In a recent discussion, Max Avery, a cryptocurrency advocate, raised an important issue about the reliability of multi-step transactions in the crypto industry. Problems with completing such transactions can pose significant challenges for institutions.
Challenges of Multi-step Transactions
According to Avery, about 30% of multi-step transactions encounter completion issues. This problem creates serious barriers for institutions that need high reliability in their operations. He stated that without dependable transaction processes, institutional adoption of blockchain technologies remains a complex task.
Features of the XLS-56 Update
Avery described the XLS-56 update as a system that allows up to eight transactions to be bundled together under built-in governance rules. Participants can now define what should happen if any part of the transaction sequence fails. The update introduces four modes for managing transaction groups, each designed to solve specific tasks. For example, the AtomicMode ensures that all transactions either succeed or fail together.
Enhancing Trust and Simplifying Processes
Avery emphasized that before XLS-56, achieving such transactional flexibility typically required clunky off-chain systems or hiring developers to build costly workarounds. This functionality is now available natively in the XRP Ledger, which may lead to new opportunities such as automated trading platforms and decentralized insurance systems.
The XLS-56 update represents a significant advancement in enhancing the reliability and convenience of blockchain transactions, which may substantially ease the integration of blockchain technologies for institutions.
