Access to Further Aspects
It's possible that users of the Ripple platform will have the ability to communicate with users of other applications compatible with Ethereum. Following the commencement of the test phase for Ripple's XRP Ledger sidechain, this would be the next step.
The most recent information was disseminated to the public on Monday by Peersyst Tech, a blockchain development business, through a tweet. In the tweet, it was mentioned that the newly created sidechain is fully compatible with the Ethereum Virtual Machine.
Because of this new breakthrough, users on the Ripple network will soon have the ability to communicate with decentralized applications such as Uniswap. In addition to this, they would be able to connect with web3 cryptocurrency wallets such as Metamask.
A cross-chain bridge is also included in the package alongside the sidechain. Between the XRP Ledger and the EVM, it is designed to facilitate the transfer of XRP as well as other digital assets.
Mayukha Vadari, who works as a software engineer for Ripple, provided additional context. She stated that the launch would imply that developers would no longer be required to make a choice between blockchains that are compatible with EVM or XRPL.
The availability of low-cost and quick transactions will be standard for developers. She came to the conclusion that they will be able to bring smart contracts based on Solidity to XRPL as a result of this.
Tendermint is responsible for the construction of the EVM-compatible XRP sidechain on a bespoke basis. It aims to complete one thousand separate transactions in a single second.
The Prospect of Greater Capacity for Scalability
Additionally, details regarding an upcoming user guide was provided in a tweet by Peersyst Tech. It was stated that the user guide would be made available to the XRP community on Tuesday. They should use it to test the EVM sidechain, and they should also use it to create accounts on the Metamask platform.
According to Vadari, the first step of the EVM sidechain is now ready to be tested on the XRP Ledger Devnet. During the second phase, the EVM sidechain will be converted into a permissionless blockchain that is capable of better scaling.
She went on to say that the purpose of the second phase is to achieve block times that are comparable to those of the XRP Ledger. It appears that it will now be available sometime in the early part of 2023.
The most recent events do not appear to have had much of an effect on the price of XRP. It is currently being sold for $0.476, which is an increase of 23.86% in only the past month.
The announcement was made during the middle of a legal battle that has been going on for almost exactly one year. Ripple is now engaged in a legal struggle with the United States Securities and Exchange Commission (SEC), and this conflict has had an impact on the adoption of XRP.
Ripple is also making progress in the CBDC industry with the efforts that it is making. In March of 2021, it initiated a CBDC pilot program for financial institutions. It was just in September of this year when they decided to enter into a cooperation with the Royal Monetary Authority of Bhutan.
