Ripple is compatible with EVM side chain XRP Ledger proposes cross-chain bridge to improve network and Token utilization

It is reported that Ripple is compatible with EVM side chain XRP Ledger (XRPL) and Ripple development laboratory RippleX developers have proposed a new XRPL standard for cross-chain bridge, which will achieve interoperability between different networks. It is reported that the XRPL standard provides specifications and guidelines for developers to build applications on the XRP Ledger, ensuring compatibility and communication between networks. The proposed standard will allow tokens from one blockchain to be locked in the smart contract on the XRP ledger, while issuing equivalent tokens on another blockchain.

Interpretation of this information:

The announcement regarding Ripple being compatible with EVM side chain XRP Ledger (XRPL) is very significant as it will lead to interoperability between various networks. According to reports, Ripple developers from RippleX lab have proposed a new XRPL standard for cross-chain bridge. The standard will enable developers to create applications on the XRP Ledger, ensuring seamless communication and compatibility within networks.

The XRPL standard is a set of guidelines and specifications that allow for the efficient communication of data between different networks. The proposal uses smart contracts on the XRP ledger to connect disparate blockchains. It enables the locking of tokens from one blockchain while issuing out equivalent tokens on another blockchain. This feature allows for the seamless communication of data between different blockchains without compromising value security.

The development of a cross-chain bridge holds great promise for the blockchain industry as it allows for seamless interoperability between various blockchain solutions. It provides a collaborative ecosystem for developers and service providers allowing for easy asset transfers amongst different blockchain networks. The XRPL standard is an important step towards a decentralized future, encouraging efficient communication and collaboration within the industry.

In conclusion, Ripple’s compatibility with EVM side chain XRP Ledger (XRPL) and the development of XRPL standard for cross-chain bridge marks an important milestone for the blockchain industry. This compatibility opens the door for seamless communication, collaboration and offers a new level of security to asset transactions. The standard serves as a vital component, allowing for efficient data transmission across different networks. Reaching out to networks outside Ripple’s infrastructure offers significant value to the ecosystem while bringing a much-needed extended collaboration in the blockchain industry.