Ripple XRP Ledger to Unlock New Layer-1 Features for NFTs, AMMs, DEXs

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As a seasoned crypto investor with a keen interest in blockchain technology and its potential applications, these recent announcements by Ripple have certainly piqued my curiosity. Having witnessed the evolution of cryptocurrencies over the years, I can’t help but feel a sense of excitement at the prospect of smart contracts coming to the XRP ledger mainnet.

During the commencement of Korean Blockchain Week, Ripple, a blockchain-based company, is utilizing this platform to unveil significant updates aimed at enhancing the infrastructure of cryptocurrencies and promoting wider adoption of blockchain technology by institutions. The company revealed that smart contracts will soon be integrated into the mainnet of the XRP ledger, paving the way for innovative features on Layer 1 for Non-Fungible Tokens (NFTs), Automated Market Makers (AMMs), and Decentralized Exchanges (DEXs).

Ripple to Brings Smart Contracts to XRP Ledger

The blockchain company aims to enhance network functionality by incorporating built-in smart contracts into the mainnet of the XRP Ledger. Additionally, they plan to launch the XRPL EVM Sidechain within the next few months.

1. These two advancements will work together to establish a dynamic and reliable environment suitable for numerous applications. Additionally, the XRP Ledger (XRPL) will accommodate Ripple’s RLUSD stablecoin.

Introducing smart contracts on our platform brings exciting new capabilities like NFTs, Escrows, DEXs, AMMs, and authorized payment channels via trustlines. Moreover, the XRP Ledger’s lightning-fast speed and low cost make it a versatile platform for both conventional finance and groundbreaking applications. As the XRP Ledger continues to thrive, Ripple is actively growing its partnerships with banks.

Presently, advanced smart contract systems such as XRPL Labs’ Hooks serve as a vital base for enhancing the functionalities of Mainnet. According to the Ripple blog, this is highlighted as a significant aspect.

“In the near future, the new smart contract feature will provide more freedom for developers, as it allows them to create contracts without restrictions, enhancing their capabilities in a manner that aligns with the function of amendments.”

Key Partnerships In AI and Metaverse

On September 2nd, Monday, Ripple revealed a partnership with the tech firm Futureverse specializing in AI and Metaverse. The aim is to incorporate Ripple Custody for securely managing digital assets. By utilizing its own Ottó blockchain, Futureverse will provide secure and regulatory-compliant customer verification (KYC) for accessing decentralized finance (DeFi).

In the Futureverse, we plan to employ Ripple Custody for securely receiving and storing cryptocurrencies prior to their minting on the Ottó blockchain. With the crypto custody market projected to reach a staggering $10 trillion value, our blockchain startup is aiming to capture a significant portion of it. Jeffrey McDonald, founder of Ottó Blockchain, expressed this ambition.

“We’re implementing Ripple Custody primarily due to its robust security characteristics and functionalities that ensure the protection of our clients’ digital assets. Our extended partnership with Ripple, combined with their advanced product offerings, makes Ripple Custody an ideal fit as we advance in the AI and metaverse technology sector.”

As a researcher, I myself am enthused by this recent advancement, much like Brad Garlinghouse, CEO of Ripple. I firmly believe that the versatile nature of blockchain technology will undoubtedly unveil an array of sturdy applications in our future endeavors.

As the XRP community eagerly anticipates the development of new customizable features for the XRP Ledger, and Ripple’s increasing potential to cater to cryptocurrency-focused businesses like Futureverse with their Ripple Custody service, it appears that the building blocks of the crypto world are strengthening.
— Brad Garlinghouse (@bgarlinghouse) September 3, 2024

In the context of a wider revival in the crypto market, currently at the time of reporting, XRP‘s native cryptocurrency is being traded for approximately $0.56, showing a 3% increase.

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2024-09-03 09:37