Developers of the $XRP Ledger have come up with a plan that could “significantly expand” the ways it can be used
XRP Ledger (the native network of the $XRP token) developers have just announced a new cross-chain bridge proposal, which Ripple’s VP of the strategy of operations has indicated has the potential to “substantially extend” the use cases for the $XRP token.
Mayukha Vadari, a software developer with Ripple, published the suggestion on GitHub and promoted it on Twitter. Several methods for constructing a blockchain-based bridge are outlined.
Because the blockchain ecosystem has expanded and evolved, cross-chain bridges have become more crucial. Decentralized apps (dApps) and investors and traders both now have more options thanks to inter-blockchain transfers of assets and data.
Cross-chain bridges’ main advantage is that they let programmers make use of each blockchain’s unique qualities. Although some blockchains may be more private than others, others may be quicker and more scalable.
By building a bridge between various blockchains, programmers may combine their strengths to create more robust and versatile apps, while also making it easier for consumers to transfer assets across chains without any friction.
While convenient, cross-chain bridges are not without their dangers. Transferring assets across blockchains may be a complicated operation, and bugs or security flaws in the bridge code are always a possibility.
Cross-chain transfers verified by independent witnesses introduce extra centralization issues. A “high security concern” has surfaced due to weaknesses in cross-chain bridge protocols, as reported by Chainalysis last year.
David Schwartz, CTO of Ripple, was quoted by CryptoGlobe as saying late last year that “native NFTs” is supported by the XRP Ledger because of the XLS-20 standard. With the XLS-20 standard in place, “generation of NFTs on the XRPL is highly compact and efficient,” which benefits scalability and performance on the XRP Ledger.
After being activated on the mainnet, the standard “presents a significant milestone for developers and builders employing the XRPL for their NFT projects and applications,” as stated by Ripple’s CTO.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.