- Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.
- Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.
Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network. Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.
Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”
The recent announcements regarding the smart contracts and the EVM sidechain for the XRP Ledger come over and above the Automated Market Maker (AMM) functionality announced earlier this year.
Ripple Chief Technology Officer (CTO) David Schwartz expressed his enthusiasm for the integration, which aims to strengthen XRPL’s role in the Decentralized Finance (DeFi) sector. The introduction of Automated Market Makers (AMMs) will simplify token exchanges, improving transaction efficiency and enhancing the overall user experience. These innovations will further boost XRPL’s appeal while attracting a wider user base and driving adoption and growth in the DeFi ecosystem as it continues to hit new milestones, per the CNF report.
The XRPL EVM Sidechain and XRPL Hooks
Revealed earlier this year in 2024, the EVM Sidechain will bridge the XRP Ledger along with the Ethereum Virtual Machine (EVM). This would further pave the way for developers to build decentralized applications (dApps) that leverage the strengths of both platforms.
The XRP EVM Sidechain brings forth a compelling proposition wherein developers familiar with the EVM ecosystem can deploy their existing dApps on the XRP Ledger which will benefit from faster transaction speeds and lower fees. On the other hand, the XRP Ledger developers will gain access to a vast library of existing dApps along with the broader developer community.
A key element in XRPL’s evolution is the introduction of Hooks, a foundational technology that will allow seamless integration of smart contracts into XRPL’s mainnet. Ripple said it will focus on making these smart contracts permissionless, enabling anyone to deploy them while ensuring they are accessible to developers of all skill levels.
Moreover, the platform will offer extensive customization options, allowing developers to tailor smart contracts to meet specific requirements. XRPL Labs Director Wietse Wind expressed mixed emotions about the recent adoption of Layer 1 (L1) smart contracts following years of dedicated effort by XRPL Labs. Wind shares his disappointment in discovering Ripple’s change in stance through indirect sources rather than direct communication, per the CNF report. This sentiment comes in contrast to earlier remarks by Ripple CTO David Schwartz at XRP Ledger Apex, where the mainnet was described as a “fixed function ledger” not designed for smart contracts.
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Source: https://www.crypto-news-flash.com/is-the-xrp-ledger-set-for-major-upgrade-ripple-ceo-brad-garlinghouse-drops-new-clues/?utm_source=rss&utm_medium=rss&utm_campaign=is-the-xrp-ledger-set-for-major-upgrade-ripple-ceo-brad-garlinghouse-drops-new-clues