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XRP Ledger gains third-party service in the form of XRP Toolkit, set to unlock decentralized exchange on XRPL

Anirudh VK



XRP Ledger gains third-party service in the form of XRP Toolkit, set to unlock decentralized exchange on XRPL
Source: Unsplash

Development on the XRP Ledger has now risen to prominence, with a bevy of new open-source supporting software being built for use with the cryptocurrency. The latest in these is the release of the XRP Toolkit, which is now marked as being ready for a beta release in its 0.3.0 version.

Dubbed as “MyEtherWallet for XRP, but on steroids”, the XRP Toolkit is an interface to the XRP Ledger. It is focused squarely on providing a way for users to access Ledger data with ease, as well as to debunk FUD and spread information about the XRP Ledger.

It was started in mid-2018 by RareData, a member of the XRP community with a background in software development. On its launch statement, he said:

“The XRP ledger was built for way more than simply sending and receiving XRP, it features things like a decentralized exchange, issued currencies and escrow transactions for good reasons. The XRP Toolkit project was started to…unlock more of the XRP ledger’s full potential.”

A working application is now presented and capable of fetching information from the XRP Ledger, preparing, signing and submitting transactions. This will effectively allow the signing of any XRP Ledger transaction using only a hardware wallet and a web browser.

The project was created with the goal of accelerating the mainstream adoption of XRP, encourage learning and experimentation with the XRP Ledger, and enabling multisig coordination and high-security use cases through hardware wallet support.

Users can now log on to the service through the XRP app on the Ledger hardware wallet. Moreover, they can also send and receive XRP payments through the app, adjust account settings, view asset balances and recent transactions, and adjust account settings. Since this is a beta release, RareData also included a test wallet functionality with 10,000 XRP preloaded.

The service is also secure, as all transaction signing is done on the client-side inside the browser or hardware wallet. It also features enforced HTTPS with HSTS preloading and DNS security extensions for maximum security.

RareData further revealed that the project is now on a rolling release, and expects to launch the first stable release in early 2019. The short-term priorities for the code are to add additional log in options and lobby for full XRP support to multiple hardware wallet companies.

The next release is said to offer login options using Secalot, generate and log in with encrypted JSON keystore files, enable SMS notifications and trading on the decentralized exchange on XRPL. The stable release has options such as a QR code reader, submitting signed transactions, and payment channels, with chat notifications and Trezor and Ellipal support coming in the v2.0.0 release.

This is set to open up the accessibility of the XRP Ledger, along with expanding its various functionalities. It also provides an opportunity for users to know more about the XRP Ledger, thus removing most of the surrounding FUD.

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.