Ripple and Peersyst Devs Push XRP Toward Ethereum Compatibility With First Phase of an EVM Sidechain

Ripple and Peersyst Devs Push XRP Toward Ethereum Compatibility With First Phase of an EVM Sidechain

According to an announcement from Ripple’s core development team Ripplex, developers have introduced the first step toward Ethereum Virtual Machine (EVM) compatibility with the XRP-based sidechain XRPL. The XRPL is now live on Devnet and developers can “assess available technologies,” alongside deploying “existing Solidity apps on the EVM sidechain.” Ripple Core Developers and Peersyst Reveal First Phase of the EVM Sidechain XRPL

On Monday, October 17, Ripplex announced the introduction of the XRP-based and EVM-compatible side chain XRPL. The distributed ledger project XRP is the sixth largest crypto project by market capitalization, and XRP core developers have wanted to make the project compatible with smart contract processes for quite some time. Some accounts say XRP developer, David Schwartz, conceived the idea back in 1988. According to Ripplex, the XRPL chain is the first phase of the EVM sidechain and it’s being introduced by Peersyst Technology.

“This first phase of the EVM sidechain is currently available for testing on the XRPL Devnet,” the announcement details. “Using a bridge, developers can test the exchange of Devnet XRP between the EVM sidechain and XRP Ledger to: (1) Assess available technologies. (2) Deploy their existing Solidity apps on the EVM sidechain and access the XRPL Devnet userbase.” Infographic from the blog post written by Mayukha Vadari for Ripplex developers.

Compatibility with Ethereum’s Virtual Machine has been addressed by a handful of alternative blockchain networks during the last few years. Phase two of XRPL will start in early 2023 and it will “feature a permissionless EVM sidechain and bridge,” the blog post written by Ripplex developer Mayukha Vadari details. “The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet slated to follow,” Vadari’s blog post explains. Vadari’s blog post further adds: Throughout all three phases, the EVM sidechain will feature block and finality times comparable to the XRPL Mainnet and support Ethereum smart contracts and applications like Metamask, Remix, and Truffle.

Following the announcement, the native crypto asset xrp (XRP) is down 0.6% during the last 24 hours and 10.6% in seven days against the U.S. dollar. Despite recent losses, two-week stats show XRP is up 6%, and over the last month, XRP has gained 33.7%. Year-to-date, however, XRP has lost 58.1% in value against the U.S. dollar. Tags in this story Altcoins, Assets, Bridge, David Schwartz, Ethereum, Ethereum Virtual Machine (EVM), Ethereum XRP, EVM, Mayukha Vadari, metamask, Peersyst, Remix, Ripple, Ripple Labs, Ripplex, sidechain, Smart Contracts, Smart Contracts XRP, Solidity, Truffle, XRP Ethereum, XRPL sidechain

What do you think about Ripple’s XRPL sidechain? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. USDC’s Market Cap Sheds Close to $4 Billion in Less Than 20 Days, Binance’s BUSD Climbs 3% ALTCOINS | 6 hours ago While Its Lost 94% in Value Since the Collapse, Terra"s Fractured Ecosystem Is Still Worth $2.5 Billion ALTCOINS | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTexas Securities Regulators and Attorney General Object to FTX Purchasing Voyager Digital Next articleJapan’s Police and FSA Publish a Joint Cyber Warning to Crypto Firms, Link Attacks to Lazarus Group Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin