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Ripple to Add EVM-based Smart Contracts to XRPL Blockchain

Summary

Ripple, the company behind the XRP cryptocurrency, has announced plans to integrate smart contract functionality into its XRP Ledger (XRPL) blockchain via the addition of an Ethereum Virtual Machine (EVM)-compatible sidechain.

The move is seen as a major step forward for Ripple, which has been criticized in the past for lacking smart contract capabilities. It will allow developers to build and deploy decentralized applications (dApps) on the XRPL, opening up a wide range of new possibilities for the blockchain.

Benefits of EVM-based Smart Contracts on XRPL

• Increased functionality: Smart contracts allow developers to create more complex and sophisticated applications on the XRPL.
• Interoperability: The EVM compatibility will enable developers to easily port existing Ethereum-based dApps to the XRPL.
• Increased developer adoption: The addition of smart contract functionality is expected to attract more developers to the XRPL ecosystem.

How Ripple's EVM Sidechain Will Work

Ripple's EVM sidechain will be a separate blockchain that runs parallel to the XRPL. It will be connected to the XRPL via a "bridge" that will allow assets and data to be transferred between the two chains.

The EVM sidechain will be compatible with the Ethereum Virtual Machine, which is the same platform that is used by the Ethereum blockchain. This means that developers will be able to use the same tools and languages to build and deploy dApps on the XRPL as they do on Ethereum.

Timeline for EVM Integration

Ripple has not yet announced a specific timeline for the integration of EVM-based smart contracts into the XRPL. However, the company has said that it is committed to making the feature available as soon as possible.

Conclusion

The addition of EVM-based smart contracts to the XRPL is a significant development for Ripple and the broader blockchain community. It will open up a wide range of new possibilities for the XRPL and make it a more attractive platform for developers.

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