No, Elon Musk Is Not Testing XRP Payments

Vet, a validator on the XRP Ledger (XRPL), has shut down rumors about Elon Musk's X social media network testing XRP payments.

The rumor was based on the fact that a transaction with the “Musk” label was recently spotted on the network.

However, as noted by Vet, there is no authorization needed from the famous entrepreneur for labeling this account. “I can label my account to be by Musk or JPM as well. No proof needed,” he added.

X is actually expected to launch peer-to-peer payments this year. However, it is not clear whether Musk's social network will actually support cryptocurrencies. In any case, Dogecoin appears to be the likeliest contender, so the idea of XRP being used for payments on X appears to be extremely far-fetched.

A fix is coming

There is an amendment that is supposed to add Decentralized Identifier (DID) functionality to the ledger. According to Vet, it will solve the impersonalization issue.

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The amendment, which was developed in accordance with standards and guidelines for the World Wide Web, will be able to provide users with their own digital identity that will not be dependent on any centralized authority.

On top of being decentralized, DIDs are also cryptographically verifiable, meaning that they are tamper-evident.

An account holder will be able to generate a DID that will be used for signing digital documents, making transactions, and logging into websites

The identity of an XRPL user would be verified with the help of a DID document that could contain cryptographic public keys. Only those who control private keys can change the content of the document. Users are advised against uploading personal information in these documents.