XRP Ledger bug fixes near activation, but Ripple's lending system still lacks votes
A bug-fix package is close to going live on the XRP Ledger
A package of bug fixes for the XRP Ledger is on course to take effect around 09:34 UTC on Oct. 23, according to CoinDesk. The XRP Ledger is a blockchain network used to record and settle transactions, and the fixes include changes to a lending system that Ripple has pitched to banks and payment companies since June.
That lending system is not switched on yet. It is still 10 votes short of approval, CoinDesk reported.
How the vote count stands
- The bug-fix package, called fixCleanup3_4_0, had exactly 29 votes as of Monday, according to the XRPL Dashboard cited by CoinDesk.
- A rule change on the network needs backing from more than 80% of the 35 validators the network trusts by default. That works out to 29 votes, and the support must hold for two straight weeks.
- The package is nine days into its two-week countdown and is on course to go live around 09:34 UTC on Oct. 23.
- It has no votes to spare, so one validator pulling support would restart the clock.
- The lending change has 19 votes, and the separate vaults change that would hold lenders' money has 21. Neither has started a countdown.
What the fixCleanup3_4_0 patch changes
According to the xrpld 3.4.0 release notes cited by CoinDesk, the patch also closes a loophole that could let an account allowed only to burn, or destroy, tokens on an issuer's behalf create new ones under certain conditions. It further changes how vaults round amounts and how the lending code decides when a loan is late or in default.
What the lending system is meant to do
Under the plan, a lender deposits XRP or another token into a vault, and a loan broker lends that money out for a fixed term. The ledger records the loan and tracks repayments, and the broker decides offchain whether a borrower qualifies.
Borrowers do not post collateral, meaning they do not put up assets to back the loan. That means the broker's judgment is all that stands between lenders and a default. Ripple has pitched the setup to payment companies that need cash while a cross-border settlement clears.
What is confirmed
The bug-fix package had exactly 29 votes as of Monday and is nine days into its two-week countdown, according to the XRPL Dashboard. The lending amendment had 19 votes and the vault amendment had 21. Neither of those two had started a countdown. The patch changes described above come from the xrpld 3.4.0 release notes.
What is still unclear
It is not known when the lending and vault changes will reach the required 29 votes, or whether they will. Even if both reached 29 votes at the time of CoinDesk's report, lending could not go live before early November.
Why it matters
The lending system Ripple has pitched to banks and payment companies cannot be used until its amendment is approved, so the fixes to that code are being prepared before anyone can rely on it. The bug-fix package itself is close to activating, but with no spare votes, any validator that withdraws support would delay it.
Sources
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