Ripple Has Begun Testing Of Its EVM-Compatible Sidechain
- Ripple has begun testing its Ethereum Virtual Machine (EVM) compatible sidechain to the firm’s very own blockchain, XRP Ledger (XRPL).
- The devnet of the sidechain is now live which means that developers will be able to access the sidechain and test it by executing Ethereum-based smart contracts on it.
- With the help of the sidechain, the work the developers have already done into building Ethereum smart contracts could be leveraged for the XRPL.
Ripple, a payment firm that leverages blockchain technology, has begun testing its Ethereum Virtual Machine (EVM) compatible sidechain to the firm’s very own blockchain, XRP Ledger (XRPL) and as per a report, the devnet of the same is live. This means that developers will be able to access the sidechain and test it by executing Ethereum-based smart contracts on it.
Smart contracts are the fundamental building blocks of decentralized finance (DeFi) and have been used for a number of applications as well. However, the XRPL blockchain does not support these self-executing contracts and therefore, the new sidechain being developed by Ripple (XRP) is of great important to the firm. When the testing of the sidechain ends in the near future, the XRPL blockchain will be able to compete with other rival bockchains as well.
According to a report, the sidechain will run right alonside the XRP Ledger which rose to popularity during the early days of the crypto industry. Interestingly, this sidechain has the potential to directly leverage smart contracts from Ethereum Network which basically means that there is no need for the blockchain to develop smart contract capabilities in the near future.
“Our goal in 2023 is to have an EVM sidechain connected to the XRPL mainnet,” Ripple Chief Technology Officer David Schwartz said. “The bridge in the final solution will be decentralized and all components of the solution will be production ready to handle real world scale and use cases.”
This new announcement comes at a time when Ripple is engageed in a lawsuit with the United States Securities and Exchange Commission (SEC), an agency responsible for overseeing securities. The lawsuit has been going on for a very long time and the executives at the payments firm are positive that the lawsuit will end in their favor.
Recently, the firm that controls the development of XRP Ledger and other related services, Ripple Labs, struck a deal with two major European firms and expanded in the country. The two firms were Lemonway, a Paris-based regulated payments provider for online marketplaces, and Swedish money transfer provider Xbaht. The partnership between the three firms will focus on providing remittance services between Sweden and Thailand.
“It’s not pleasant to see other companies in a tough situation in this market environment, but we do find ourselves growing fast and also we are well funded,” said Sendi Young, Ripple’s managing director for the U.K. and Europe. “We are opportunistically looking at some strategic investment opportunities.”
The payments firm remains porfitable and bullish despite the bearish market while other crypto projects are struggling to survive. It will be interesting to see how Ripple emerges from this bearish market.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
