Ripple has officially announced plans to introduce smart contract capabilities on the XRP Ledger (XRPL) using a dual approach.
This development would mark an important milestone in the efforts to enhance the network’s programmability. Notably, despite being one of the oldest networks around, the XRPL does not feature smart contracts. Its closest rival, Stellar, enabled the functionality in February.
The XRPL community has been looking to introduce smart contracts through protocols such as Hooks. However, emerging concerns have hindered progress. Ripple, which plans to enable smart contracts through its EVM sidechain, has now announced a dual approach to reach the goal.
A Dual Approach Toward Programmability
The announcement was made during Ripple’s recent engagements in Korea and Japan. Ripple wants to boost the XRPL utility and usability, particularly for institutional adoption. This initiative is part of its broader strategy to expand the XRPL developer ecosystem by adding programmability features, including smart contracts.
2/ Ripple and the broader XRP community are committed to bringing new programmability, including smart contracts, to the XRPL dev ecosystem in 2025 – through the XRPL EVM sidechain (already in the works) as well as exploring native capabilities on XRPL Mainnet.…
— Ripple (@Ripple) September 3, 2024
Ripple highlighted two key advancements that will drive this programmability: the introduction of native smart contract capabilities on the XRPL Mainnet and the deployment of the XRPL EVM Sidechain. Both developments are to complement each other.
The XRPL Mainnet will see enhancements that include new layer-1 features, such as smart contracts. This will allow developers to customize functionalities according to their specific needs without requiring broad community adoption.
Ripple also noted that the introduction of smart contract functionality on the Mainnet will be permissionless. This approach will minimize the impact on performance and cost, making it easier for new developers to learn and adapt to the XRPL ecosystem. The firm plans to launch an XLS proposal to assess how this can be achieved.
The XRPL EVM Sidechain
Meanwhile, the XRPL EVM Sidechain, currently in development in collaboration with Peersyst, is another important component of Ripple’s plan to enhance programmability. The sidechain will bring EVM compatibility to the XRPL.
One of the standout features of the XRPL EVM Sidechain is its ability to integrate with over 55 other blockchains through Axelar, serving as a bridge that facilitates seamless transactions between the XRPL EVM Sidechain, the XRP Ledger, and these other networks.
Ripple confirmed that eXRP, a wrapped version of the native XRP token, will function as the native asset and gas token on this sidechain.
In response, Ripple CTO David Schwartz revealed his excitement about the potential of these new developments. He encouraged the community to explore the possibilities that native and sidechain programmability could bring to the XRP Ledger.
Read this thread and blog post to understand what new native and sidechain programmability could bring to the XRP Ledger – and why I’m very excited about the possibilities. https://t.co/w9MiT9JzeU https://t.co/3TWVnCujsl
— David “JoelKatz” Schwartz (@JoelKatz) September 3, 2024
Community Reactions
WrathofKahneman (WOK), a notable figure in the XRP community, expressed equal excitement. He pointed out that Ripple’s focus on both the EVM Sidechain and native smart contract capabilities could present a balanced approach to enhancing the XRPL.
WOK appreciated Ripple’s efforts to involve the community, particularly through the upcoming proposal, which will allow broader input on how these features should be implemented.
He called these advancements potentially epochal for the XRPL, though he acknowledged that there are still many details to be discussed.
The community figure raised questions about whether concepts like sharding or subnetting might play a role in this development, and whether Ripple can achieve these enhancements without compromising the platform’s speed.
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Source: https://thecryptobasic.com/2024/09/03/ripple-officially-confirms-smart-contracts-coming-to-xrp-ledger/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-officially-confirms-smart-contracts-coming-to-xrp-ledger