XRP Ledger Proposes On-Chain Multisig Coordination Upgrade
A proposed upgrade to the XRP Ledger (XRPL) aims to modernize how multi-signature transactions are coordinated. The 'On-Chain Cosigner' proposal, submitted in the XRPL Standards repository, would allow signers to coordinate and collect approvals directly on the ledger, eliminating the need for external channels.
The current implementation of multisignatures on XRPL depends on off-chain coordination processes, which can lead to issues such as lost signatures or a coordinator going offline. The proposal seeks to address this 'last mile' problem by introducing native on-chain multi-sig coordination.
According to the proposal's authors, Shawn Xie and others, the new feature is designed to complement existing advanced XRPL capabilities, including Batch transactions (XLS-56), sponsored fees, and future lending protocol operations. It is intended for enterprise and institutional use cases, where secure and reliable transaction processing is crucial.
Under the proposal, participants would create a TransactionProposal object directly on the XRP Ledger, which would be permanently stored with an immutable transaction payload. Each signature would be validated immediately upon submission and added to the proposal's growing list of approvals.