APEX Developer Summit: Interview with Ripple CTO on XRP Ledger’s Development Goals
Ripple recently organized the APEX Developer Summit in Amsterdam, bringing together developers and projects based on the XRP Ledger. In an interview with The Cryptonomist, CTO David Schwartz discussed the ledger’s future goals and development targets for this year.
Development Targets for 2021
A key target is the adoption of the Automated Market Maker (AMM) on the XRP Ledger. However, the timeframe depends on community adoption and acceptance of its security and functionality. Additionally, support for sidechains to scale the XRP Ledger and the implementation of decentralized ID packs are expected by year-end.
Real World Asset Tokenization
Ripple is not directly developing real-world asset tokenization products. Instead, they rely on participants in the ecosystem to build support for it in various ways. The XRP Ledger has the capability for issued assets and NFTs, making it suitable for real-world asset tokenization. The high transaction speed and low fees of the XRP Ledger’s DEX also contribute to its suitability for this use case.
Focus on Web3
Decentralized identity is a significant focus for Ripple, and they anticipate more DeFi applications through EVM sidechains. They support a company building an EVM-compatible chain that allows smart contracts from Ethereum to interact with assets on the XRP Ledger, enabling various Web3 use cases within the XRPL ecosystem.
The Role of XRP in CBDC Market
Ripple aims to build a CBDC implementation on the XRP Ledger, as several central banks express interest in developing CBDCs. While early experimentation is underway with 10 partners onboard, no commitment to deployment has been made. CBDCs have the potential to provide broad access to core financial services, especially in countries with limited existing financial infrastructure. Government involvement in CBDCs is seen as an opportunity for transparency and non-discrimination compared to private companies.
Hot Take: Ripple’s XRP Ledger Gains Momentum in Development and CBDC Space
The APEX Developer Summit shed light on Ripple’s development goals for the XRP Ledger, including the adoption of AMM and support for sidechains and decentralized ID packs. With a focus on real-world asset tokenization and Web3 applications, Ripple aims to leverage the XRP Ledger’s capabilities and speed. Moreover, Ripple’s efforts in the CBDC market show promise, as they secure partnerships with central banks interested in exploring the potential of digital currencies. The XRP Ledger’s features make it a suitable platform for CBDC implementation, particularly in underserved regions where access to financial services is limited.
By
By
By
By
By