Ripple plans to bridge interoperability across different networks with XRPL standard

02/23/2023 12:00 • Crypto & Markets • 112 views

It is reported that Ripple is compatible with EVM side chain XRP Ledger (XRPL) and Ripple development laboratory RippleX developers have proposed a new XRPL standard for cross-chain bridge, which will achieve interoperability between different networks. It is reported that the XRPL standard provides specifications and guidelines for developers to build applications on the XRP Ledger, ensuring compatibility and communication between networks. The proposed standard will allow tokens from one blockchain to be locked in the smart contract on the XRP ledger, while issuing equivalent tokens on another blockchain.

Ripple is compatible with EVM side chain XRP Ledger proposes cross-chain bridge to improve network and Token utilization

Interpretation of the news:

Ripple’s development team, RippleX, has proposed a new XRPL standard for cross-chain bridge that will enable interoperability between different blockchain networks. This innovation will allow for the locking of tokens from one blockchain in the smart contract on the XRP ledger, while issuing equivalent tokens on another blockchain.

This extends Ripple’s compatibility with the Ethereum Virtual Machine (EVM) side chain XRPL, opening doors for creating applications on the XRP Ledger that can interact with Ethereum dApps. Ripple has already demonstrated its potential for interoperability by integrating with Ethereum’s Decentralized Finance (DeFi) system, which bolstered its transaction speed, affordability, and liquidity.

The proposed XRPL standard provides effective specifications and guidelines for developers who want to build applications on the XRP ledger. They will ensure compatibility and communication between different networks, allowing access to the pool of liquidity on the XRPL against diverse cryptocurrencies. Developers can also build smart contracts that would allow them to mint, redeem, and transfer assets between different blockchain networks.

Ripple’s cross-chain bridge will be an efficient and cost-effective way of exploring new blockchain networks without the need to buy and offer large sums of tokens to users. It will create an avenue for developers to access the XRPL’s tools, including the trading platform, micro-payments, and cross-border payments, enhancing the reach and functionality of their applications.

In conclusion, the proposed XRPL standard by RippleX developers will be a groundbreaking feat in the blockchain industry. It will provide several benefits, such as increased interoperability, affordable and fast transactions, and the ability for developers to go beyond the boundaries of a single blockchain. This standard will unlock opportunities for XRPL and Ripple, as well as the entire blockchain industry, enabling the creation of more efficient and cost-effective systems.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/2827.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.