Join us for an in-depth AMA session with Wietse Wind, the founder and CEO of XRPL Labs, as he answers questions from the community and dives into the nuances of Xaman (formerly Xumm), XRPL, and the evolving landscape of blockchain technology.
Is Xaman going to leverage the Decentralised Identifier (DID) amendment, and how?
Yes, we're specifically interested in digital identity in the form of attestations/vouching for someone. We have already pioneered a light version of this with our Opt-in KYC, which is available to our Pro users to access certain features. This service additionally provides a KYC badge attached to your r-address, which is visible in Xaman, Bithomp, and XRPScan as "Xumm (Xaman) verified"; others can read it, and it is seen as a sign of trust for that specific address.
KYC adds an element of Future-Proofing: Verified status, not personal data, will be on the ledger for XRPL and Xahau, future-proofing use with Hooks and Layer 2 solutions. Stay ahead as regulations evolve, with KYC expected to become a standard.
Things like the DiD amendment can add trust and unlock features based on required attestations/vouches. Xaman will add their Opt-In KYC attestations/vouches. In the future, we will see identity verification like this turn into the on-chain representation of off-chain interaction between entities to make portability & compliance a lot easier.
Is it possible for Xaman to be a bank in the future?
Technically, it's within the realm of possibility. However, transforming into a bank is not our ambition.. We've dipped our toes into regulated services with a slow rollout of the Xaman native onramp, but due to increasing regulations, regulatory costs, the international nature of our client base, and the lack of standardization of compliance requirements and banking rails across the world make it an unviable endeavor for a little player, such as ourselves.
Our philosophy is rooted in interoperability and collaboration – excelling in our own area of expertise and seamlessly integrating with others who are experts in theirs. This translates into more business for everyone, faster development, expert opinions in different fields, streamlined support, and much more.
Our guiding principle is clear: prioritize innovation over imitation. We're not just following the path others have tread; we're carving out our own, setting new standards along the way.
Will Xumm integrate other chains in the future?
In light of our focus on excelling in our specific area of expertise, XRPL Labs is dedicated to working with chains that communicate using the XRP Ledger Protocol. This includes not just the XRP Ledger mainnet, but also networks like Xahau and several testnets.
The reason for this focused approach is simple yet powerful. These networks offer immense potential, often surpassing what is typically perceived and even misunderstood in the broader blockchain community. Their capabilities and possibilities haven't been fully explored or tapped into.
So, our strategy is clear and straightforward: focus on leveraging the strengths of the XRP Ledger Protocol and the networks it encompasses. We hope to make transferring value a lot smoother, operating like Web2 but utilizing and democratizing the technologies and capabilities of Web3 under the hood.
At XRPL Labs, our commitment goes beyond surface-level engagement. It's about more than just participation; it's about pioneering and leading the way in unlocking the true potential that these networks hold.
What advice would you give new entrants in the ecosystem?
My advice to new entrants in the XRPL ecosystem is straightforward: Just go for it. Don't be afraid. Has someone already done it? Doesn't matter. If people say it will fail, use that as motivation to prove them wrong. And if you're not sure how to do something, that's perfectly fine – learn. Learn by asking, reading, interacting, and learning through failure. You're on the right path as long as you're willing to learn and have fun, and you can capitalize on the Web2 world and Web3 advantages that the XRPL offers.
If you were starting today with XRPL, what would you build?
I'd focus on leveraging the unique advantages of the Web2 and Web3 worlds that XRPL bridges. It's not just about reinventing the wheel; many things have already been invented and solved, but not in a way that empowers you to own your data and make it globally accessible on a single, expansive network. In this world, technology erases borders, and currencies are used more fluidly. You have true ownership of your data. Dream big, and don't be limited by the current scope of the Web3 world. Instead of trying to convert the entire world to Web3, which is a monumental task, use Web3 technology to build solutions that address global needs and challenges.
“Blockchain technology offers more than just a new way to handle payments; it's a groundbreaking tool that can redefine how we approach identity, trust, and data ownership. It's not just about moving money faster or cheaper. At Xaman, we're transforming the traditional leather wallet into a digital one, creating a universal tool for all things value– encompassing digital cash, loyalty programs, identity, and more.” - Wietse Wind.
At Xaman, we don't believe our role is limited to making things faster, better, or more efficient – we're here to unlock entirely new possibilities and business models to redefine what ownership means in the digital age.
What use cases are you the most excited about today?
I'm intrigued by the potential of blockchain to make a real difference in everyday life that resonates with people worldwide, where technology dissolves borders, empowers people to own their data, and integrates seamlessly into various aspects of life. That's the kind of innovation that gets me excited – building on a platform where the possibilities are vast and the potential for positive impact is immense.
What would you say is the most compelling feature in the XRPL ecosystem today?
One of the most standout aspects of the XRPL ecosystem is its array of native features, which are well-documented, consistent, and fast. They have also been battle-tested.
After all these years, people underestimate what the XRPL is capable of and what it was capable of 10 years ago. Ignore tribalism; focus on the stack out there. Is this the stack you can actually build on for real use cases? XRPL sure is.
A key feature XRPL was missing until recently is composability – the ability to build and expand upon existing capabilities. This is about having the freedom to create, to turn the XRPL into a blank canvas for your projects. While this aspect is still evolving, you can start exploring its potential on networks like Xahau, which is pioneering XRPL Protocol + Hooks for smart contracts.
When do XRPL Labs validator complete the testing of AMM and vote yes? Before Xaman support or after Xaman support?
I have always been clear about our approach. We need to ensure the sustainability and efficiency of the XRPL, and this means that we need to approach these things methodically.
