Ripple and Ethereum Join Forces: A Game-Changing Sidechain Launch Imminent
Blockchain software company Perrsyst has been collaborating with Ripple to develop a sidechain compatible with Ethereum. In October of last year, both companies successfully launched the initial phase of an Ethereum Virtual Machine (EVM) sidechain on the XRPL devnet, which operates on the XRP Ledger (XRPL). This allowed developers to access the functionalities of the XRPL and deploy Solidity-based smart contracts on the platform. It also established a connection between an EVM-compatible chain and the XRPL devnet, showcasing the sidechain’s impressive processing capacity of 1,000 transactions per second (TPS).
Moving into the second phase of the project, the EVM sidechain has unveiled a new version of the devnet (v2). This new version includes a decentralized bridge design based on the XLS-38d specification, allowing seamless transfers of XRP, IOU, and ERC-20 tokens between the XRP Ledger and the EVM sidechain in both directions. The EVM sidechain utilizes a Proof of Authority (PoA) consensus mechanism and introduces improvements such as reduced block time, enhanced chain performance, and a PoA validator election mechanism. The sidechain’s testnet also features an enhanced block explorer with smart contract verification capabilities.
The launch of the EVM sidechain on the mainnet is one step closer, with the third and final phase involving its implementation. However, before proceeding, a thorough security audit of the EVM sidechain is scheduled for July. The results of this audit will be shared with the community for review and any identified issues will be addressed. The EVM sidechain will go live once the XLS-38d bridge change receives approval on the mainnet, following the XRP Ledger’s consensus process to validate all modifications.
One of the significant advantages of Ripple’s EVM sidechain is that it opens up possibilities for XRP users to access decentralized applications (dapps) such as Uniswap and web3 wallets like MetaMask. Conversely, the Ethereum ecosystem can leverage the XRP token for decentralized finance (DeFi) applications, leading to increased interoperability and expanded opportunities for both platforms.
The collaboration between Ripple and Perrsyst to develop this EVM sidechain showcases the growing trend of blockchain interoperability. By enabling different blockchain networks to connect and interact with each other, interoperability enhances the overall functionality and accessibility of blockchain technology. This development is particularly crucial for Ripple and Ethereum, two prominent blockchain platforms, as it allows them to tap into each other’s strengths and expand their offerings to users.
The potential impact of this game-changing sidechain launch is considerable. With the EVM sidechain, developers can take advantage of Ripple’s fast and secure transaction processing capabilities while also benefiting from Ethereum’s vast ecosystem of decentralized applications and smart contracts. This integration of features from both platforms creates a powerful synergy that opens up new possibilities for innovation and growth within the blockchain industry. It also demonstrates the potential for collaboration and cooperation among different blockchain projects to drive the adoption and evolution of blockchain technology.
In conclusion, the collaboration between Ripple and Perrsyst has brought us closer to the launch of a game-changing sidechain that combines the strengths of Ripple and Ethereum. With impressive transaction processing capacity and enhanced scalability, the EVM sidechain will enable users to access both platforms’ functionalities and create innovative applications. As the project moves into the final phase and prepares for the mainnet launch, the blockchain community eagerly awaits the results of the security audit and the exciting opportunities this sidechain will bring. The interoperability between Ripple and Ethereum sets a precedent for future collaborations within the blockchain ecosystem, further accelerating the growth and adoption of blockchain technology.
