XRP Ledger Seeks Institutional Upgrade with On-Chain Multisignature Proposal

The XRP Ledger is set to undergo a major multisignature upgrade aimed at institutional custody. A proposal titled 'On-Chain Cosigner' has been submitted in the XRPL Standards repository, which would allow signers to coordinate and collect multi-signature approvals directly on the ledger.

Currently, the XRP Ledger supports multi-signature transactions, but the process still relies on an off-chain coordination process. A transaction must first be created and distributed manually to each authorized signer, with individual signatures collected through external channels such as email.

The authors of the proposal argue that this creates what they describe as the 'last mile' problem, where a coordinator's loss or offline status can cause the signing process to fail.

The proposed upgrade aims to eliminate this issue by allowing signers to coordinate and collect multi-signature approvals directly on the ledger. A participant would create a TransactionProposal object directly on the XRP Ledger, which would be permanently stored on-chain with an immutable transaction payload.