- Ripple’s EVM sidechain for XRPL is now live on Devnet v2, offering enhanced capabilities and performance.
- The EVM sidechain developed by Peersyst and Ripple enables developers to build faster applications using popular smart contract languages.
- A security audit for the EVM sidechain is scheduled in July, followed by the expected launch on the mainnet post XLS-38d bridge amendment approval.
In an exciting development for the world of blockchain, the Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL) is now available on a new version of Devnet (v2). This innovative upgrade features a decentralized bridge design, using the XLS-38d specification, and supports XRP, IOU, and ERC-20 token transfers in both directions between the XRP Ledger and EVM sidechain.
With the implementation of a Proof of Authority (PoA) consensus mechanism, the EVM sidechain is transforming the blockchain landscape and expanding the realm of possibilities for developers.
This EVM sidechain has been developed in collaboration by Peersyst and Ripple, enabling developers to iterate faster on their projects and applications. It offers the flexibility of using popular smart contract languages such as Solidity, and also provides access to XRP liquidity and a secure bridge to the XRP Ledger. With this, developers are encouraged to test the new functionality of the Devnet v2 and the bridge using all supported token types.
The new EVM sidechain includes a list of significant updates such as improved block time, upgraded chain performance, and a PoA validator election mechanism. Furthermore, it has launched the Gnosis Safe dApp used to secure the bridged assets, and an open dApp interface for everyone to safely create a multisig account in the EVM Sidechain.
Looking towards the future, Ripple and XRP are poised for significant growth. The EVM sidechain is expected to go live on the mainnet following the approval of the XLS-38d bridge amendment, which is dependent on at least 80% of the XRPL validator community accepting the proposal and holding their vote for at least two weeks.
A security audit of the EVM sidechain will be conducted in July, and the results will be published for the community to review. Any necessary actions to address issues will be taken by Peersyst and Ripple, and this information will also be shared with the community.
The adoption of the EVM sidechain is anticipated to play a key role in propelling Ripple and the XRP trading price to surge, possibly by nearly +1000%. This evolution signifies the positive strides Ripple is making in enhancing the capabilities of blockchain technology, promising a bright and promising future for developers and investors alike.
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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.
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- Source: https://cryptonewsland.com/evm-sidechain-for-xrp-ledger-hits-devnet-v2-a-leap-in-blockchain-innovation/
