Ethereum Smart Contract Might Be on XRP Ledger Soon
The XRP Ledger sidechain compatible with the Ethereum Virtual Machine is set for its second phase. It will be executed early in 2023. This will make the sidechain permissionless and also improve its scalability.
Access to More
Users of the Ripple platform might get access to interact with other applications compatible with Ethereum. This would follow the launch of Ripple’s test phase for its XRP Ledger sidechain.
The latest news was published via a tweet by Peersyst Tech, a blockchain development company, on Monday. The tweet noted that the new sidechain has perfect compatibility with the Ethereum Virtual Machine.
The development means that users on the Ripple network would be able to interact with decentralized apps like Uniswap. They would also be able to interact with web3 crypto wallets like Metamask.
The sidechain equally comes along with a cross-chain bridge. It is built to enable the transfer of XRP and other digital assets between the XRP Ledger and the EVM.
A software engineer at Ripple, Mayukha Vadari, gave more explanation. She said the launch would mean that developers don’t have to choose between blockchains compatible with EVM or XRPL anymore.
Developers will equally have access to cheap and fast transactions. They will, thus, be able to bring smart contracts based on Solidity to XRPL, she concluded.
The EVM-compatible XRP sidechain was built on a customized basis by Tendermint. It has a goal of processing 1000 transactions in a second.
The Promise of More Scalability
The Peersyst Tech tweet also gave information on a coming user guide. It said it will post the user guide on Tuesday for the XRP community. They should use it to test the EVM sidechain and also create their accounts on Metamask.
Vadari stated that the EVM sidechain first phase is currently available to be tested on XRP Ledger Devnet. The second phase will transition the EVM sidechain into a permissionless blockchain that is better scalable.
She said further that the goal for the second phase is to reach block times like the XRP Ledger. It now looks ready to be out early in 2023.
The latest news seems not to have so much impact on the price of XRP. It currently sells at $0.476, up by 23.86% in a month.
The announcement comes in the midst of a lawsuit that has almost lasted two years. The US SEC is in a legal battle with Ripple and it has affected XRP adoption.
Ripple is equally going ahead with its moves in the CBDC space. It launched a CBDC pilot program for banks in March 2021. It recently entered a partnership with the Bhutanese Royal Monetary Authority in September this year.
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