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.

In a blog post today, RippleX announced that Peersyst Technology has started to test an Ethereum Virtual Machine (EVM) compatible sidechain for XRP Ledger.

Read Also: XRP Ledger Has Processed Over 75 Million Blocks, Indicating Rapid Adoption of Ripple Solutions

The project is aimed at allowing Ethereum developers, who use the main programming language for writing smart contracts on Ethereum known as Solidity, to leverage the utility of the XRP Ledger, such as speed, low fees, and lots more.

According to the report, the first phase of the EVM sidechain is now available for testing on the XRPL Devnet. Using a bridge, developers can test the movement of Devnet XRP between the EVM sidechain and XRP Ledger to assess available technologies and deploy their existing Solidity apps on the EVM sidechain and access the XRPL Devnet userbase.

In the announcement, RippleX wrote,

“Many crypto developers today choose to build on Ethereum or EVM-compatible chains because of the popularity of Solidity for programming smart contracts and a robust ecosystem of available developer tools and dApps (decentralized applications). On the other hand, the XRPL appeals to developers because of its speed, low cost, sustainability and other features.

However, making the XRP Ledger EVM-compatible could undermine its efficiency, scalability and security. So, instead of forcing developers to choose between chains, Peersyst and Ripple partnered to create an EVM sidechain connected to the main XRPL.”

The second phase of the project is expected to surface in early 2023 and it will feature a permissionless EVM sidechain and bridge with a unique design that connects to the XRPL Devnet to expand participation and test scalability within a controlled environment.

The concluding phase, according to the report, will have a permissionless EVM sidechain and bridge available on the XRPL Mainnet.

Read Also: Ripple CEO Brad Garlinghouse Speaks On When XRP Lawsuit Would End

Reacting to the new development, Peersyst said in a series of tweets:

“We can now unlock the full potential of decentralized finance (DeFi) in XRPL. A new world of possibilities is unlocked for XRP thanks to the sidechain with EVM. The EVM sidechain uses XRP as its native token. You don’t need any other currency to access it. Built with the powerful Tendermint protocol, and carefully customized for the XRP Ledger, it allows to achieve around 1,000 transactions per second using the Ethereum Virtual Machine.” 

The firm noted that the sidechain and its bridge will make the movement of crypto assets between XUMM Wallet and MetaMask, the benchmark wallets for XRP and Ethereum, respectively.

Follow us on Twitter, Facebook, Telegram, and Google News

The post XRP Ledger Reaches New Height in its Push to Become Compatible with Ethereum Network appeared first on Times Tabloid.

Ripple-backed Solution for Land Registry

On July 1, Columbia embraced a Ripple-based solution for land registry. This is the first National Land Registry on the XRP Ledger for Colombians and was developed by Peersyst Technology in partnership with Ripple.

We Are On Twitter: Follow Us

Thrilled to announce that after a year of development with @GobDigitalCO @Ministerio_TIC, we launched the first #NationalLandRegistry on top of #XRPL #Main #Blockchain for all Colombians!

Find more how @Peersyst worked with @Ripple to achieve it! https://t.co/PuYncDB0qv

— Peersyst Technology (@Peersyst) July 1, 2022

This blockchain-based innovation is expected to help solve the nation’s land registry issues. More so, the solution will register over a hundred thousand adjudications in a short term to guarantee confidence for Colombians, Peersyst Technology noted.

According to the Spain-based software development firm Peersyst Technology, the land registry solution is based on the XRP Stamp, which allows for the registration of digital assets on the XRP Ledger (XRPL) and verification of their authenticity with the use of QR codes.

Read Also: Data Shows XRP Holds up Better in Current Bear Market as Unique Addresses Exceed 200k

Major Developments Around Ripple (XRP)

The Ripple ecosystem has recorded some outstanding feats in recent times. Recall that the top crypto solutions and blockchain enterprise company unveiled a blockchain hub in Canada in a bid to expand its reach. In the same vein, Ripple has entered New Zealand via Airwallex’s use of the RippleNet utility. 

Interestingly, Santiment revealed that Ripple’s token, XRP is holding up better than most altcoins in the prevailing bear market. Also, the XRP network recorded an increased interaction for the first time since February 2020, as unique addresses surpassed 200,000.

In addition, the popular large crypto transactions tracking service, Whale Alert published two large volume XRP transactions on July 1. Precisely, Ripple unlocked a total of 1 billion XRP in two separate transactions (500 million XRP each) from escrow.

Meanwhile, Ripple’s lawsuit with the United Securities and Exchange Commission (SEC) continues to linger. In a recent statement, Ripple is prepared for the worst should the SEC win the lawsuit.

Brad Garlinghouse, the CEO at Ripple noted that Ripple will move its services away from the United States if the ongoing case ends against the company.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Colombia Welcomes Digitized Land Registry Solution Built on the XRP Ledger (XRPL) appeared first on Times Tabloid.