The subsidiary of Ripple, Xpring, said that they seek to create a computational layer with smart contracts. Those developers interested in participating have an opportunity to contribute their ideas to the project.
In recent days, the development and investment platform Xpring, a subsidiary of Ripple, launched a project aimed at interconnecting its network with that of Ethereum, which seeks to create a computational layer with smart contracts. Warren Paul Anderson, senior product manager at Ripple, said that efforts are being made jointly with the Ethereum community so that developers will work on this proposal.
Anderson agrees with the community in that the bridge from Ripple (XRP) tokens to Ether (ETH) and ERC-20 tokens is important since XRP is one of the most liquid cryptocurrencies in the world. However, he explains that it does not have a computational layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market in the Ethereum network.
The executive from Ripple also believes that developers should be allowed to choose the best way to solve their problems. On the other hand, he considers that such interoperability could make a difference in the industry of cryptocurrencies and the decentralized registration networks. It is important to mention that the company plans to promote these types of alternatives to achieve mass adoption for both cryptocurrencies and blockchains.
Ethereum and Ripple developers and enthusiasts from the United States recently held a meeting where some challenges (hackathon) were performed for the interoperability of both networks through the Interledger protocol (ILP). It was reported that the topics of the challenges were Blockchain Trade, Liquidity Widget and New Liquidity Pool Designs, which provides a wide range of options.
Even though the official announcement of Xpring’s plan to interconnect the Ripple and Ethereum networks was not made during that meeting, it was formalized with Anderson’s publication. The challenges of the hackathon can be consulted and the developers interested in participating in the project have an opportunity to contribute their deas to the project.
The announcement made by Xpring attracts attention since XRP and ETH are two of the cryptocurrencies with the highest market capitalization, only preceded by Bitcoin (BTC). At the time of writing this article, both of them together add more than USD 41,000 million. The first network is aimed at offering services to financial institutions, while the second network is a platform for the development of smart contracts.
As Ripple’s financial arm, Xpring has made several investments that seek to promote the use of crypto assets. It was announced in March 2019 that USD 100 million would be invested to promote the development of blockchain-based video games. This and other applications of distributed ledger technology (DLT) will provide an increasing number of developers with the opportunity to use their knowledge and their creativity.
To sum up, it should be noted that Xpring seeks to combine efforts, pool resources and work together with developers to help them build tools on DLT. This attempt to make blockchains interoperable could help this technology improve the adoption and relations between the networks.
By Alexander Salazar