Reshab AgarwalRipple’s Development team recently launched a preview of the Massive XRP Ledger update. We heard about the upgrade first time in June this year. The upgrade will include “federated sidechains” which is going to be a game changer. Ripple also says the sidechains will have the ability to release DeFi (Decentralized Finance). Moreover, there will be intelligent contracts on the XRP ecosystem without reducing any of its efficiency.
Image source:- Ripple Coin News
Massive XRP Ledger upgrade announcement by the development team of Ripple.
Ripple is a firm that creates DeFi solutions for the world. It is the only blockchain company that comes under the enterprise division, has products in commercial use. Different firms have access to alternative liquidity solutions through Ripple’s global networks. Moreover, the global network uses the XRP ledger (XRPL) and its digital asset XRP to improve payment methods.
The recent preview will help the developers give feedback on the technology used behind it. Developers are also given access to experiment on it to ensure that it is working just fine. The Chief Technology Officer of Ripple, David Schwartz, tweets that sidechains will help expand the use cases of XRPL.
Image source:- Financial Times
Schwartz thinks Sidechains always makes it easier for the developers to customize the chain as per their use case. It can be anything like private networks, security trading, Defi, and many more. He adds that bringing Ethereum to the XRPL would help lower the developers’ barriers to enter and create powerful Defi Apps and cross-chain interoperability. Cross-Chain interoperability is a blockchain platform that provides the cross-chain infrastructure to connect to all public and private blockchains. It works similar to when WAN is in connection with isolated LAN.
What is the future for XRP Ledger and Ripple?
According to RippleX, all we know is the successful features on sidechains will eventually land upon the XRPL mainnet. So the process goes on where the Sidechain will be in connection to XRPL by “federators”. Federators are different pieces of software run by parties who operate validators on at least one of the sidechains.
If you are wondering what Sidechain is, then here you go. Sidechain is a separate blockchain that runs side by side to Ethereum mainnet and operates entirely independently. It has also its consensus algorithm, and it has a connection to the mainnet by a two-way bridge.
Finally, Schwartz says that sidechains would have a system that feels like they have their blockchains. On the other hand, XRP and issued tokens can move between the Sidechain and the XRPL.
What are your thoughts on the massive XRP Ledger upgrade? Do you think it’ll be worth it? Whatever your thought might be, let us know in the comment section below. And if you like the content, then do share it with your friends.
Also read:- Kazakhstan restricts crypto mining due to power shortage.