Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability
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...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology
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.
Why this matters
This blockchain story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
XRP News: XRPL Records 2K Transactions from 20 Wallets
The XRP Ledger processed a record 3,254 transactions in ledger 106,965,249 yesterday, but 2,000 of the news came from just 20 acco...
A new XRPL upgrade could concentrate XRP ownership inside banks instead of retail wallets
A proposed XRP Ledger (XRPL) upgrade could let banks and fintechs absorb XRP costs so customers never need to hold the token. The...
Bitcoin exchanges can reduce quantum exposure before a network upgrade
A future quantum-safe Bitcoin will have to pass through the systems that hold and move today's coins. Exchanges, institutional cus...
Clearpool Expands to XRPL in First Institutional Credit Product on Ripple
Ripple plans to invest as a limited partner in an institutional credit fund to lend its RLUSD stablecoin to fintech companies for...
Tonkeeper rebrands as Keeper with support for 7 networks, including Bitcoin and Ethereum
Tonkeeper has rebranded as Keeper, with the wallet now supporting seven blockchain networks, including Bitcoin and Ethereum.
Coinbase-backed Base just exposed the uncomfortable truth about Ethereum’s L2s
Ethereum and Coinbase-backed layer-2 network Base have abandoned an effort to agree on how the next generation of crypto wallets s...