This sidechain is essentially an add-on to the XRP Ledger that unlocks the power of Ethereum Virtual Machine (EVM) – the engine behind popular smart contracts. With it, XRP will be able to host a universe of services previously unavailable on the network.

What's the latest on #EVMSidechain for #XRPL?
Check out @peersyst's update. https://t.co/PleEw9g2YJ

— RippleX (@RippleXDev) January 23, 2024

The news is particularly exciting because 2024 marks a pivotal year for the project, according to Peersyst. They highlighted that the launch is closer than ever, bringing the world of smart contracts to XRP within reach.

This development is a game-changer for the XRP ecosystem. It has the potential to attract new users and developers, expand the network’s functionality, and boost XRP’s overall value proposition.

The XChainBridge public amendment, essential for the sidechain’s launch, is now open for validators to vote. With 8 votes already cast in favor of the amendment out of the 28 required.

The development team, Peersyst, assures that the sidechain is in peak condition. Following a rigorous audit by Bishop Fox, a second audit has been carried out, with Peersyst promising to share the results soon.

Under the hood, things are humming. The latest upgrades are deployed, including a Cosmos SDK blockchain update and integration with Ethereum’s EIP3855.

Introducing Smart Contracts to XRPL

The upcoming EVM sidechain goes beyond simply introducing smart contracts to XRP. It is forging a pathway to a realm of cross-blockchain token interaction. With trouble brewing in the crypto space as the XRP lawsuit intensifies, the XRP needs positive developments like these to stay confident.

A cutting-edge bridge is under development, enabling users to transfer any existing token from the EVM sidechain directly to the XRP Ledger. This transformation turns the sidechain into a potent gateway, linking XRP with the expansive EVM ecosystem.

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Token bridging between sidechains, wallets, and networks no longer needs to be cumbersome. This will let the community seamlessly utilize any EVM token while enjoying the perks of the XRPL Mainnet like swift transactions, minimal fees, and a resilient network. This bridge unlocks a future where transaction processes are streamlined and hassle-free.

In a noteworthy move, developers of the XRP Ledger introduced rippled 2.0, featuring the groundbreaking XLS-38 Cross-Chain Bridge and XLS-40 Decentralized Identity. These enhancements streamline the smooth transfer of both XRP and tokens across the XRPL Mainnet, sidechains, and the eagerly anticipated EVM sidechain.

Ripple is once again at the forefront of blockchain development, and with the U.S. market opening up, many expect the company to do more.

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The post Ripple Releases Major Update On the Launch of XRP Ethereum Sidechain appeared first on Times Tabloid.

Recall that Peersyst, a blockchain development firm and Ripple went into partnership a while ago to create an EVM sidechain connected to the main XRPL instead of forcing developers to choose between chains.

Read Also: Ripple CTO David Schwartz: Nearly Everything Satoshi (Bitcoin Creator) Did Is Within My Capabilities

Also, the quest to make this happen reached a development milestone on the 17th of October. It was announced that Peersyst Technology has started to test an EVM-compatible sidechain for XRP Ledger.

In a new video on YouTube, the pseudonymous analyst known as Guy in the crypto space explained to his teeming subscribers the reason why this great move could turn bullish for XRP.

According to the analyst, although EVM is inherently limited in terms of the number of transactions per second (TPS), this shouldn’t be a difficult issue for Ripple to solve.

Guy noted:

“In case you haven’t noticed, EVM support has sent many Ethereum competitors to the moon in the past, including Harmony and Fantom. XRP having an EVM sidechain could, therefore, be very bullish for XRP. This ultimately depends on how fast XRP’s EVM sidechain would be…

Read Also: Ripple CEO Brad Garlinghouse Says “Shamefulness” of The SEC Will Shock You, Elon Musk Responds

“This means that Ripple will have a lot of work to do to improve its TPS. This shouldn’t be too difficult to do, given that Avalanche, Near Protocol’s Aurora layer, and Solana’s upcoming Neon layer all leverage the EVM and can process thousands of transactions per second.

“The one advantage XRP would have over most other EVM chains is its massive community of XRP holders. That said, XRP does have one big disadvantage, and that’s that it’s the only big cryptocurrency that’s been singled out as being a security by the SEC as part of its case against Ripple and co.”

At the time of press, XRP is trading at $0.46, with a 0.04% price downtrend in the last 24 hours.

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The post Analyst States Why the Push to Make XRPL Compatible with EVM Sidechain Could Be Very Bullish for XRP appeared first on Times Tabloid.