Our initial stance involved observing the implementation of critical fixes in the 2.0.1 update before testing and voting on the AMM amendment. Seeing these fixes in action was essential to effectively addressing key issues.
Recently, a bug was discovered during testing. While not severe enough to impact the AMM's launch, this led us to decide against voting at this time. Despite our abstention, the broader XRPL network has already reached a majority in favour of implementing the AMM feature, ensuring its rollout regardless of our vote.
Our decision not to vote is not indicative of a lack of support for the AMM feature or the advancement of the XRPL ecosystem. It's part of our commitment to comprehensive vetting and testing. Importantly, our voting decision is independent of Xaman's readiness for AMM signing. Governance decisions should be based on the ecosystem's overall benefit, not on whether a specific service or company is prepared for the change.
In your opinion, is XRPL decentralized enough?
"There are multiple forms of decentralization. Look at my previous answer: we don't vote for AMM; it's happening anyway. That is decentralized, right? Amount of validators, different operator backgrounds, and opinions: decentralized." - Wietse Wind.
When we look at the number of validators, their diverse backgrounds, and the range of opinions they represent, it's clear there's decentralization. This variety ensures that no single entity has excessive influence over the network.
Furthermore, the accessibility of XRPL is a key aspect of its decentralization. Anyone can run a node, access data, and submit transactions. This open participation is yet another clear sign of a decentralized system.
The Unique Node List (UNL) is another example. There's not just one UNL; there are several, and if someone doesn't agree with the existing ones, they have the freedom to create their own list of trusted validators.
However, there's an area where decentralization could be improved: the RPC infrastructure. Currently, a few larger players dominate this space. While anyone can run their own node, many still rely on these few larger infrastructure clusters. This is something we recognize and are actively working to address. Our aim, as detailed in our infrastructure overhaul blog, is to remove these bottlenecks, making XRPL faster, more accessible, reliable, and better incentivized for all users.
What are your thoughts on EVM? Is it relevant to the XRPL ecosystem?
Consider this: What is XRP without the XRP Ledger or the token without the technology? This highlights the integral role of technology in defining a cryptocurrency's value.
Regarding EVM's relevance to XRPL, I see all development as positive. It brings knowledge, attracts developers, and fosters creativity. The idea of blending XRPL with EVM is intriguing for interoperability.
But from a composability perspective: This is layer 2. Most interesting things need layer one: it must make something happen/prevent something from happening actively, not reactively.
If EVM: why not bridge to one of the networks already out there focusing on interoperability? Stronger together? Existing ecosystem out there instead of building it/trying to convince it to come over? The question then is, why focus on XRPL EVM integration instead of leveraging existing networks that specialize in interoperability? EVM chains have more users and established use cases. While I'm excited about the development and the talent working on XRPL EVM, it leaves open questions about the strategic direction and the choice of platforms for developers.
What would make more devs get interested in our ecosystem?
To really draw more developers into the XRPL ecosystem, we need to focus on a couple of things.
First, we need better communication with developers to help them better understand the technology driving our ecosystem. The dev community (outside of XRPL) lacks a clear message to those who once decided not to look at the XRPL ecosystem (for example, because it lacked smart contracts and AMM, etc.). These things are here now, and all the other advantages have stayed, making building on the XRPL more exciting and potential than ever before. An ecosystem with less "rainbow unicorn" and more "enterprise capable."
Second, developers need more certainty about the ability to stay active in the ecosystem if they build something interesting, even if it takes years of building and pivoting to get it right. We need to offer developers an outlook. Offer them trust that if they are onto something at some point, there's a place for them.
Third, We need to enable and ensure them to commit to building on the XRPL and dive in fully instead of having uncertainty about things, forcing many to stay a hobby project despite the potential - which all goes to waste if a developer doesn't feel supported in realizing that potential to the full.
In essence, attracting more developers to the XRPL ecosystem involves clarifying our technology's capabilities, shifting our image towards enterprise-readiness, providing stability and support, and encouraging full commitment to project development within our ecosystem.
What is XRPL Labs working on these days? What new products are you excited about? Where do you see XRPL Labs in five years?
We're trying to bridge some traditional finance and ecosystem things, but we can't say much. But good things seem to be happening.
Bill Gates once said: "Most people overestimate what they can achieve in one year and underestimate what they can achieve in ten years." Our brains are wired for the short term, not the long term. At XRPL Labs, We're focused on the long term. Concrete: focus on the world, leverage web3 tech. Focussing on tech for a Web3 world. Our tech has
The potential to have a much greater impact on many people. Five years: seamless, easy use by you, your kids, your grandparents, an app without anyone realizing they are using a specific technology, blockchain, … - all the good things without the disadvantages.
Self-custody, hybrids, no more funds lost on lost keys, no more on/offramps, no more islands. One app for your value. Tickets, assets, loyalty points, identity... not replacing your bank account, but digital cash, your leather purse, fully unlocked for use wherever you are, whatever use case.
With so many significant responsibilities, don't you think juggling all of these could be risky? In your position, shouldn't you already be delegating more? (XRPL, XRPL Labs: Xaman, Xahau, …)
Handling the vast responsibilities across XRPL, XRPL Labs, Xaman, and Xahau is challenging and exciting but also hard. It's a role that I find immensely fulfilling and a source of pride.
However, moving forward, I've realized that there is too much at times. Effective delegation is crucial, and I'm fortunate to have amazing people around me, a fantastic team, and collaborative efforts in place.
Nevertheless, there are only 24 hours in a day, and balancing these responsibilities with the importance of family life is essential.
Acknowledging this, I may have to make some hard choices in the future. Xaman and our five-year plan come first at work if (I have to. After family).
Find out more about Xaman:
https://twitter.com/XummWallet
https://blog.xumm.app/
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