Developers Cross-Chain Bridge XRPL Network to Improve Blockchain Interoperability –
Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to enable cross-chain transfers between different Blockchain– support networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge might work and suggests ways to prevent transactions from being repeated.
Ripplex Dev proposes XRPL cross-chain bridging technology
According to a recent draft submitted to Github, developers want a cross-chain bridge for the XRP Create ledgers (XRPL). The technology would enable cross-chain transfers and provide blockchain interoperability between XRPL and different networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft states. “It occurs on two chains, requires multiple transactions, and includes an additional server type called ‘witness’.”
If a cross-chain bridge is implemented for XRPL, the blockchain will join numerous networks that use this technology, including Ethereum, AvalancheSolana, Binance Smart Chain, and others. The XRPL developers’ proposed design includes a new server type, three new ledger objects, and eight new transactions. The abstract 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 standard specification for cross-chain bridges,” says Vadari called. “Check it out and let me know if you have any thoughts.”
The cross-chain idea follows October’s push to create an Ethereum Virtual Machine (EVM) sidechain compatible with the XRP Ledger and Ripple Transaction Protocol (RTXP). Currently, XRP is the native cryptocurrency of XRPL, the sixth largest digital currency after market capitalization. However, over the past seven days, it has lost 7.7% against the US dollar.
Ripple Labs is also dealing with a lawsuit with the US Securities and Exchange Commission (SEC) and some others suspicious a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused by the SEC of being an unregistered security. US regulators indicted Ripple Labs in 2020, accusing the firm and executives of selling an unregistered security without SEC approval.
What are your thoughts on the potential impact of a cross-chain bridge on the XRPL network and the broader blockchain ecosystem? Do share your thoughts in the comment section below.
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Source: Crypto News Deutsch
