Ripple Inches Closer To Supplanting Ethereum With Latest Announcement
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October 18, 2022 9:11 am
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It’s no secret that Ethereum is the current smart contract platform of choice.
Despite the plethora of smart contracts and decentralized applications running on the platform, concerns with centralization and censorship persist—particularly post-merge.
The Ethereum network is also notoriously slow and suffers from incredibly high costs, especially during times of network congestion.
For all of these reasons, Peersyst, a blockchain tech firm, is working on an EVM sidechain solution for the XRP ledger and recently announced that the first round of dev testing is live.
The sidechain is officially live on the XRPL developer network, with hopes that users will soon be able to cut and paste Ethereum contracts seamlessly onto the XRPL.
This may potentially put a major dent into Ethereum’s market share, as yet another crypto platform seeks an EVM solution as an alternative to a slow and costly layer 1 protocol in the crypto space.
Investors cheered the recent announcement:
🔥Ripple begins testing XRP Ledger sidechain that’s compatible with Ethereum Smart Contracts@Peersyst is announcing that it has released the first phase of the EVM sidechain for the XRPL now live on XRPL Devnet.$XRP #fintech #ETH @RippleXDev @Ripple pic.twitter.com/3AzD5a2kQ5
— XRP_Cro (@stedas) October 18, 2022
This is NOT "Ethereum and XRP working together" the EVM is just a software to run smart contracts independent of Ethereum network. This sidechain will be created based on XRPL and use all the advantages of Ethereum because Eth is too expensive and slow, that's the point of it.
— Panos 🔺 ☀️ {X} (@panosmek) October 18, 2022
Coin Telegraph explains:
The new sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.
According to RippleX software engineer Mayukha Vadari, the release “means developers no longer have to choose between XRPL or EVM-compatible blockchains.”
The XRPL didn't need smart contracts, half the stuff eth needed it for were already baked in natively.
They want to be amazon. Start with 1 thing and perfect it (payments) and then branch out.
— Analyst404.☀️ (@analyst_404) October 17, 2022
Despite the recent announcement, XRP’s price action remained flat and is currently trading in a fairly tight range around $0.47. XRP’s price action has kept pace withe the broader market, trading horizontally since June 2022:
According to Coindesk :
The announcement Monday is just the first step of a three-part process. The second phase will go live in early 2023, when the EVM sidechain will become permissionless, meaning anyone can join it. The third phase is slated for the second quarter, when Ripple will fully deploy the software.
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