MultiSignReserve Amendment: Reducing Owner Reserves for SignerLists in the XRP Ledger

Managing multi-signing arrangements in the XRP Ledger is an essential part of ensuring security and control over accounts. The MultiSignReserve Amendment, identified by its unique Amendment ID (586480873651E106F1D6339B0C4A8945BA705A777F3F4524626FF1FC07EFE41D), addresses the owner reserve requirements for SignerLists. This amendment aims to reduce the owner reserve, making it more cost-effective for users to maintain multi-signing arrangements.

Exploring the MultiSignReserve Amendment

The MultiSignReserve Amendment introduces the following key enhancements:

1. Reserve Reduction: The primary focus of this amendment is to reduce the owner reserve counted against a user’s XRP Ledger account when it owns a multi-signing SignerList. SignerLists are sets of signers that require multiple signatures to authorize transactions.
2. Previous Reserve Range: Without the MultiSignReserve Amendment, the owner reserve for a SignerList varies, ranging from 15 to 50 XRP. The specific reserve requirement depends on the number of signers included in the SignerList.
3. Fixed Reserve with Amendment: With the MultiSignReserve Amendment enabled, the owner reserve for a new SignerList is standardized to 5 XRP, regardless of the number of signers in the list. This reduction in the reserve requirement promotes cost-effectiveness for users.
4. Impact on Existing SignerLists: It’s important to note that the reserve reduction applies to newly created SignerLists after the amendment is enabled. Existing SignerLists are not affected by this change. However, users can choose to reduce the reserve requirement for previously created SignerList objects by using a SignerListSet transaction to replace the SignerList after enabling the amendment.

Status and Adoption

The MultiSignReserve Amendment is marked as “Enabled,” indicating its successful integration into the XRP Ledger. However, it’s crucial to note that pre-amendment functionality has not been retired. Users have the flexibility to continue operating without this amendment, but enabling it can offer cost savings when managing SignerLists.

The MultiSignReserve Amendment demonstrates the commitment of the XRP Ledger community to enhancing user experience and cost-effectiveness. By reducing the owner reserve requirements for SignerLists, this amendment makes it more affordable and accessible for users to implement and manage multi-signing arrangements. While the amendment impacts newly created SignerLists, it also provides a path for users to reduce the reserve requirement for existing SignerLists, ensuring a smooth transition to cost-effective multi-signing in the XRP Ledger. As blockchain technology continues to evolve, amendments like MultiSignReserve reflect the importance of adaptability and user-centric enhancements in the XRP Ledger ecosystem.