Ripple is set to add smart contracts to the XRP Ledger (XRPL) developer ecosystem. The move is supposed to attract developers and expand XRPL's capabilities. So it's a big change, many developers were eagerly waiting for.
Smart contracts are coming to XRPL's Ethereum Virtual Machine (EVM) sidechain "in the coming months". Ripple says this will open up new use cases for users, builders, and entrepreneurs. It's a smart play to lure more developers to the platform.
The company also plans to bring smart contracts to the XRPL mainnet. But that's still in the research phase. No specific timeline has been given for this deployment.
Smart contracts are self-executing agreements stored on the blockchain. They automatically progress when certain conditions are met. These contracts handle transactions without middlemen.
The applications of smart contracts are wide-ranging. They're used in decentralized finance (DeFi) and supply chains. Popular blockchain platforms like Ethereum and Solana already use them for decentralized applications (DApps).
Ripple is keen to work with DeFi developers. They want community input on design specifics. The company is inviting programmers familiar with EVM languages to explore possibilities on its sidechain.
The sidechain was built for developers using Ethereum-based smart contracts. It provides a familiar environment for deploying DApps. Developers can use Solidity, a programming language for Ethereum smart contracts.
Ripple developed the sidechain with blockchain firm Peersyst. The company believes this will make the blockchain more appealing to developers. It's a no-brainer, really.
"This sidechain will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community," Ripple stated. It allows developers to use familiar tools and programming languages. This move could broaden XRPL's appeal to developers globally.
Ripple plans to keep pushing forward. The company aims to add smart contracts to the mainnet by 2025. It's all part of their grand plan to increase XRPL's programmability. Let's see if it pays off.