Crypto company Ripple has partnered with evmOS to create an Ethereum Virtual Machine (EVM) compatible sidechain for the XRP Ledger (XRPL).
According to a post on Cosmos’ blog, Ripple and evmOS are collaborating to develop this EVM sidechain using evmOS technology. This sidechain will be built with evmOS, a modular solution that utilizes Cosmos and CometBFT to provide EVM compatibility for web3 companies.
The announcement highlights that integrating the XRP Ledger with cross-chain technology will connect a large community of users, decentralized applications (dapps), and liquidity to over 90 interconnected networks.
“The XRPL community now gains a passport to all Cosmos SDK chains, allowing its users to seamlessly interact with any applications they need,” stated the Cosmos team.
For example, using Osmosis, XRPL users can exchange assets with Osmosis in a single transaction without needing to switch wallets or connect to different chains, even though Osmosis is not EVM-compatible.
Previously, Ripple joined Swirlds Labs and the Algorand Foundation as a founding member of the DeRec Alliance. This initiative aims to simplify the adoption and recovery of digital assets. Initially launched by ecosystem members Hedera and Algorand, Ripple and its division XRPL Labs have since joined as members of the Technical Oversight Committee with decision-making powers for two years.
Summary Review: Ripple’s partnership with evmOS to develop an EVM-compatible sidechain for the XRP Ledger is a significant step towards enhancing interoperability and expanding the XRPL ecosystem. By leveraging evmOS technology and integrating with Cosmos’ network, Ripple aims to provide seamless interaction for its users across multiple blockchain networks. This initiative, along with Ripple’s involvement in the DeRec Alliance, underscores its commitment to advancing blockchain technology and facilitating broader adoption of digital assets.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
