The creators of RippleX and XRP Ledger (XRPL) have released a new standard for a cross-chain bridge that would greatly increase the network’s and the XRP token’s use cases.
A cross-chain bridge might be unveiled soon by XRP Ledger.
Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple, expressed her joy at the recently released XLS-38d standard proposal, which would enable programmers to build apps on the XRPL and guarantee network compatibility.
The GitHub document for the XRPL Standard was written by Mayukha Vadari and Scott Determan, two RippleX software engineers.
The capacity of several blockchains to interact, exchange virtual currency and other information, and cooperate, hence sharing economic activity, is known in the cryptosphere as interoperability. It is thought that achieving interoperability between blockchains will significantly improve user acceptance of cryptocurrencies.
The locking chain and issuing chain, commonly referred to as a mainchain and a sidechain, would be linked via the planned XRPL cross-chain ledger. Users will lock coins in a smart contract on the XRP Ledger to bridge tokens from XRP to other networks. The asset is then issued in the identical quantity on the second network.
In order to facilitate the rapid and secure transfer of assets between the XRPL and the accompanying sidechains, the proposal additionally included eight transactions that can be carried out on the XRPL.
If accepted by the XRP community, Vadari has previously stated that they were working on deploying sidechains that would operate concurrently with the XRPL mainnet. In October 2022, an XRPL chain that is interoperable with Ethereum started active.
But, if the new idea is adopted, several disadvantages may arise, as developers have noted. One such issue was described as “Handling fee escalation, failed transactions, and servers falling behind were substantially more difficult.”
The price of Ripple’s XRP currency, which is presently trading at $0.389751 and is down 8.7% for the month, didn’t seem to be much impacted by the news. Even said, it’s too soon to say how the adoption of the aforementioned XRPL Standard will affect the price of XRP.