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Thursday, June 20, 2024

Ripple (XRP) brings sidechains into play

Ripple’s ecosystem is growing. Sidechains are now also planned.

Smart contracts are not the only thing that can do with Ethereum. Because as from a blog post by Ripple chief developer David Schwartz, Ripple is planning the introduction of federated sidechains. DeFi applications and smart contracts should then also be able to run on these . According to Schwartz, developers should be able to set up their own sidechains with relatively little effort, which should be managed by a so-called federator. With the help of the federator, which establishes the connection to the ripple main ledger, interoperable blockchains can also be built.

Ripple sidechains are becoming interoperable

According to Schwartz, tokens could then also be exchangeable between the various blockchains. The advantage of the solution proposed by Schwartz is, on the one hand, that the new sidechains are easy to use. On the other hand, developers can significantly expand the Ripple ecosystem, which was previously limited to payment transactions. The design of the protocol rules for the new sidechains is also entirely up to the creativity of the development teams. For example, sidechains that do not charge transaction fees are conceivable.

The possibilities are limitless: A sidechain can be strictly permissioned or permissionless, centralized or decentralized,

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