Crypto News: Ripple To Bring Ethereum Smart Contracts To The XRP Ledger

Ripple users may be able to communicate with Ethereum-compatible decentralized apps (DApps) in the future, following the launch of a test phase of Ripple’s new XRP Ledger sidechain,

iexclusivenews reports that on Oct. 17, blockchain development firm Peersyst Technologies announced the debut of the sidechain in a Tweet. Saying that the new sidechain is compatible with the Ethereum Virtual Machine (EVM).

This online news outlet understands that this means that Ripple users may someday be able to use decentralized programs like Uniswap (should it port over) and Web3 wallets like Metamask and XUMM Wallet.

The new sidechain also includes a cross-chain bridge that allows XRP and other assets to be transferred 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.”

Developers will also be able to use XRPL’s rapid, low-cost transactions and introduce Solidity-based smart contracts to the platform, according to him.

The Tendermint protocol designed the XRP-based EVM-compatible sidechain, which intends to perform 1000 transactions per second (TPS).

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According to Vadari, the first step of the EVM sidechain is now available for testing on the XRPL Devnet.

The EVM-compatible sidechain will convert to a “permissionless” chain with increased scalability in phase two.

Vadari stated that the goal for the second phase, which is expected to launch in early 2023, is to attain block times equivalent to those of the XRP Ledger.

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she added that,  “The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet.”

The revelation did not appear to have a significant impact on the price of Ripple’s XRP token, which is presently trading at $0.476 and is up 23.86% for the month.

However, the latest disclosure comes amid the United States’ nearly two-year-long litigation against Ripple.

The Securities and Exchange Commission (SEC) has arguably had an impact on the acceptance and growth of the worldwide settlement network.

Meanwhile, iexclusivenews Nigeria reports that Ripple has also been active in the Central Bank Digital Currency (CBDC) field since piloting a CBDC Private Ledger for banks in March 2021. Most recently partnering with The Royal Monetary Authority of Bhutan in September 2022.