Highlights:
- Ripple adds smart contracts, boosting XRP Ledger’s development capabilities.
- XRPL EVM Sidechain enhances interoperability with Ethereum’s ecosystem.
- Ripple USD introduces stablecoin functionality to XRP Ledger.
Ripple is moving to expand the capabilities of the XRP Ledger, aiming to attract developers and foster innovation within its ecosystem. The company recently announced plans to introduce smart contract functionality to the XRP Ledger mainnet, enhancing its layer-1 capabilities and providing developers greater flexibility to create decentralized applications. This development will make the XRP Ledger a more versatile and powerful tool for various use cases.
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RIPPLE TO INTEGRATE SMART CONTRACTS ON XRP, ENHANCING NFT, AMM, AND DEX FUNCTIONALITY
– @Ripple announces to enhance the XRP Ledger with the introduction of smart contracts on its mainnet, expanding the capabilities of the blockchain.
– These will reportedly enable… https://t.co/JYAHmh5Vng pic.twitter.com/lxE0p0GXr2
— BSCN (@BSCNews) September 3, 2024
Enhancing XRP Ledger with Smart Contract Capabilities
Since its launch in 2012, the XRP Ledger has been a key platform for banks and financial institutions. Now, it’s about to get a significant upgrade. Ripple is taking a big step forward by adding smart contract functionality directly to the XRP Ledger mainnet, marking an important milestone in its development.
The XRP Ledger has long been recognized for its efficiency in facilitating cross-border payments. Still, adding smart contracts will elevate its potential by enabling more complex and customizable transactions.
Ripple’s efforts to enhance the XRP Ledger’s programmability are underscored by two key developments: the introduction of native smart contracts on the XRP Ledger mainnet, currently in the research phase, and the impending launch of the XRPL EVM Sidechain. Moreover, these advancements will work together, creating a robust ecosystem that supports a range of applications, from traditional finance to cutting-edge digital solutions.
Smart Contracts and XRPL EVM Sidechain
The native smart contract functionality on the XRP Ledger mainnet is expected to transform how developers interact with the platform. Ripple enables smart contracts without formal approval, empowering developers to innovate freely. This enhances creativity within the XRP ecosystem. However, Ripple has emphasized that an XLS standard will be implemented to ensure these smart contracts are secure, efficient, and easy to deploy.
The XRP Ledger’s decentralized framework prioritizes security and stability. Global validators and transparent voting processes back it. The introduction of smart contracts will build on this foundation, offering developers new tools to leverage the XRP Ledger’s existing features, such as escrows, NFTs, trust lines, payment channels, and decentralized exchange capabilities to create sophisticated decentralized applications.
Ripple is also developing the XRPL EVM Sidechain, which will launch alongside the mainnet upgrade in the next few months. This sidechain, compatible with Ethereum’s Virtual Machine (EVM), will enable developers to deploy Ethereum-based smart contracts on the XRP Ledger. The XRPL EVM Sidechain boosts the XRP Ledger’s interoperability with Ethereum, enabling developers to gain low costs and high-speed transactions.
Ripple adds smart contracts to boost XRP Ledger’s programmability, keeping Ripple competitive in blockchain development. This update meets the community’s call for flexibility and broader utility. Developers can address business needs without wide consensus.
Ripple Expands XRP Ledger with Key Enhancements
Ripple is boosting the XRP Ledger by adding native smart contracts and the XRPL EVM Sidechain, enhancing its toolkit. This makes it more attractive for developers to build varied decentralized applications while maintaining a strong focus on security and stability.
Ripple’s recent activities also include the introduction of a fiat-pegged stablecoin, Ripple USD (RLUSD), which began beta testing on the XRP Ledger and Ethereum mainnet earlier this year. Designed to maintain a 1:1 value with the US dollar and backed by a reserve of cash and cash equivalents. RLUSD could further enhance the XRP Ledger’s liquidity and appeal to developers and users alike.
Ripple’s strategic partnerships, including its collaboration with the Cosmos-based evmOS, an EVM-compatible XRPL sidechain, further demonstrate the company’s commitment to expanding the XRP Ledger’s functionality. These partnerships are crucial as Ripple seeks to integrate with other blockchain ecosystems. Ripple’s updates to the XRP Ledger, like adding smart contracts and the XRPL EVM Sidechain, offer developers more flexibility and point to a promising future for the platform.
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