RippleX Developers Propose New Standard for Cross-Chain Bridge
It is reported that Ripple is compatible with EVM side chain XRP Ledger (XRPL) and Ripple development laboratory RippleX developers have proposed a new XRPL st…
It is reported that Ripple is compatible with EVM side chain XRP Ledger (XRPL) and Ripple development laboratory RippleX developers have proposed a new XRPL standard for cross-chain bridge, which will achieve interoperability between different networks. It is reported that the XRPL standard provides specifications and guidelines for developers to build applications on the XRP Ledger, ensuring compatibility and communication between networks. The proposed standard will allow tokens from one blockchain to be locked in the smart contract on the XRP ledger, while issuing equivalent tokens on another blockchain.
Ripple is compatible with EVM side chain XRP Ledger proposes cross-chain bridge to improve network and Token utilization
Interpretation of the news:
There is exciting news for those invested in the Ripple network as its development laboratory, RippleX, has proposed a new standard for cross-chain bridges that will allow interoperability between different networks. The Ripple network is already compatible with the Ethereum Virtual Machine (EVM) side chain XRP Ledger (XRPL), and the proposed standard will provide specifications and guidelines for developers to build applications on the XRPL while ensuring compatibility and communication between networks.
The proposed standard will allow tokens from one blockchain to be locked in a smart contract on the XRP Ledger, while issuing equivalent tokens on another blockchain. This will benefit Ripple users by allowing them to easily transfer tokens between different networks. With this cross-chain bridge, users will not have to worry about converting their tokens into another currency, allowing for fast and easy transactions.
This interoperability will not only benefit users but also increase the popularity of the Ripple network. Ripple has already proven itself as a popular cryptocurrency, and with this new standard, it will also become a hub for digital assets. Many tokens will be able to take advantage of the XRPL standard, providing users with a variety of options for digital assets.
The proposed standard will also improve the security of the XRPL. By locking tokens into a smart contract on the XRPL, risks associated with hacking attacks or fraudulent activities will be minimized. In addition, since the proposed standard ensures compatibility between different networks, the risk of fraud or errors during transactions will also be reduced.
In summary, RippleX’s proposed standard for cross-chain bridge is a significant development that will allow interoperability between different networks, allowing Ripple users to easily transfer their tokens between different networks. This interoperability will increase the popularity of Ripple and make it a hub for digital assets, benefiting both users and the network’s security.
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