The XRP Ledger, a decentralized and open-source blockchain protocol known for its high speed and low cost of transactions, is on the verge of a transformative upgrade.
As reported on Ripple’s official communication channels on September 2, 2024, the programmability of the XRP Ledger is set to see major enhancements through two key developments.
This announcement has captured the attention of the crypto community, including notable enthusiasts like Crypto Eri, who described the news as the “biggest” she has ever encountered in her involvement with the digital asset space.
Introduction of Native Smart Contract Capabilities
The first significant advancement is the introduction of native smart contract capabilities on the XRP Ledger Mainnet. Currently, in the research phase, this development is poised to bring a new layer of functionality to the XRP Ledger, allowing developers to build decentralized applications (dApps) directly on the platform.
Native smart contracts are expected to provide seamless integration of complex programmable transactions, which would be a substantial improvement over the current system, where such functionality is limited or has to be implemented via external mechanisms.
The move to integrate native smart contracts aligns the XRP Ledger with other major blockchain ecosystems, such as Ethereum, where smart contracts have been instrumental in the development of decentralized finance (DeFi), non-fungible tokens (NFTs), and various other blockchain-based innovations.
By bringing this capability to the XRP Ledger, Ripple positions its blockchain as a more versatile and competitive option in the ever-evolving digital landscape.
Launch of the XRPL EVM Sidechain
In tandem with the development of native smart contracts, Ripple also announced the impending launch of the XRPL EVM (Ethereum Virtual Machine) Sidechain. This sidechain is expected to go live in the coming months and will allow for greater interoperability between the XRP Ledger and Ethereum’s ecosystem.
The XRPL EVM Sidechain will enable developers to deploy Ethereum-based smart contracts on the XRP Ledger, taking advantage of Ethereum’s robust dApp infrastructure while benefiting from the speed, efficiency, and scalability of the XRP Ledger.
The EVM sidechain integration will facilitate smoother transitions and interactions between the XRP and Ethereum ecosystems, potentially leading to new hybrid applications and increased liquidity across platforms.
For developers and users alike, this means they will soon be able to enjoy the best of both worlds: the innovation and flexibility of Ethereum’s smart contracts, coupled with the high-performance capabilities of the XRP Ledger.
This dual-functionality could position the XRP Ledger as a key player in the broader blockchain space, attracting more developers, users, and projects to its ecosystem.
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Impact on the Industry and Public Response
These advancements mark a significant step forward for Ripple and the XRP Ledger, as they aim to broaden the scope and usability of the blockchain beyond its original focus on payments and remittances.
The integration of smart contracts and the launch of the EVM sidechain are likely to attract a wider range of developers and users, potentially leading to an increase in the adoption of XRP and the XRPL ecosystem.
The crypto community has responded enthusiastically to this news, with Crypto Eri, a prominent figure in the space, expressing her excitement by stating, “Biggest news for me, ever.”
This sentiment reflects the impact these developments could have on the XRP Ledger and the broader blockchain industry. The introduction of these features could be a game-changer, not only for Ripple but also for the countless projects and innovations that could be built on the XRP Ledger.
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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