The European Central Bank (ECB) has announced the selection of XRP Ledger as the underlying blockchain for the Axiology distributed ledger technology (DLT) system. This decision has caught the attention of experts and the cryptocurrency community.
Axiology Project and Its Features
Axiology is a startup developed by former Bank of Lithuania board member Marius Jurgilas, participating in the ECB's experiment. The platform operates under the EU DLT Pilot regime and focuses on managing debt securities. In the experiment, Axiology participated in testing 48 use cases across various categories, including issuance and settlement of bonds.
Technological Features of Axiology
The Axiology platform is built on the open-source code of XRP Ledger, designed as a private and permissioned network. This allows it to operate independently while leveraging XRPL's capabilities. According to the report, Axiology combines trading, accounting, and settlement functions, providing instant Delivery Versus Payment (DVP) settlement options. The platform also adheres to stringent compliance standards, including KYC procedures.
XRP Community's Reaction to ECB Report
The XRP community has reacted positively to the ECB report, viewing it as a sign of confidence in XRP Ledger. Many note that despite the current drop in XRP's price, 65.1% of circulating supply is held at a profit, placing XRP among the top contenders in this metric. However, XRP's price has decreased by 5.79% this year.
The ECB's choice of XRPL technology for the Axiology project could open new avenues for improving financial technologies and enhance trust in blockchain solutions within the institutional sphere.
