As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I find Ripple’s recent announcements about the XRP Ledger’s upcoming developments particularly intriguing. The integration of native smart contracts and the XRPL EVM Sidechain promises to elevate the platform’s utility and broaden its appeal to a global developer community.
Ripple has unveiled significant upcoming advancements in the programming capabilities of the XRP Ledger, aiming for early 2025 as a transformative period for the system. As stated in a blog post by the Ripple Team on September 2, these upgrades are expected to greatly boost the ledger’s functionality through the addition of smart contract support and enhanced developer resources, making 2025 a “notable year for programmability.”
Ripple Develops Native Smart Contracts
The plan for broadening programmability within the XRP Ledger involves two significant upgrades. Firstly, it introduces native smart contract functionalities directly onto the main network of the XRP Ledger. This is a developing feature, currently in its research stage, signifying a fundamental transformation in the ledger’s structure. The goal is to empower developers to create self-executing smart contracts that don’t require central supervision.
Concurrently, Ripple is getting ready for the launch of the XRPL EVM Sidechain in partnership with Peersyst Technology. This sidechain, set to go live on the test network imminently, anticipates an impressive boost to its programmability features by early 2025. In essence, this sidechain will offer compatibility with Ethereum Virtual Machine (EVM) for the XRP community, enabling developers to utilize familiar tools and programming languages, thereby expanding the reach of the XRP Ledger to a global developer community as stated by Ripple.
The XRPL EVM Sidechain is built with a groundbreaking design, featuring Axelar as the conduit for smooth interactions between it, the XRP Ledger, and approximately 55 additional blockchains. This setup not only expands the versatility of XRP but also boosts its adaptability across numerous systems. The wrapped form of XRP (eXRP) will act as both the native asset and gas token within the sidechain, guaranteeing secure and swift transactions.
The core functionality of smart contracts on the XRP Mainnet is supported by the ledger’s built-in elements like Escrows, Non-Fungible Tokens (NFTs), authorized trustlines, payment channels, and the decentralized exchange (DEX) along with Automated Market Maker (AMM). These layer-1 improvements are being developed to boost innovation speed and make it easier for developers to adopt.
Regarding the XRP Ledger, although it offers increased agility and potential, the method for amending it to incorporate new layer-1 features stays consistent. This ensures all updates maintain security and serve the broader community well. Yet, the forthcoming smart contract feature will provide extra adaptability for developers by allowing them permissionless development that harmoniously supports the role of amendments.
In summary, Ripple underscores its dedication to boost progress even more significantly towards early 2025. By incorporating native smart contract functionalities alongside an EVM sidechain, Ripple aims to cater to the shared needs of institutional DeFi users and developers. This will enable them to customize solutions according to their unique business or dApp demands. Furthermore, Ripple and the XRP community at large are focused on fostering a platform that not only innovates technologically but also empowers developers and businesses to develop groundbreaking applications.
Through X, Brad Garlinghouse, CEO of Ripple, underscored the strategic significance of these advancements. He explained, “We’re working on enhancing programmability for the XRP Ledger, a feature the XRP community has been keenly anticipating. Moreover, as our enterprise products gain traction in serving crypto-native clients, the underlying infrastructure of crypto solutions for real-world applications is gradually strengthening day by day.”
At press time, XRP traded at $0.5668.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD PHP PREDICTION
- BSW PREDICTION. BSW cryptocurrency
2024-09-03 12:41