Wietse Wind made this known to XUMM wallet users on Monday during a Twitter discussion. Notably, the positive disclosure came to light following a user’s request for a Xumm wallet debit card. 

The user asked, “Do you think it is gonna be possible that one day we can use our XUMM tangem card to purchase something in-store? or you integrated a Debit card into XUMM wallet? I love XUMM so just throwing some thought, I don’t even know if it’s possible or not.”

In response, the developer noted that a better solution is currently being developed by the XRPL Labs team, citing that a QR payments feature built on the XRP Ledger will be launched sooner than later to enable Xumm wallet users to make purchases in retail stores. 

Wietse Wind wrote, “Why a card? What about Xumm XRPL-powered QR payments in retail stores? Will happen sooner than you think.” 

Why a card? What about Xumm XRPL powered QR payments in retail stores? Will happen sooner than you think

— WietseWind – XUMM @ XRPL Labs (@WietseWind) January 30, 2023

This update comes shortly after the XRPL Labs team onboarded a remarkable element for the Xumm Pro Wallet users, enabling the app users to link their XRP wallets to their usernames and profile pictures. This Xumm Profiles feature as it is called was announced last week. Generally, it allows Xumm wallet users to seamlessly move their XRPL-based assets using usernames and profile pictures instead of the usual long alphanumeric addresses.

It bears mentioning that Xumm wallet is on the course of launching a “Buy and Sell XRP” xApp for fiat globally. Per a tweet shared in December, the XUMM team announced that the wallet will soon have a new xApp, where users I’m different countries can buy and sell XRP in exchange for their respective fiat currency from several providers at competitive rates. 

Xumm Wallet wrote, “You didn’t really think we’d stop here, right? (At least four more being added. The “Buy & Sell XRP” xApp is coming, where you can find in-app purchase methods per currency & country. More onramp & offramp providers coming. So you can use the one most convenient for you.”

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Per a Wednesday Twitter discussion, the XUMM Wallet lead developer noted that “XRP already is a stable coin”, stating that 1 XRP equals 1 XRP. The stability of XRP here, as implied by him, is not in terms of price but in the sense that the token does not rely on another blockchain to be functional. He wrote, “XRP lives on its own network. There can’t be price in the protocol on the network, because: price vs what?”

However, Wietse Wind highlighted some conditions that could transform XRP into a stablecoin with no price fluctuations. According to him, the dollar value of XRP cannot be stable because users offer varying prices for the crypto asset.

Read Also: NFT Marketplace Mintable Now Supports XRP Ledger (XRPL)

Hence, he implied that for XRP to be stable, all crypto traders interacting with the coin must offer a stable price for it. In addition, Wietse mentioned that another condition for XRP to behave as a stablecoin is if all on-ramp and off-ramp of XRP decide to sell the coin only at a certain ‘fist equivalent’.

He wrote, 

“The price of XRP comes from interaction with the world around the network: supply and demand. And since the price people offer is never stable, neither can XRP be.”

“The only way for that to work is if ALL On- and Offramps of XRP collectively decide they won’t sell if not exactly at a certain fist equivalent. Which is never happening with the amount of exchanges, DEX, etc.”

Read Also: Majority of XRP Community Members Predict Settlement in the Ripple-SEC Case

“I guess the only hypothetical way would be if stores and people start pricing goods and services in fixed XRP value, which would only work if their vendors, employees, everyone would do that as well. Never going to happen,” he concluded. 

I guess the only hypothetical way would be if stores and people start pricing goods and services in fixed XRP value, which would only work if their vendors, employees, everyone would do that as well. Never going to happen.

— WietseWind – XUMM @ XRPL Labs (@WietseWind) December 29, 2022

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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.

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Wietse Wind, a lead developer at the XRPL Labs, who designed Xumm, shared the new development with the XRP community via his official Twitter handle a few hours ago.

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Wietse Wind wrote, “One of the biggest things for the XRP Ledger (but I’m biased). Today the world can build “layer 1” smart contracts on the XRP Ledger, with our now published browser based “Hooks Builder”, on our live “Hooks Testnet”. All the Hooks source code is now public + PR to rippled.”

One of the biggest things for the XRP Ledger (but I'm biased )

Today the world can build "layer 1" smart contracts on the XRP Ledger, with our now published browser based "Hooks Builder", on our live "Hooks Testnet".

All the Hooks source code is now public + PR to rippled. https://t.co/ypyf4lgIxA

— WietseWind – XUMM @ XRPL Labs (@WietseWind) July 8, 2022

According to the report, the journey to design smart contract features on the XRP Ledger started about two years ago. It all started with a blog post titled “XRPL Labs is working on the “HOOKS” amendment for the XRP Ledger. Supporting business logic integration for developers.”

Read Also: Jeremy Hogan Highlights Why XRP Ledger’s Deal with Colombia Is the Perfect Example of Crypto Utility

XRP Labs says, “In the past two years, we went through discussing, designing, documenting, building, testing, benchmarking, more building, (etc., many iterations!), resulting in a first public testnet (it really worked!) early 2021. A few months ago, we silently launched Hooks Testnet V2.”

The company also reveals that it’s also working with another development firm named Equilibrium to make everyone familiar with Hooks.

“To allow everyone to get familiar with Hooks, build them, test them, share them, break them, we also worked with great people at Equilibrium.”

The firm added that “The XRP Ledger Foundation now houses the Hooks source code, Hooks Builder & all helper libraries. You can visit the Hooks landing page (containing docs, explorer, Github links & the Builder) at: hooks.xrpl.org.”

So, with the current stage of development, XRP Ledger is now one step closer to fully housing layer 1 smart contracts, according to XRPL Labs.

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