XRP Ledger (XRPL) developers and Ripple development lab RippleX have announced a proposal for a new standard that can enable interoperability between different blockchain networks.
The XRPL Standard aims to provide developers with specifications and guidelines to build applications on the XRP Ledger, ensuring communication and compatibility across the network.
According to the developers, the proposed standard posted on GitHub would allow tokens from one blockchain to be locked in a smart contract on the XRP Ledger, while an equivalent amount of tokens is issued on another blockchain.
This move can potentially increase the adoption and use cases of the XRP Ledger.
The proposal defines how transactions can be executed on the XRP Ledger to ensure the movement of tokens between the XRP Ledger and associated sidechains.
Sidechains are independent chains that operate alongside a parent blockchain, also known as a mainnet. The proposed standard identifies eight transaction types to ensure the secure and efficient movement of tokens.
However, the developers acknowledged some disadvantages that may exist if the proposal is fully deployed.
One such disadvantage is that handling fee escalation, failed transactions, and servers falling behind would become more complex.
Ripple’s XRP token was issued in 2013 and has a market cap of $19.8 billion, with a trade volume of over $1 billion in the past 24 hours, according to CoinDesk data.
The new standard could potentially enable developers to build applications across different blockchain networks, leading to a more interconnected and efficient ecosystem. It could also increase the adoption of the XRP Ledger, which has seen steady growth in recent years.
The proposal is still in its early stages and will likely undergo revisions before being fully deployed.
Nonetheless, it represents a step forward for cross-chain interoperability and could pave the way for more innovations in the blockchain space.