In March ending, the Milkomeda Foundation took the Milkomeda C1 protocol to the mainnet. Per a report, the project enables Ethereum decentralized applications (dApps) to be deployed in the Cardano ecosystem.

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In other words, Milkimeda C1 makes it possible for Cardano users to transfer assets between the two blockchains (Ethereum and Cardano). This is made possible courtesy of Milkomeda’s wrapped smart contract technology.

On the whole, Milkomeda C1 allows Cardano users to access and take advantage of several available smart contracts in the blockchain space. 

Read Also: Cardano (ADA) Becomes 7th Largest Cryptocurrency By Market Cap, Displacing XRP

Interestingly, the protocol has recorded a huge number of created wallets and transactions from users, in a short while. To this end, Nico Arqueros, CEO and co-founder of dcSpark and a core contributor to Milkomeda C1, hailed the significant progress made by the project. 

In a Monday tweet, the CEO said; “This is great for Cardano./Milkomeda C1 continues to grow consistently making ADA more valuable./Some of the current stats: 7,485,720 transactions, 96,026 wallets. We may break 100k wallets in August after the launch of the first game.”

This is great for @Cardano Milkomeda C1 continues to grow consistently making ADA more valuable

Some of the current stats:

– 7,485,720 transactions
– 96,026 wallets — we may break 100k wallets in August after the launch of the first game

Hope u are having great wknd pic.twitter.com/3TaGlnjI3R

— nicoarq (@NicoArqueros) July 31, 2022

However, these numbers continue to increase as more users employ the protocol for different activities. At the time of writing, the number of transactions on the Cardano Ethereum Virtual Machine (EVM) sidechain, Milkomeda C1, is 7,701,760.

See Also: Here’s why Cardano Vasil Hard Fork Will Be Delayed for More Weeks

Accordingly, the number of wallets has increased to 98,100 while the total blocks produced on the protocol is 4,777,887, as revealed on the project’s explorer.

Overall, it is said that the growing increase in the number of transactions and wallets could make Cardano’s ADA more valuable. According to Coinmarketcap, ADA is trading at $0.49 per token.

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The post Cardano EVM Sidechain, Milkomeda C1 Hits New Highs in Transaction and Wallet Numbers appeared first on Times Tabloid.

The new development was announced a couple of hours ago via IOG’s official Twitter handle.

Read Also: Cardano Creator: Terra (LUNA) Collapse Has Prompted a Change in Cardano’s Vasil Upgrade

IOG tweeted, “We’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.) Build your Solidity-based applications on Cardano – a decentralized, permissionless, sustainable blockchain. The future is interoperable.”

We’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! (Now on testnet.)

Build your Solidity-based applications on #Cardano – a decentralized, permissionless, sustainable blockchain.

The future is interoperable. pic.twitter.com/sCK9XIuFll

— Input Output (@InputOutputHK) June 12, 2022

It can be recalled that IOG published a blog post on the 28th of April 2022, titled, “Interoperability is key to blockchain growth”, in which about five Cardano sidechains were discussed.

The blog post, which describes the newly released alpha version of permissionless Ethereum Virtual Machine (EVM) sidechain, reads in part as follows:

“IOG is planning to release a new permissionless EVM sidechain this year. This sidechain will allow developers to write Solidity smart contracts on Cardano, create EVM compatible DApps, and ERC20-compatible tokens (and in time, their own sidechains) while gaining many of the benefits of Cardano. That means users will benefit from far lower fees and faster settlement times on a more environmentally sustainable blockchain.

“The key features of the EVM sidechain will be full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, the use of the proof-of-stake Ouroboros Byzantine Fault Tolerance consensus protocol, and, of course, its ability to inherit security from the Cardano main chain.”

Read Also: Hoskinson to Critics: Cardano Developers Write Code Carefully To Protect Investments worth Billions of Dollars

Also on the 11th of June, IOG shared a tweet and captioned the video that explained how Solidity developers could “apply for access to the EVM sidechain alpha release.”

Captioning the video, IOG wrote, “We believe in an interoperable future built on multiple blockchains. That’s why we’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha! We welcome the Ethereum community of users & devs to freely engage with the best of what Cardano has to offer.”

We believe in an interoperable future built on multiple blockchains.

That’s why we’re releasing the Ethereum Virtual Machine (EVM) sidechain alpha!

We welcome the #Ethereum community of users & devs to freely engage with the best of what #Cardano has to offer. pic.twitter.com/L56ArPZ4bA

— Input Output (@InputOutputHK) June 11, 2022

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The post Cardano: IOG Launches Its New Permissionless Ethereum Virtual Machine (EVM) Sidechain Alpha on Testnet appeared first on Times Tabloid.