Bitcoin(BTC)$89,573.74-0.52%
Ethereum(ETH)$2,954.23-2.18%
Tether USDt(USDT)$1.00-0.02%
BNB(BNB)$888.91-0.18%
XRP(XRP)$1.92-2.29%
USDC(USDC)$1.000.00%
Solana(SOL)$128.27-1.55%
TRON(TRX)$0.3067832.48%
Dogecoin(DOGE)$0.124537-2.21%
Cardano(ADA)$0.359247-2.29%
[ad_1]
Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay.
According to a recent draft submitted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology would allow cross-chain transfers and provide blockchain interoperability between XRPL and various networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft details. “It occurs on two chains, requires multiple transactions, and involves an additional server type called a ‘witness.’”
If a cross-chain bridge is implemented for XRPL, the blockchain will join numerous networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The proposed design by XRPL developers includes a new server type, three new ledger objects, and eight new transactions. The summary also describes a method to “prevent the same assets from being wrapped multiple times (prevent transaction replay).” Mayukha Vadari, a software engineer and Ripplex developer, shared the proposal on social media.
“We just published an official XRPL Standards spec for cross-chain bridges,” Vadari said. “Check it out and let me know if you have any thoughts.”
The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple transaction protocol (RTXP). Currently, XRP, XRPL’s native cryptocurrency, is the sixth-largest digital currency by market capitalization. However, over the last seven days, it has lost 7.7% against the U.S. dollar.
Ripple Labs is also dealing with a legal battle with the U.S. Securities and Exchange Commission (SEC), and some suspect a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused of being an unregistered security by the SEC. The U.S. regulator charged Ripple Labs in 2020, accusing the firm and executives of selling an unregistered security without permission from the SEC.
What are your thoughts on the potential impact of a cross-chain bridge for the XRPL network and the wider blockchain ecosystem? Share your thoughts in the comments section below.
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
[ad_2]
Source link
