As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the latest developments from Ripple have caught my attention. The prospect of smart contracts on the XRP Ledger mainnet is an exciting leap forward for this platform that has primarily been associated with cross-border payments.
Ripple, a company specializing in blockchain payments, has revealed intentions to incorporate smart contracts into the main network of the XRP Ledger. This move aims to boost its programmability and give developers the ability to design tailor-made apps.
In a September 2nd statement, Ripple disclosed plans to integrate smart contracts into the main network of the XRP Ledger, with the goal of enhancing its first-layer capabilities and encouraging more developers to join the community. Launched in 2012, the XRP Ledger has predominantly been utilized by banks and financial institutions for cross-border payment solutions.
Smart contracts are self-executing agreements in which the terms of the agreement are written into code. The upcoming smart contract functionality will build upon existing standards like Hooks.
On the XRP Ledger (XRPL), it’s anticipated that smart contracts will boost the platform’s adaptability, empowering developers to innovatively employ fundamental elements such as escrows, non-fungible tokens (NFTs), trust lines, payment channels, and decentralized exchange functionalities for crafting fresh decentralized applications.
Additionally, it’s noted that developers have the freedom to launch smart contracts, bypassing the need for a formal amendment or approval process. Yet, to maintain security, efficiency, and ease of deployment, an XLS standard will be enforced.
As stated by Brad Garlinghouse, CEO of Ripple, the XRP community has been justified in their requests for the flexibility offered by the XRP Ledger.
XRPL eyeing EVM support via sidechains
Ripple plans to team up with blockchain infrastructure provider Peersyst to launch the XRPL EVM Sidechain around next year. This sidechain is intended to enable developers on the XRP Ledger to utilize Ethereum Virtual Machine development tools and programming languages.
According to earlier reports from crypto.news, the upcoming XRPL EVM (XRP Ledger-based Ethereum Virtual Machine) will utilize Axelar’s cross-chain connection to facilitate transactions between the XRPL EVM Sidechain, the XRP Ledger, and approximately 55 other blockchains using wrapped XRP (eXRP). Notably, eXRP will also function as the fuel for transactions on this sidechain.
Previously, Ripple collaborated with evmOS, a sidechain based on Cosmos which is also compatible with Ethereum’s Virtual Machine (EVM), allowing it to function alongside the Ripple network.
The latest update comes after Ripple launched its dollar-backed stablecoin, called Ripple USD (RLUSD), for testing on both the XRP Ledger and Ethereum’s main network earlier this year. This new coin aims to have a consistent value with the U.S. dollar, supported by cash and cash equivalents. If successful, it could significantly increase the liquidity of the XRPL (Ripple’s payment network).
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2024-09-03 12:20