Developers of RippleX and XRP Ledger (XRPL) have unveiled a new XRPL standard for a cross-chain bridge that would significantly expand the potential use cases for the network and the XRP token.
XRP Ledger could soon introduce a cross-chain bridge.
Ripple's Vice President of Corporate Strategy and Operations, Emi Yoshikawa, shared her elation over the recently released XLS-38d, a standard proposal that allows developers to create applications on the XRPL, ensuring network compatibility.
RippleX Software Engineers Mayukha Vadari and Scott Determan wrote the GitHub document for the XRPL Standard.
Interoperability is a trending word in the crypto industry that refers to the ability of different blockchains to communicate, share crypto assets and arbitrary information and cooperate, thus sharing economic activities. Interoperability between blockchains is considered a crucial goal for improving the end-user experience and promoting crypto adoption.
The proposed XRPL cross-chain ledger would connect two blockchains: the locking chain the and issuing chain - also known as a mainchain and a sidechain. To bridge tokens from XRP to other networks, users will lock tokens into a smart contract on the XRP Ledger. The same amount of assets is then minted on the other network.
The proposal also described eight transactions that can be executed on the XRPL to ensure the safe and efficient movement of assets between the XRPL and its sidechains.
Vadari had indicated last August that it was working to launch sidechains that would run in parallel with the XRPL mainnet if approved by the XRP community. An Ethereum-compatible chain for the XRPL went live in October 2022.
That said, developers have pointed out some disadvantages that may arise if the new proposal is implemented. " Failed transactions and servers lagging behind will become much more complex," was cited as one such drawback.
The news did not seem to affect the price of Ripple's XRP token too much, which is currently priced at $0.389751 and fell 8.7%. Still, it is early to predict what impact the said XRPL Standard will have on the XRP price once it is adopted.
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