The XRP Ledger (XRPL), the blockchain technology powering Ripple’s global payments network, is undergoing significant development to enhance its functionality and appeal to a wider range of users.
Ripple recently shared an announcement on X, and a core focus of these advancements is boosting the programmability of the ledger through the upcoming EVM Sidechain and smart contracts.
While the exact launch date remains under wraps, Ripple has signaled its intent to introduce smart contracts on the XRPL as early as next year, and this functionality is currently in the research stage.
The EVM Sidechain
The EVM sidechain revealed in early 2024 will bridge the XRPL and the Ethereum Virtual Machine (EVM). This paves the way for developers to create decentralized applications (dApps) that leverage the strengths of both platforms.
The XRPL EVM sidechain offers a compelling proposition. Developers familiar with the EVM ecosystem can readily deploy their existing dApps on the XRP Ledger, benefiting from its advantages such as faster transaction speeds and lower fees. Conversely, XRP Ledger developers gain access to a vast library of existing dApps and a broader developer community.
XRPL Hooks
Another crucial aspect of XRPL’s development is Hooks, a foundational technology that will enable the seamless integration of smart contracts into the XRPL’s mainnet.
Ripple is committed to ensuring these smart contracts are permissionless, meaning anyone can deploy them, and user-friendly for developers of all experience levels.
Additionally, customization options will be a key feature, allowing developers to tailor smart contracts to specific needs.
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Ripple CEO Weighs In
Commenting on these advancements, Ripple CEO Brad Garlinghouse expressed his optimism about the future of crypto infrastructure. He wrote, “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”
These developments follow another significant addition to the XRP Ledger earlier this year: Automated Market Maker (AMM) functionality.
Ripple Chief Technology Officer (CTO) David Schwartz was personally excited about this integration, which aims to solidify XRPL’s position as a major player within the Decentralized Finance (DeFi) space. By facilitating automated token exchange, AMMs streamline DeFi transactions and enhance user experience.
These advancements position the XRPL to cater to a wider range of users and applications, potentially propelling its adoption and growth.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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