Ripple to bring smart contracts on XRP Ledger

Blockchain payments company Ripple has announced plans to bring smart contracts to the XRP Ledger mainnet, improving programmability and enabling developers to create customized applications.

Ripple announced on September 2 that it is working to deliver smart contracts to the XRP Ledger mainnet, aiming to expand layer-1 functionality and attract more developers to the ecosystem. Launched in 2012, XRP Ledger was primarily used by banks and financial institutions to facilitate cross-border payments.

Smart contracts are self-executing agreements where the terms of the agreement are written into code. Upcoming smart contract functionality will build on existing standards like Hooks.

Smart contracts on XRPL are expected to increase the flexibility of the platform by allowing developers to create new decentralized applications by creatively utilizing its core components such as escrows, NFTs, trustlines, payment channels, and decentralized exchange features.

The announcement also adds that developers will be able to deploy smart contracts without requiring a formal modification process or any approval. However, an XLS standard will be implemented to ensure that smart contracts are secure, efficient, and easy to deploy.

According to Ripple CEO Brad Garlinghouse, the programmability of the XRP Ledger is “something the XRP community has been rightfully demanding.”

XRPL eyes EVM support via sidechains

Ripple also expects to deploy the XRPL EVM Sidechain early next year in partnership with blockchain infrastructure provider Peersyst. The sidechain will allow XRPL developers to use Ethereum Virtual Machine tools and programming languages.

As previously reported by crypto.news, the XRPL EVM will leverage Axelar’s ​​cross-chain bridge to enable transactions between the XRPL EVM Sidechain, XRP Ledger, and over 55 other blockchains via wrapped XRP (eXRP), which will also serve as the gas token for the sidechain.

Ripple has previously partnered with Cosmos-based evmOS, an EVM-compatible XRPL sidechain.

The latest development follows the launch of Ripple’s fiat-pegged stablecoin Ripple USD (RLUSD), which began beta testing on the XRP Ledger and Ethereum mainnet earlier this year. RLUSD is designed to hold a 1:1 value with the US dollar, backed by a reserve of cash and cash equivalents, and could further increase XRPL’s liquidity.