Ripple (XRP) Breaks New Ground by Releasing “Remit” for Instant Cross-Currency Payments

The proposal titled “XLS-55d – Remit: Atomic Multi-Asset Payments for Xahau” was formulated by Richard Holland, the chief technology officer (CTO) of XRPL Labs. The objective entails the transformation of payment transactions within the Xahau sidechain.

To elucidate the concept of the “Remit” as outlined in the proposal, Holland explained that it serves as a payment transactor specifically tailored for Xahau. The system facilitates the efficient transmission of various currencies and tokens to a specified recipient, empowering the senders with a streamlined process.

The term “remit” is commonly used to describe a push payment system that operates on the fundamental principle of ensuring delivery without exception. The report further revealed that the mechanism above has been purposefully designed to cater exclusively to Hooks and retail use cases.

The incorporation of Hook into the XRP Ledger effectively introduces intelligent contract functionality. Additionally, it facilitates the implementation of pre and post-execution logic for XRPL transactions. The Hook amendment was officially announced in the year 2020. 

On July 30th, 2020, a vision was unveiled regarding the Hooks Amendment for the XRP Ledger, which aims to incorporate business logic support (intelligent contracts) into the XRP Ledger. Blogs, insights, concepts, and considerations were published throughout the journey. The PUBLIC BETA TESTNET is unveiled today, filling us with immense pride.

A Further Discussion on the “Remit” Proposal

Even with the various advantages of Remit, it is essential to note that its functionality is limited to transmitting a singular currency. Holland has disclosed that both the newly acquired URITokens and the previously owned URITokens possessed by the sender demonstrate equivalent flexibility. In addition, the transactor exhibits meticulously organized patterns of behavior.

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This entails advocating for the sender to assume responsibility for the payment of fees to address any deficiencies in establishing the destination and establishing trust lines. The designated recipient shall receive the precise sum as stipulated within the transaction.

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The transaction exhibits atomicity, wherein the delivery of amounts and tokens is contingent upon the specified quantity. In this regard, the complete allocation is successfully executed, or no allocation occurs. The transactor refrains from engaging in any form of conversion or pathing.

The sender is expected to possess the necessary balances and tokens they intend to transmit before initiating the transaction. In cases where specific quantities or tokens have not been explicitly indicated, it is still possible for the transaction to be executed successfully. This functionality facilitates the establishment of a user account or verifies the existence of an already established account.

To cater to users who do not wish to avail themselves of Remit transactions, an option is available wherein they can configure their accounts to disallow incoming Remit transactions by setting the parameter “asfDisallowIncomingRemit.” A Hook may be installed to regulate all incoming Remits equitably and effectively. Unwanted URITokens can be incinerated or relinquished to reclaim the reserve remitted by the sender.

The XLS-55 is a transaction type known as REMIT. Transmitting multiple assets within a single atomic transaction is being contemplated. The transmission of all messages must be executed in its entirety or abstained from altogether. One illustrative instance involves the convergence of payment, loyalty, and voucher functionalities.

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The product in question is priced at €10. Upon accumulating 500 points, a discount of €1 is applied. Additionally, the utilization of a voucher, specifically the URIToken, results in a 20% reduction in price. The proposal made by Holland has been duly acknowledged and favorably received by Wietse Wind, the esteemed founder of XRPL Labs.

An additional noteworthy feature of Remit is the implementation of sender-centric fee allocation, whereby senders assume full responsibility for covering all associated transfer fees. The fees have been intentionally structured to maintain a clear separation from the transmitted sum. An additional proposition put forth by Holland entails the abstention of transactors from engaging in conversions.

It is pertinent to acknowledge that the XRPL functions as a publicly accessible distributed ledger, wherein XRP serves as an inherent digital asset. At the time of publication, the trading value of XRP stood at $0.636072, reflecting a notable increase of 2.5 percent within the past 24-hour period. Over the past week, XRP has experienced a significant increase of 4.6 percent. 

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