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XRPL Labs Improves The Security Of Multisig Addresses, Extends Signers List To 32


thecryptobasic.com 14 October 2022 07:36, UTC
Reading time: ~3 m

XRPL Labs have enabled the “ExtendedSignerList” amendment on the XRP Ledger.

In a tweet on Thursday, XRPScan disclosed that XRPL Labs had enabled the ExtendedSignerList amendment on the mainnet.

The ExpandedSignerList amendment is now activated on the XRPL Mainnet: https://t.co/kG8F1dH4z2 pic.twitter.com/AMh23UiYqQ

— XRPScan (@xrpscan) October 13, 2022

As XRPL Labs developer Wietse Wind disclosed in a tweet confirming the development, the amendment went live after garnering over 80% of votes. Per the Github documentation shared, it extends the maximum number of signers on a signers list from 8 to 32 while providing an optional tag to identify key holders.

Check this out!

This is a Signer List (multi signer accounts) with more than 8 (the previous max.) entries.

How? The "ExpandedSignerList" amendment: https://t.co/DzOcxt03Wr

The amendment locked in with >80% votes and went live on the XRP Ledger today.https://t.co/YUeb7rAfRJ pic.twitter.com/9ex5JPVXVQ

— WietseWind – 🛠 XUMM @ XRPL Labs (@WietseWind) October 13, 2022

Wind sharing a transaction he signed using the Xumm Wallet, confirmed that the feature is live on the mainnet and is supported by both the Xumm platform and Xumm app. Additionally, the developer reveals that XRPL Labs is already working on an intuitive multisig app. 

Notably, the amendment was coded by a member of XRPL Labs, not Ripple.

It bears mentioning that a multisig address requires at least two or more private keys to approve a transaction, creating a form of two-factor authentication (2FA). Consequently, it takes more to compromise a multisig wallet, making it more secure. In addition, despite being slower than normal addresses that require only one private key, it is useful in several applications. For example, it is useful in escrow transactions and organizational decision-making over funds allocation.

Notably, the more signees needed, the more secure the address.

Per the Github documentation, the proposal was made to accommodate large organizations with more than 8 signees. Additionally, it will provide security benefits to Layer 2 protocols.

It is worth noting that the community has received the news with excitement, especially as the development comes from XRPL Labs and not Ripple, showing greater autonomy.

Bomb stuff to see. Coded by one of their very own and not Ripple. How wild is that though. To be able to do something like that this day an age is wild. Before would need certain credentials to Be able to participate. If it gets passed that threshold and voted in, it’s on #XRPL https://t.co/waD56L2Qjx

— 808CryptoBeast (@XRP_CryptoBeast) October 13, 2022

The latest amendment comes a day after the team launched a fiat to XRP on/off-ramp service in the Netherlands.

It bears mentioning that those running Ripple Ledger version 1.9.1 or older must upgrade to take advantage of the new amendment.

PSA: If you're running a validator or node with rippled older than 1.9.1, it is now amendment blocked. Please update ASAP. https://t.co/9zolhCLH7P https://t.co/7R5n1R6tas pic.twitter.com/BfLUMdu82L

— XRPScan (@xrpscan) October 13, 2022

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