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Over 1,500 Projects Now in the XRPL Ecosystem, with Multiple Use Cases

source-logo  thecryptobasic.com 21 November 2023 08:36, UTC

Data shows that the XRP Ledger (XRPL), the blockchain powering the XRP ecosystem, is now home to over 1,500 crypto projects.

According to details provided on the official XRPL website, more than 1,500 applications and exchanges have been established on XRPL since its inception.

These development efforts span a wide range of applications. They cut across sectors such as non-fungible tokens (NFTs), gaming, security, payments, central bank digital currencies (CBDCs), custody services, and other use cases.

Infrastructure, Tooling, Interoperability-based Projects

XRPL empowers teams to construct and manage elements or systems crucial to the operation of the XRP Ledger.

These include nodes, developer tools, storage solutions, security measures, and other essential components. Examples of established XRPL-based projects providing infrastructural services include XRP Toolkit, XRPScan, and Towo Labs.

In developer tooling, developers can harness the power of open-source libraries, software development kits (SDKs), and other resources to facilitate project construction and access vital XRPL functionalities.

Successful XRPL projects in this aspect include X-Tokenize, 3zy Labs, Evernode, and Blockforce.

Also, XRPL empowers developers to build interoperable solutions for the crypto industry. Specifically, XRPL interoperability allows developers and node operators to construct and operate custom sidechains using the XRPL’s streamlined and efficient feature set.

Wallet, Custody, DEX

Furthermore, XRPL has empowered teams to create digital wallets for secure password storage and engagement with diverse blockchains. It has enabled them to build custody solutions and apps that facilitate the movement of cryptocurrencies. Successful projects in this endeavor include Xumm, Edge, GateHub, and Crossmark.

Moreover, the XRP blockchain has enabled entrepreneurs to construct advanced exchange platforms that enable users to invest and trade cryptocurrencies. The facility encompasses services for other investment vehicles such as stocks, ETFs, and commodities. Existing DEX platforms on XRPL include Sologenic.

NFT and Gaming

In addition to supporting non-fungible tokens (NFTs), XRPL facilitates the creation of IOUs representing currencies of any value. An IOU is a written acknowledgment of debt, stating one party owes the other a certain amount.

Prominent NFT and IOU projects based on XRP include Aesthetes, NFTMASTER, Peerkat, and Sologenic.

Significantly, with its dependable throughput, low fees, and sidechain interoperability, XRPL facilitates high-speed gaming experiences. XRPL games include Forte and Ledger City.

Payments, CBDC

Notably, a proprietary iteration of the XRP Ledger offers financial institutions a secure, regulated, and adaptable solution for issuing and managing central bank-issued digital currencies called CBDCs.

With a private ledger, the prominent payment firm Ripple is helping various central banks worldwide to pilot CBDC projects.

Security Platform on XRPL

Notably, XRPL facilitates the development of services and tools designed to proactively prevent and address fraudulent activities. An example of such a platform is AnChain.AI.