As a seasoned crypto investor, I’m always on the lookout for exciting developments in the industry. The recent announcement of Ripple’s partnership with evmOS to build an XRP Ledger EVM sidechain is undeniably intriguing.
Crypto company Ripple has entered into a partnership with evmOS.
Based on a blog post from Cosmos, Ripple and evmOS are teaming up to create an Ethereum Virtual Machine (EVM) sidechain on the XRP Ledger (XRPL), using evmOS technology as the foundation.
As a researcher exploring the latest developments in blockchain technology, I’m thrilled to announce that Ripple and Evmos.org have teamed up to construct an XRP Ledger sidechain utilizing EVM compatibility. Specifically, we will be employing the Evmos (evmos.org) platform, a robust, modular solution that integrates Cosmos SDK, Inter-Blockchain Communication (IBC), and CometBFT. This collaboration aims to extend the potential of XRPL by enabling Web3 businesses to access Ethereum Virtual Machine (EVM) functionality, thereby expanding its interoperability within the dynamic blockchain ecosystem.— Cosmos – The Interchain ⚛️ (@cosmos) May 14, 2024
“The sidechain will be constructed with evmOS, an all-in-one, readily deployable option that integrates Cosmos and CometBFT to offer EVM compatibility for web3 businesses.”
With the Cosmos announcement, I am excited about the prospect of integrating the XRP Ledger into a broader cross-chain network. This connection would bring together a large and diverse user base, decentralized applications (dapps), and significant liquidity to a powerful web of over 90 interconnected blockchains.
“XRPL community members now have access to all Cosmos SDK chains with a ‘passport,’ enabling them to easily engage with any necessary applications.”
Cosmos team
With the use of Osmosis as a case in point, XRPL (XRP Ledger) users are able to carry out asset swaps with this platform in a seamless and uninterrupted manner, all within a solitary transaction. This is accomplished without the necessity of switching wallets or connecting to disparate blockchain networks, since Osmosis itself does not conform to the EVM (Ethereum Virtual Machine) compatibility standards.
As a crypto investor, I’ve been following the developments in the digital asset space closely. One exciting collaboration that recently caught my attention is Ripple’s involvement with Swirlds Labs and the Algorand Foundation as a founding member of the Decentralized Recovery Alliance (DeRec). In simple terms, this alliance is working to streamline the process of adopting and recovering digital assets. By joining forces, these organizations aim to make it easier for individuals and businesses to integrate digital assets into their operations while ensuring a seamless recovery mechanism in case of any potential losses. This is a significant step towards enhancing the overall user experience in the crypto world.
As a researcher studying the development of the Technical Oversight Committee in the blockchain ecosystem, I can share that Hedera and Algorand initially spearheaded the committee’s formation. Later on, Ripple and its associated entity XRPL Labs became members, granting them two-year tenures as part of the committee.
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2024-05-14 19:48