Main Points:
- Ripple announced enhancements to the programmability of the XRP Ledger (XRPL), focusing on smart contracts and customization by 2025.
- The launch of an Ethereum Virtual Machine (EVM)-compatible sidechain for XRPL is expected in a few months.
- Ripple is researching native smart contract functionality for XRPL.
- Ripple announced a partnership with Futureverse, an AI and metaverse company, to integrate Ripple Custody for secure digital asset storage.
Ripple’s Push for Enhanced Programmability on XRPL
Ripple has unveiled plans to significantly enhance the programmability of the XRP Ledger (XRPL), aiming to attract developers, entrepreneurs, and users by 2025. These enhancements focus on introducing smart contracts and expanding the customization capabilities of XRPL, fostering innovation in various use cases. By doing so, Ripple seeks to solidify its role as a go-to platform for blockchain development, encouraging developers who are considering utilizing XRPL for their projects.
The introduction of smart contracts on XRPL is a key aspect of Ripple’s strategy, as these self-executing contracts automatically enforce agreements when predefined conditions are met. The programmability of smart contracts is essential for decentralized finance (DeFi) applications and other blockchain innovations.
Launch of the EVM-Compatible Sidechain
One of Ripple’s major developments is the upcoming launch of the XRPL EVM Sidechain. This Ethereum Virtual Machine-compatible sidechain is expected to be operational in a few months. It will enable interoperability with Ethereum-based applications, allowing developers to utilize existing Ethereum tools and assets while benefiting from the scalability and speed of XRPL.
This sidechain marks a significant step for Ripple as it allows XRPL to tap into Ethereum’s expansive developer community and ecosystem, potentially broadening the scope of applications that can be built on Ripple’s network. The EVM Sidechain is set to strengthen Ripple’s foothold in the DeFi space, where Ethereum currently dominates.
Native Smart Contract Functionality in Research
In parallel to the EVM sidechain, Ripple is also conducting research into native smart contract functionality on XRPL. Unlike the sidechain, which offers compatibility with Ethereum’s existing infrastructure, native smart contract support would allow developers to build and deploy smart contracts directly on XRPL, providing a streamlined and efficient solution for creating decentralized applications (dApps).
Ripple emphasized that the combination of these two solutions would create a robust and versatile ecosystem capable of supporting a wide variety of decentralized applications. Their goal is to meet the shared needs of institutional DeFi users and developers, who require a secure and scalable blockchain infrastructure for their projects.
Ripple’s Partnership with Futureverse: Expanding into AI and Metaverse
In a separate announcement, Ripple revealed a new partnership with Futureverse, an AI and metaverse company. Futureverse will adopt Ripple’s custody solution, Ripple Custody, to securely store digital assets within its Web3 applications, games, and metaverse experiences. This partnership is a significant milestone for Ripple, as it showcases the company’s security capabilities in the rapidly growing sectors of AI and the metaverse.
Futureverse’s Chief Customer Officer commented on the partnership, highlighting the importance of leveraging Ripple’s industry-leading security features to enhance the safety of customer assets. The integration of Ripple Custody is seen as a vital step in ensuring that digital assets are protected as Futureverse continues to innovate in the AI and metaverse space.
This collaboration reflects the increasing demand for secure and scalable blockchain solutions in the AI and metaverse sectors, further establishing Ripple as a key player in the industry.
Ripple’s recent announcements demonstrate its commitment to expanding the capabilities of the XRP Ledger, particularly through the introduction of smart contracts and an EVM-compatible sidechain. These developments aim to position XRPL as a flexible and attractive platform for developers and entrepreneurs. Additionally, Ripple’s partnership with Futureverse underscores the company’s focus on providing secure digital asset solutions for emerging industries such as AI and the metaverse. As Ripple continues to innovate, its role in the blockchain ecosystem is expected to grow, paving the way for new applications and use cases in decentralized finance and beyond.
