Software engineers and members of the development lab Ripplex, to enhance cross-chain transfers between different blockchain networks, for the XRPL network We want to create a cross-chain bridge. According to a recent Github draft, this proposal outlines how a cross-chain bridge would work and suggests ways to prevent replay of transactions.
Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology
According to a recent draft submitted to Github
Developers want to create a cross-chain bridge for XRP Ledger (XRPL), and would like to create a cross-chain bridge for XRP
. This technology would enable cross-chain transfers and provide blockchain interoperability between XRPL and various networks.” In this proposal, the cross-chain transfer is not a single transaction.” The GitHub draft elaborates.” It occurs on two chains, requires multiple transactions, and involves an additional server type called a “witness.””
Once the cross-chain bridge is implemented in XRPL, the blockchain will join a number of networks that utilize the technology, including Ethereum, Avalanche, Solana, and Binance Smartchain The proposed design by the XRPL developers includes new server type, three new ledger objects, and eight new transactions. The outline also includes a method for “preventing the same asset from being wrapped multiple times (preventing transaction replay).” Mayukha Vadari, a software engineer and Riplex developer, shared the proposal on social media.
“We just published the official XRPL standard specification for cross-chain bridges.” Vadari said. “Check it out and let me know if you have any thoughts.”
The cross-chain idea follows a push in October to create an Ethereum Virtual Machine (EVM) sidechain compatiblewith XRP, which would be compatible with Rippleand Ripple
. Ledger and Ripple Transaction Protocol (RTXP). Currently,XRP
, the native cryptocurrency of XRPL, is the sixth largest digital currency by market capitalization. However, over the past seven days, it has fallen 7.7% against the U.S. dollar.
Ripple Labs is also engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC), and somedoubt a possible settlement between the two parties XRPis a token issued in 2012, but has been accused by the SEC of being an unregistered security. U.S. regulators indicted RippleLab in 2020, accusing the company and its executives of selling unregistered securities without SEC permission.
Image credits: Shutterstock, Pixabay, Wiki Commons
