Ripple Launches Sidechain to Bring Ethereum (ETH) Smart Contracts to the XRP Ledger
In a move to expand the utility of the XRP, Ripple has begun testing a new sidechain on the XRP Ledger (XRPL) that will make the blockchain compatible with the Ethereum network.
EVM Sidechain Launched on the XRP Ledger
In an October 17th blog post, blockchain software company Peersyst and RippleX, a community of XRPL developers, announced the launch of an EVM-compatible sidechain on the XRP Ledger (XRPL).
The Ethereum virtual machine (EVM)-compatible sidechain will allow developers to deploy smart contracts made for Ethereum on its XRP Ledger, and the is planned be to capable of running 1,000 transactions per second (TPS).
Following the announcement, an EVM-compatible sidechain–a blockchain that runs in parallel with the main XRPL–has been launched on the devnet, where Ripple developers will be able to test implementations before they go live on XRPL.
A Permissionless EVM-Compatible Sidechain on XRPL
According to RippleX, the goal of the recently launched EVM sidechain is the first step in a three-part process to bring a permissionless EVM-compatible sidechain to the XRP ecosystem.
As per the announcement, the second phase which will see the sidechain become permissionless, allowing anyone to join, is scheduled to go live in early 2023, while the third phase, in which the RippleX software will receive its full launch, is slated for Q2 of 2023.
On the Flipside
- Ripple’s Chief Executive Officer Brad Garlinghouse has expressed his displeasure over the SEC’s disregard for investors in the ongoing lawsuit.
Why You Should Care
The launch of an EVM-compatible sidechain on the XRPL will allow the XRP ecosystem to more easily leverage the work developers have put into building Ethereum smart contracts.
Get a full review of XRP in:
XRP (XRP): Project Review, Recent Developments, Future Events, Community
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Text source: DailyCoin.com
