Ripple suggests adding the XRP Ledger new federated sidechains
Ripple suggests adding the XRP Ledger new federated sidechains
- ripple suggests the introduction of sidechains to ensure that neighboring smart contracts are activated in the XRP Ledger (XRPL).
- This proposal has been influenced by the rapid development of Defi in recent years.
The crypto ecosystem is progressing quickly and leads the industry into an era of technological innovations. The industry has experienced the introduction of decentralized applications (DAPPS) and decentralized finances (Defi), which apparently attracted great demand on the market. In order to keep up with the rapidly advanced industry, the Chief Technology Officer from Ripple Labs, David Schwartz, suggested the introduction of Sidechains to ensure that Smart Contract attached is activated on the XRP Ledger (XRPL).
he also quotes The increasing demand of users after the implementation of smart contracts as part of its reason. This is in contrast to their many years of support for functions that could affect XRP Ledger's focus on highly efficient payments.
Today I presented my vision, feds to add to the XRP Ledger, which means many things, but essentially that everyone who wants to operate a side cake.
In this implementation, one or more sidechains is connected to the main network of the XRPL via a software called "Federator". The Sidechains could transfer ripples vision to a new class of crypto supporters. Any interested user can run the side chains and also implement Defi, Smart Contracts and other functions. The most important thing is that it can lead your own major and operate with its own national currency. Schwartz mentioned that Sidechains can have their own reserve system, their own fee system and their own transaction capacity.
This concept would enable every side cake to have your own ledger and its own transactions as well as a federation system that enables XRP and output token (BTC, Fiat, everything really) to switch from one chain to another. 3/6
- ｄａｖｉｄ "ｊｏｅｌｋａｔｚ" ｓｃｈｗａｒｔｚ (@Joelkatz) 7. June 2021
Federated assets imported into the XRPL are traded on the integrated decentralized stock exchange (Dex) of the XRPL. If XRPs are imported into the side chains, they would also be used for liquidity on their integrated Dex. Each side cechain will have a “Trust” account in the XRPL-MINNET to keep assets on behalf of the users of the side cakes.
sidechains does not change the XRPL functionality
given the rapid development of defi in recent years, Schwartz has been most optimistic in this regard. Defi developers have increased by 110 percent since 2019. This is expected that this will increase further this year, which forces companies to explore the ecosystem. Schwartz also mentioned that a lot of work has to be done in order to achieve complete implementation. You have to create the sidechain yourself and add further functions to the XRPL server software.
According to him, they rely on the feedback from the developer community to improve their proposal.
Since it is still in its infancy, we ask the developer community for feedback to make this proposal better and more practical. We asked the community to ask questions, give feedback and take part in the discussion.
The existing functions of the XRPL will not change with the implementation of the sidechains. This is due to the difficulties when moving XRP and other tokens between the Mainset and the Sidechains.
Source: Crypto-news-flash.com
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