Ripple’s XRP Ledger To Get Sidechain That’s Compatible With Ethereum• October 19, 2022 3:42 pm • Comments
It has been revealed that Ripple is now testing a way for its developers to deploy smart contracts on the XRP Ledger that were originally made for Ethereum.
Essentially, the company stated that it would be doing this via the use of a compatible sidechain and this would benefit the overall XRP network by allowing Ethereum developers to easily develop for the Ripple ecosystem.
The news was revealed as part of an announcement on Monday and is actually part of a multi-step process with the final goal of Ripple deploying this new software next year.
Speculators expect the blockchain ecosystem to increase significantly after this update as this will allow the XRP mainnet to handle real world use cases at scale that are already done outside of the network.
This #Devnet version with its #Explorer and #Bridge is the first step to open a world of gigantic possibilities to all developers and businesses that put their trust in @Ripple @RippleXDev 🔐 pic.twitter.com/9BumdUbBp7
— Peersyst Technology (@Peersyst) October 17, 2022
“Sidechains make it easy for developers to customize the chain for their use cases,” Schwartz previously wrote on Twitter, adding that “Bringing Ethereum smart contracts to the XRPL could lower the barriers to entry for developers to build powerful DeFi apps with cross-chain interoperability.”
But Ripple is looking to do more than just enable Ethereum-based smart contracts. It launched its own NFT protocol for the XRPL, the XLS-20, on its devnet back in January, a move which allows developers to launch NFTs directly onto the XRPL mainnet.
The XLS-20 technology was approved to launch on the XRPL mainnet on September 13 but is not yet live.
“We are optimistic for the eventual adoption of XLS-20 and are thankful the community is so dedicated to a secure and trustworthy rollout,” a Ripple spokesperson told Decrypt. “Security is fundamental especially in a time where industry wide exploits have become a regular occurrence.”
As part of the upgrade, it will also be easier to move assets between XRPL’s EVM sidechain and the main XRP Ledger.
With more interconnectivity between the two chains, the number of use cases that XRP supports has increased significantly.
With that being said, the company is still opposed to making the XRP mainnet EVM-compatible because this would potentially harm the network’s security and scalability.
After all, the XRPL mainnet as it is has already the most competitive as it is in the market and is the top choice among institutions for international payments.
🥁Introducing the first phase of bringing an Ethereum Virtual Machine (EVM) sidechain to the #XRPLedger.
— RippleX (@RippleXDev) October 17, 2022
Ripple’s native XRP token has not shown much of a reaction to the devnet deployment, having gained just 1.5% on the day.
XRP is currently trading at $0.474, having lost 13% over the past week. However, progress with the ongoing SEC battle has boosted XRP prices by 26% over the past month, when most other altcoins have continued to decline.
XRP is currently down 86% from its January 2018 all-time high of $3.40.
It is likely to get another boost if the company is victorious against the SEC, which has accused it of carrying out an unregistered securities sale though the verdict is not likely to happen until the first half of 2023.
BREAKING: Ripple's XRP Ledger now incorporates Ethereum Virtual Machine (EVM) thanks to a sidechain launched by Peersyt Technology (XRPL). Before it goes live, developers can begin testing the sidechain on XRPL Devnet. #ETH #XRP pic.twitter.com/1ojU6oQnGY
— Metalenders (@meta_lenders) October 17, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.