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RippleX and XRP Ledger (XRPL) developers have unveiled a new XRPL standard for a cross-chain bridge that would considerably expand the potential use cases for the network and the XRP token.
New Proposal Could Give XRP Even More Utility
XRP Ledger could soon introduce a cross-chain bridge.
Ripple’s VP of Corporate Strategy and Operations, Emi Yoshikawa, has shared her elation about the newly-published XLS-38d, a standard proposal that will allow developers to create applications on the XRPL, ensuring network compatibility.
RippleX Software Engineers Mayukha Vadari and Scott Determan authored the GitHub document for the XRPL Standard.
Check out XLS-38d, a standard proposal for cross-chain bridge! 👀
— Emi Yoshikawa (@emy_wng) February 23, 2023
This would significantly expand potential use cases for XRPL.
Community members, please share your feedback!! https://t.co/t7CQdsUkVY
Interoperability is a buzzword in the cryptosphere that refers to the ability of different blockchains to communicate, share crypto assets and arbitrary information, and work together, therefore sharing economic activity. Interoperability between blockchains is considered to be a critical goal for enhancing the end-user experience and fostering 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 in a smart contract on the XRP Ledger. The same amount of the asset is then minted on the other network.
The proposal also described eight transactions that can be conducted on the XRPL to ensure the safe and efficient movement of assets between the XRPL and the associated sidechains.
Vadari had indicated last August that they were working on launching sidechains that would run parallel to 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 highlighted some drawbacks that may come about if the new proposal is implemented. “Handling fee escalation, failed transactions, and servers falling behind were much more complex,” one such drawback was cited.
The news didn’t appear to affect the price of Ripple’s XRP token too much, which is currently priced at $0.389751 and is down 8.7% for the month. Nevertheless, it’s still early to predict the impact the said XRPL Standard would have on the price of XRP once it’s adopted.