Software engineers and members of the Ripplex development lab want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how cross-chain bridging might work and suggests ways to avoid repetitive transactions.
Ripplex Dev Proposes XRPL Cross-Chain Bridging Technology
According to a recent draft posted to Github, the developers want to create a cross-chain bridge for the XRP General Ledger (XRPL). The technology would enable cross-chain transfers and provide blockchain interoperability between XRPL and various networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft details. “It occurs in two chains, requires multiple transactions, and involves an additional type of server called a ‘witness’.”
If a cross-chain bridge for XRPL is implemented, the blockchain will join numerous networks leveraging this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The XRPL developers’ proposed design includes a new server type, three new ledger objects, and eight new transactions. The brief also describes a method to “prevent the same assets from being packaged multiple times (avoid repeat transactions).” Mayukha Vadari, a software engineer and developer at Ripplex, shared the proposal on social media.
“We have just published an official XRPL standards specification for cross-chain bridging,” Vadari saying. “Watch it and let me know if you have any ideas.”
The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple Transaction Protocol (RTXP). At the moment, XRP, the native cryptocurrency of XRPL, is the sixth largest digital currency by market capitalization. However, in the last seven days it has lost 7.7% against the US dollar.
Ripple Labs is also dealing with a legal battle with the US Securities and Exchange Commission (SEC), and some suspect an arrangement between the two parties is possible. XRP, a token issued in 2012, has been accused of being an unregistered security by the SEC. The US regulator indicted Ripple Labs in 2020, accusing the firm and executives of selling an unregistered security without SEC permission.
What do you think about the potential impact of a cross-chain bridge for the XRPL network and the broader blockchain ecosystem? Share your thoughts in the comments section below.
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