Ripple to Add Ethereum-Compatible Smart Contracts to XRP Ledger
The company behind the cryptocurrency XRP, Ripple, has made the ambitious announcement of integrating Ethereum-compatible smart contracts into the XRP Ledger. Announced on September 3, this new initiative now puts a feature that was in very high demand with a view to making its blockchain work even more. The change is likely to drastically alter the XRPL ecosystem and open up an entire new world of possibilities for both users and developers alike.
Smart Contract Implementation in Ripple to the XRPL Ecosystem and Developers Collaboration
With this in mind, one can confidently say that the integration of smart contracts into the Ripple marks a strategic pivot for Ripple. It puts Ripple in a very good position to compete directly with popular blockchain ecosystems like Ethereum, BNB Chain, Avalanche, and Solana. Opening new perspectives for DeFi applications, supply chain management, and more, Ripple will be laying the bedrock for its phenomenal growth.
Functionality of the smart contract implementation will come in two phases. First, the smart contract will come to the EVM sidechain of XRPL. It was developed with blockchain firm Peersyst and will represent a familiar setting for developers familiar with Ethereum-based smart contracts in the Solidity language.
The second stage involves the deployment of smart contracts right on XRPL’s mainnet. This is still in research and development, but Ripple has indicated that a more programmable XRPL will gain greater traction after 2025-a commitment to the long-term development of the platform’s capabilities.
Partnerships with Strategic Players and Academic Initiatives
Beyond the technical enhancements, Ripple extends its reach by forging strategic partnerships and academic drives. It has forged a key partnership with Futureverse-a company known for its innovations in the space of Artificial Intelligence and the metaverse. The partnership will offer access to DeFi, KYC-verified, through Futureverse’s Ottó blockchain, powered by safekeeping from Ripple Custody.
Meanwhile, Ripple’s University Blockchain Research Initiative is also growing. Last month, the program added Korea’s Yonsei University as its 58th global partner. The new partnership will focus on research into AI, finance, and information systems, while also enhancing practical experience by organizing hackathons and setting up an XRPL validator within the university.
Its integration with Ethereum-compatible smart contracts, a list of partnerships surely expanding, testifies to the drive for innovation in addition to the expansion of the Ripple Ledger’s capabilities. As Ripple continues in its development, it remains one of the premier outlets within the blockchain space for continuing to push the boundaries of what is possible on the XRPL.
