Post Beta: The future of XUMM
With the recent 0.5.1 release of XUMM, a first public non-beta “1.0” release will not take much longer. Security and transactions in XRP are already fully tested & ready for production.
Over the next couple of months, internal development testing & testing procedures will be improved, an App Translation Portal will be added to the XUMM developer console (more on that later) and the final improvements and bug fixes will be added to the final 0.7.0 beta release, to be expected at the end of Q3 2020. The final beta release will be quickly followed (early Q4) by the first non-beta “1.0” release, containing the last beta bug fixes & community translations.
For the remainder of 2020 and in the first quarter of 2021, most XUMM development will take place under the hood, while we work on all features to be included in the Q1 (2021) “2.0” release. This second, major release of XUMM will include more translations and a major addition: XUMM Pro(files).
XUMM Pro & Profiles
While you can simply continue using XUMM without subscribing to XUMM Pro & activating a XUMM profile, by going Pro and activating your own XUMM Profile you’ll be able to benefit from cool & useful features (outlined below).
Without XUMM Pro & an XUMM Profile, you will still be able to use all existing (and most of the future) XUMM features, like payment requests, signing 3rd party initiated transactions & sign requests, managing multiple XRPL accounts, easy access to the Decentralized Exchange, etc.
With a XUMM Pro subscription and Profile, you’ll go through KYC verification. XRPL Labs will use the reliable and trusted services of Veriff. With the XUMM KYC you will be able to:
Claim & personalize your own profile (name & slug) for payment requests & invoice payment in XRP and IOU’s
Show your verified name, profile icon & checkmark next to transactions and requests in XUMM and other XRPL ecosystem tools
xumm.mehosted PayID for multiple XRP ledger accounts
Recover your XUMM Profile (note: not your XRPL accounts! Keep your secrets safe!) in case of a lost device
Publish your KYC status (not your personal details, just the fact that you successfully went through KYC) so 3rd party apps can unlock features based on your account trustworthiness
Deposit to exchanges & FI’s in a future where Travel Rule Compliance information has to be attached (to PayID) transactions. This way XUMM can add Travel Rule Compliance information to your own on-ledger, non custodial account & transactions
We’ve given the Pro + Profile KYC requirement a lot of thought, but decided that, to improve trustworthiness in the XRP ledger / crypto ecosystem, we are doing the right thing by adding opt in KYC to claiming your XUMM Profile name. Scammers should not be able to claim your name, impersonate, hijack a PayID that would trick people into thinking they are you.
This, combined with the profile recovery feature & all other features that XUMM and other XRPL ecosystem developers will be able to offer to verified users in the future made us decide we are doing the right thing by asking for KYC. To cover the KYC costs & infrastructure we’ll be running for more XUMM features, the XUMM Pro subscription will be mandatory. We promise we’ll keep the yearly XUMM Pro subscription fee as low as possible, and we will not (not now, not ever) remove existing XUMM features for non-Pro users.
The introduction of XUMM Pro will allow XRPL Labs and the development of XUMM to become self-sustaining.
Mid term & long term roadmap
Some of the things we’re really excited about are adding FIAT on and off ramps to XUMM. We will not be providing these & custody ourselves (XUMM, XRPL Labs), but rather partner with experienced, trusted players. We are already talking to a few potential partners, but like all things done right, it’ll take some time before we’re ready to embed FIAT ramps from one or more partners into XUMM.
The stage after adding fiat on and off ramp will be adding a unified experience to XUMM for both non custodial on ledger accounts (like all accounts in XUMM today) and custodial accounts at XUMM partners. This will allow consumers to use our XUMM app & one unified user interface and user experience no matter where and how their funds are stored.
Another exciting development involves XRPL Labs sponsoring a new amendment for the XRP ledger nodes & validators. There are several interesting use cases for consumers and businesses that would benefit from on ledger functionality that doesn’t exist today. Instead of turning all ideas in to separate amendments, we’ll be working on a feature called (Transaction) Hooks, supporting on ledger business logic integration for developers. This will enable (on ledger, non custodial) features in XUMM and all other XRPL clients like:
Auto saving (eg. send 10% of all outgoing payments to your own savings account)
Auto tipping/rewards (eg. support a charity or infra providers like validators automatically)
On ledger subscriptions to advisory lists like the XRPForensics list, to auto block incoming & outgoing transactions from and to scams, no matter the used XRP ledger client
“Lite Accounts”: limited on ledger (potentially non custodial) balances for tipping, spending, etc. without an account reserve (but higher on ledger fees, for “hook execution”)
It’s a privilege to be able to work on all of the things just outlined and more for years to come. With and for all of you, together with awesome & creative developers, daring businesses we are certain we can build XUMM into the app & platform becoming the missing link between transacting on the XRP ledger, businesses, actual business use cases & global commerce. Our contribution to the Internet of Value.