Software engineers and members of the Ripplex development lab want to create a cross-chain bridge for the XRPL network to strengthen cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge might work and suggests ways to prevent transaction replay.
Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology
According to a recent draft posted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology will allow cross-chain transfers and provide blockchain interoperability between XRPL and different networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft says. “It happens on two chains, requires multiple transactions, and involves an additional server type called a ‘witness.’
If a cross-chain bridge is implemented for XRPL, the blockchain will join a number of networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The proposed design by XRPL developers includes a new server type, three new ledger objects and eight new transactions. The summary also describes a method for “preventing the same assets from being wrapped multiple times (preventing repeat transactions).” Mayukha Vadari, a software engineer and Ripplex developer, shared the proposal on social media.
“We have just published an official XRPL standard specification for cross chain bridges,” Vadari so. “Check it out and let me know if you have any thoughts.”
The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple Transaction Protocol (RTXP). Currently, XRP, XRPL’s native cryptocurrency, is the sixth largest digital currency by market capitalization. However, in the last seven days, it has lost 7.7% against the US dollar.
Ripple Labs is also dealing with a legal battle with the US Securities and Exchange Commission (SEC), and some suspect a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused of being an unregistered security by the SEC. The US regulator sued Ripple Labs in 2020, accusing the firm and its executives of selling an unregistered security without permission from the SEC.
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Assets, Avalanche, Binance Smart Chain, blockchain interoperability, Blockchain Networks, cross-chain bridge, development lab, Digital Currency, Ethereum, Github draft, ledger objects, legal battle, Market value, Mayukha Vadari, proposed technology, Ripple Labs, Ripplex, SEC , server type , settlement , social media , software engineers , Solana , transaction replay , transactions , unregistered security , US regulator , XRP , XRPL developers , XRPL network , XRPL standards
What are your thoughts on the potential impact of a cross-chain bridge for the XRPL network and the wider blockchain ecosystem? Share your thoughts in the comments section below.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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