Decentralized platform Ripple (XRP) and blockchain technology firm Peersyst announced a new partnership with the proof-of-stake (PoS) network Evmos, which is built using the Cosmos SDK. Together, they aim to develop the XRP Ledger (XRPL) EVM sidechain. This side chain will be built using evmOS technology and is currently in the Devnet phase.
evmOS facilitates EVM compatibility and offers extensive customizability on the Cosmos SDK. It provides access to more than 60 Cosmos SDK blockchains through the Inter-Blockchain Communication Protocol (IBC). All these advanced features are designed to bring EVM compatibility to Web 3.0 enterprises.
Integrating the XRPL with the interchain network will connect its extensive user base, decentralized applications (dApps), and liquidity to a system of interconnected blockchains. This integration will grant the XRPL community access to all Cosmos SDK blockchains, enabling users to interact seamlessly with any applications they require.
The partnership will bring several significant advantages, enabling the XRP Ledger, with a market capitalization of $27 billion, to connect to the interchain via the IBC. Furthermore, the new sidechain will allow users to access any Cosmos dApp, including popular ones like Orbital Apes, Forge, Osmosis, and Stride.
Additionally, evmOS Outposts will enhance the interoperability of the XRPL EVM sidechain. These Outposts function as gateways, linking various blockchain networks and facilitating the transfer of assets and information between them, thereby simplifying complex processes for the end user.
@Ripple & @EvmosOrg have joined forces to build an XRP Ledger EVM sidechain!The sidechain will be built with #evmOS – a production-ready modular solution that leverages Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 businesses. XRPL future is #interchain pic.twitter.com/VEOO8dawlh
— Cosmos – The Interchain (@cosmos) May 14, 2024
XRP Ledger Welcomes Xahau Ledger With Advanced Features
The XRPL is a decentralized Layer 1 blockchain that has established a reputation for its reliability and stability over the past decade. It excels in tokenizing and exchanging both crypto-native and real-world assets. Designed to support businesses and developers, it is powered by XRP, a cryptocurrency specifically created for payment transactions.
This XRPL’s EVM initiative follows the recent introduction of the Xahau Ledger to the XRPL, a smart contract sidechain. Similar to evmOS, the Xahau Ledger includes features designed to facilitate the creation of applications with practical, everyday utility.
The post Ripple And Evmos Collaborate On Developing XRP Ledger EVM Sidechain With EvmOS Technology appeared first on Metaverse Post.
