The XRP Ledger (XRPL) is Almost Ready for Ethereum Compatibility
Developers working on the XRP Ledger (XRPL) have announced that they are close to launching an Ethereum Virtual Machine (EVM) compatible sidechain. This development aims to allow Ethereum developers, who are familiar with Solidity, the main programming language for writing smart contracts on Ethereum, to access and build on the XRPL network.
Peersyst Technologies Provides Updates on the Sidechain Development
Peersyst Technologies, the development firm behind the XRPL sidechain, has shared some updates on the project’s progress. They mentioned that the sidechain is waiting for a few components to come together, including the XChainBridge, which is currently being voted on by validators. The XChainBridge will enable users to bridge tokens from the sidechain onto the XRPL automatically.
Peersyst also mentioned that the sidechain has undergone an audit by security firm Bishop Fox and is currently undergoing a second audit by another recognized supplier. Additionally, a new version of blockchain explorer Blockscout is being built specifically for the sidechain.
Key Features of the EVM Sidechain
Ripple, the company behind XRPL, highlights some key features of the EVM sidechain:
- Support for 1000 transactions per second, allowing high loads and throughput.
- Low transaction confirmation times, with a block produced every 5 seconds.
- 1 block finalization time, meaning once a block is added and confirmed, it is considered final.
- Full Ethereum Virtual Machine (EVM) compatibility, enabling users to connect their wallets and interact with or deploy smart contracts written in Solidity.
Hot Take: XRP Ledger’s Move Towards Ethereum Compatibility
The XRP Ledger’s progress towards Ethereum compatibility is a significant development for both the XRPL and Ethereum communities. By enabling Ethereum developers to access and build on the XRPL network, it opens up new possibilities for cross-chain interoperability and collaboration between the two ecosystems. The high transaction capacity and fast confirmation times of the EVM sidechain further enhance its appeal for developers looking to leverage the benefits of XRPL. With the completion of the second audit and the upcoming launch of the sidechain, we can expect increased activity and innovation in the XRPL ecosystem.
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