Ripple wants to bring Ethereum smart contracts to the XRP Ledger

Blockchain News Oct 18, 2022 673

The EVM-compatible XRP Ledger sidechain is set to go its second phase in early 2023 which will make the chain permissionless and improve scalability.

Ripple wants to bring Ethereum smart contracts to the XRP Ledger

Ripple users might be able to interact with Ethereum-compatible decentralized applications (DApps) in the future following the launch of a test phase of Ripple's new XRP Ledger sidechain.

The launch of the sidechain was shared in a tweet by blockchain development firm Peersyst technologies on Oct 17 noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM).

This means that Ripple users could eventually have access to a decentralized application like Uniswap and Web3 wallets like XUMM Wallet and Metamask.

The new Sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP ledger Devnet.

According to Mayukha vadari RippleX software engineer, the release means developers no longer have to choose between XRP or EVM-compatible blockchains.

Developers will also be able to access XRPL's fast low-cost transactions and bring solidity-based smart contracts onto XRP.

The XRP-based EVM-compatible sidechain was custom-built by the Tendermint protocol and aims to process 1000 transactions per second (TPS).

Tomorrow we will publish a user guide for all #XRPLcommunity to use and test the #EVMsidechain and create their $XRP accounts on @MetaMask
— Peersyst Technology (@Peersyst) October 17, 2022

Vadari noted that the first phase of the EVM sidechain is now available for testing on the XRPL Devnet. phase two will see the EVM-compatible sidechain transition to a permissionless chain with improved scalability.

Vadari expressed the aim is to achieve block times similar to that of the XRP ledger for the second phase which looks set to roll out in early 2023.

Also, Vadari added The end goal is phase three a permissionless EVM sidechain and bridge available on the XRPL Mainnet.

The latest announcement comes amid a nearly two-year-long lawsuit against Ripple by the U.S. Securities Exchange (SEC) which has arguably affected the adoption and development of the global settlement network.

Ripple transfer in the Central Bank Digital Currency (CBDC) space since it first piloted a CBDC Private ledger for banks in Mar 2021. having most recently partnered with the Royal Monetary Authority of Bhutan in Sept 2022.