Ripple users should be able to interact with Ethereum-backed decentralized applications (dApps) in the future after the launch of a test phase of Ripple’s new XRP Ledger sidechain, as reported by Cointelegraph.
According to Cointelegraph, news of the sidechain was published via a Tweet from blockchain development company Peersyst Technologies on October 17, 2022, highlighting that the new sidechain is compatible with Ethereum Virtual Machine (EVM). This means that Ripple users could have access to decentralized applications such as Uniswap and Web3.0 wallets such as Metamask and the XUMM wallet. The new sidechain consists of a cross-chain bridge designed to transfer XRP and other assets between the sidechain supported by EVM and the XRP Ledger Devnet.
Based on information from Cointelegraph, Mayukha Vadari, Software Engineer, RippleX, the release stated that developers do not need to choose between XRPL or EVM blockchains. Developers will also be able to access XRPL transactions and bring Solidity-backed smart contracts to XRPL. The XRP-backed EVM-enabled sidechain was custom-designed by the Tendermint protocol and intends to process 1,000 transactions per second (TPS).
Additionally, Cointelegraph noted that Vadari has stated that the first phase of the EVM sidechain is currently available for testing on the XRPL Devnet. Phase two should see the transition from the EVM compatible side chain to one with improved scalability. “The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL mainnet,” Vadari added. The recent announcement came amid a nearly two-year lawsuit against Ripple by the U.S. Securities Exchange Commission (SEC), which has arguably affected the adoption and development of the global settlement network. Additionally, Ripple is reportedly exploring the central bank digital currency (CBDC) sector since it first piloted a private CBDC ledger for banks in March 2021, having recently entered into a partnership with the Authority. Royal Mint of Bhutan in September 2022.
(With information from Cointelegraph)
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