The much-discussed Clawback functionality of the XRP Ledger has successfully crossed the voting barrier, receiving 80% of validators’ approval.
With its formal implementation in the most recent rippled 1.12.0 release, the functionality ushers in a new era for the XRPL by providing improved token asset control capabilities.
The RippleX community is buzzing with excitement as a result of the ledger providing an activation ETA.
Exploring the clawback feature
The Clawback feature that the XRPL added to its token asset management tools is a major improvement.
This feature gives developers the power to undo token transactions in unusual circumstances, like fraud, or to help users restore their accounts after they have misplaced their login credentials. It is intended to increase confidence and provide extra security measures for asset issuance.
A Trustline flag governs this feature’s activation, and using the related asset is a need for users to transact.
It encourages openness and empowers users to make knowledgeable decisions when interacting with tokens by letting them know the current state of the Clawback provision.
The current Freeze functionality and this new one work together. The latter fortifies the XRPL’s security framework by enabling issuers to immobilise assets in the case of detected harmful activity.
David Schwartz’s perspective
Chief Technology Officer David Schwartz of Ripple has changed his mind about the XRPL Clawback feature, as reported by U.Today.
After first being dubious, Schwartz changed his mind after realising the difficulties that issuers without the functionality would encounter in practice (such as the requirement to create new operational guidelines and procedures).
He also mentioned how hard it is to distinguish between responsibilities and non-obligations within the ledger’s frozen assets.
This was a major shift from his previous inclination to prioritise off-ledger features above ledger mechanics.
