The blockchain technology powering Ripple's global payments network, XRP Ledger (XRPL), is undergoing significant development to enhance its functionality and appeal to a wider range of users.
EVM Sidechain
Ripple recently announced the EVM Sidechain, which will be introduced in early 2024. This technology will bridge XRPL and the Ethereum Virtual Machine (EVM), allowing developers to create decentralized applications (dApps) that leverage the strengths of both platforms. Developers familiar with the EVM ecosystem can quickly deploy their dApps on the XRP Ledger, benefiting from its advantages such as faster transaction speeds and lower fees. Conversely, XRPL developers gain access to a vast library of existing dApps and a broader developer community.
XRPL Hooks
Another crucial aspect of XRPL's development is Hooks, a foundational technology that will enable the seamless integration of smart contracts into XRPL's mainnet. Ripple is committed to ensuring these smart contracts are permissionless and user-friendly for developers of all experience levels. Customization options will be a key feature, allowing developers to tailor smart contracts to specific needs.
Ripple CEO Comments
Commenting on these advancements, Ripple CEO Brad Garlinghouse expressed his optimism about the future of crypto infrastructure. He stated, 'The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.' These developments follow another significant addition to the XRP Ledger earlier this year: Automated Market Maker (AMM) functionality. Ripple CTO David Schwartz was personally excited about this integration, which aims to solidify XRPL's position within the Decentralized Finance (DeFi) space. By automating token exchange, AMMs streamline DeFi transactions and enhance user experience.
These advancements position the XRP Ledger to cater to a wider range of users and applications, potentially propelling its adoption and growth.
Comments