XRPL Labs Proposes New Atomic Multi-Asset Payments Transactor for Xahau

The CTO of XRPL Labs, the team behind the XRP wallet Xumm and the XRPL sidechain Xahau, has put forth a new proposal to enable “atomic” multi-asset payments.

Today, December 4, Richard Holland, the Chief Technology Officer (CTO) of XRPL Labs, has initiated a new proposal dubbed “XLS-55d – Remit: Atomic Multi-Asset Payments for Xahau.” 

This initiative, hosted on GitHub, aims to revolutionize payment transactions within the Xahau sidechain. 

The New Payment Transactor for XRPL Sidechain

According to Holland, “Remit” is a novel payment transactor specifically crafted for Xahau. The aim is to empower senders to seamlessly dispatch multiple currencies and tokens in an atomic fashion to a designated destination. 

Holland noted that Remit is a push payment system with an underlying principle that ensures a “no matter what” delivery. Per the disclosure, the mechanism is tailored explicitly for Hooks and retail use cases.

Key constraints of Remit, which Holland outlined, include the capability for senders to transmit more than one Issued Currency. Also, he noted that the same flexibility applies to new and pre-existing URITokens owned by the sender. 

Furthermore, Holland stated that the transactor has carefully structured behaviors. For instance, it prompts the payment of fees by the sender to cover the creation of the destination and the creation of trust lines where any of these is missing.

Crucially, the exact amounts and tokens specified in the transaction unfailingly get to the recipient. Yet, it is contingent upon successful validation with code “tesSUCCESS.”

Wietse Wind, the founder of XRPL Labs, expressed his excitement about Richard Holland’s proposal. He illustrated a real use case example where multiple packages such as payment, loyalty, and vouchers can all be dispatched together with Remit.

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% offhttps://t.co/87kqHmwMEd

— WietseWind (?+? Xumm @ XRPL Labs) (@WietseWind) December 4, 2023

More Features of Remit

Additionally, per Remit’s design, the sender bears all transfer fees, with these fees distinct from the sent amount. Also, Richard Holland noted the transactor refrains from conversion. In other words, senders must possess the tokens for the assets they intend to send.

Meanwhile, users who prefer not to receive Remit transactions have several options. Recipients can either configure the asfDisallowIncomingRemit setting on their accounts or install a Hook to manage incoming Remits.

Besides, they can burn undesirable URITokens or return undesired Issued Currencies to reclaim the reserve the sender initially paid.