According to an announcement from Ripple’s core development team Ripplex, developers have introduced the first step toward Ethereum Virtual Machine (EVM) compatibility with the XRP-based sidechain XRPL. The XRPL is now live on Devnet and developers can “assess available technologies,” alongside deploying “existing Solidity apps on the EVM sidechain.”
Peersyst, Ripple Core Developers Announce the Premier Phase of EVM Sidechains XRPL
Ripplex, Monday October 17 announcedThe introduction of the XRP-based, EVM-compatible sidechain XRPL. The distributed ledger project XRP, which is sixth in market capitalization by crypto projects, has been working for a long time to integrate the project with smart contract processes. Some accountsDavid Schwartz (XRP developer), said that the original idea was conceived back in 1988. According to Ripplex, the XRPL chain is the first phase of the EVM sidechain and it’s being introduced by Peersyst Technology.
“This first phase of the EVM sidechain is currently available for testing on the XRPL Devnet,” the announcement details. “Using a bridge, developers can test the exchange of Devnet XRP between the EVM sidechain and XRP Ledger to: (1) Assess available technologies. (2) Deploy their existing Solidity apps on the EVM sidechain and access the XRPL Devnet userbase.”
Compatibility with Ethereum’s Virtual Machine has been addressed by a handful of alternative blockchain networks during the last few years. Phase two of XRPL will start in early 2023 and it will “feature a permissionless EVM sidechain and bridge,” the blog post written by Ripplex developer Mayukha Vadari details. “The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet slated to follow,” Vadari’s blog post explains. Vadari’s blog post further adds:
Through all phases of the EVM Sidechain will offer block and lastity times similar as the XRPL Mainnet. It also supports Ethereum smart contracts, applications like Metamask Remix and Truffle.
The native cryptocurrency asset xrp, or XRP (native crypto asset), fell 0.6% over the past 24 hours and by 10.6% within seven days, respectively against the U.S. Dollar. However, recent losses aside, XRP’s two-week stats indicate that it is up 6%. XRP also gained 33.7% in the last month. To date, however, XRP is down 58.1% compared to the U.S. dollars.
What do you think about Ripple’s XRPL sidechain? Comment below and let us know how you feel about the subject.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of companies, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.