Ripple Sets to Unveil Groundbreaking Layer-1 Features to XRP Ledger Mainnet
During the Korean Blockchain Week, Ripple, a blockchain startup, made significant announcements regarding the enhancement of the crypto infrastructure to drive the institutional adoption of blockchain. The company revealed its plan to introduce smart contracts to the XRP Ledger mainnet, unlocking new features on Layer 1 for NFTs, AMMs, and decentralized exchanges (DEXs).
Ripple to Introduce Smart Contract to XRP Ledger
Ripple aims to improve network programmability by introducing native smart contracts to the XRP Ledger Mainnet and is also planning to launch the XRPL EVM Sidechain in the near future. These developments are expected to create a versatile and robust ecosystem capable of supporting a wide range of applications. Additionally, XRPL will be the home of Ripple’s RLUSD stablecoin.
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The introduction of smart contracts will enable new Layer-1 features such as NFTs, Escrows, DEXs, AMMs, and authorized trustlines payment channels. With its high speed and low cost, the XRP Ledger has the potential to host everything from traditional finance to innovative applications. Ripple is also expanding its bank partnerships in light of the growing XRP Ledger.
Current smart contract standards, including XRPL Labs’ Hooks, provide a crucial foundation for further improving Mainnet capabilities. Ripple emphasized that the upcoming smart contract functionality will offer additional flexibility for developers through permissionless development, complementing the functionality of amendments.
Ripple Announces AI and Metaverse Tech Partnership
Ripple also announced its partnership with AI and Metaverse technology firm Futureverse. This partnership aims to integrate Ripple Custody to securely store digital assets using Futureverse’s proprietary Ottó blockchain. Futureverse will leverage Ripple Custody to ensure secure and compliant Know Your Customer (KYC) verification for accessing decentralized finance (DeFi). The integration of Ripple Custody is driven by its industry-leading security features, which are crucial for safeguarding customers’ digital assets.
Jeffrey McDonald, Founder of Ottó Blockchain, emphasized the importance of Ripple Custody, citing its industry-leading security features and capabilities. Ripple CEO Brad Garlinghouse expressed his appreciation for the development, stating that blockchain will continue to find more robust use cases in the future. As of press time, the native cryptocurrency XRP is trading 3% up at $0.56, amidst the broader crypto market recovery.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
