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šŸ’„XRP Launches First Step To Bring Ethereum Smart Contracts to XRPLšŸ’„
October 17, 2022
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Ethereum currently secures the position of the most versatile and utilized blockchain in cryptocurrency. The EVM, which serves as a program responsible for executing smart contracts and computation of network states on Ethereum, has been utilized by several blockchain developers to launch dApps fully compatible with the Ethereum network.

The XRP Ledger (XRPL), on the other hand, appears to have been behind the curve in blockchain interoperability with the EVM, despite seeing massive growth in recent years.

This is about to change with the launch of the testing phase of XRPL’s EVM-compatible sidechain, as announced by the official Twitter account of XRPL Developers, RippleXDev. Ripple developed the sidechain in partnership with blockchain development firm Peersyst.

ā€œIntroducing the first phase of bringing an Ethereum Virtual Machine (EVM) sidechain to the XRPLedger,ā€Ā the handle mentioned in a tweet Monday.

The EVM-compatible XRPL sidechain will enable developers to seamlessly launch Ethereum smart contracts on the XRP Ledger without hassle. The initiative will introduce XRPL to a broader audience due to Ethereum’s massive reach in the crypto scene.

EVM developers were called upon to begin deployment tests on the recently-introduced sidechain as the bridge’s first stage goes live on the XRPL Devnet. ETH developers are to experiment with the chain and provide feedback and suggestions on theĀ XRP Developers Discord channel.

Mayukha Vadari, Software Engineer at Ripple,Ā speakingĀ on behalf of RippleX developers, noted that the initiative would help developers leverage XRPL’s several benefits, including but not limited to high throughput and low transaction costs.

XRPL promises a plethora of benefits for blockchain developers, but its incompatibility with the versatile EVM has resulted in developers having to choose between XRPL’s attractive features and the EVM’s versatility. This sidechain will ensure developers can have both at once.

The sidechain launch will come in three phases, according to Vadari. The launch of the testing stage marks the first phase of the process, with the second phase expected to come in early 2023. The second phase will welcome participation from the general public as the sidechain goes permissionless.

The third phase, which will feature the final launch of the EVM sidechain, is slated for Q2 2023.Ā ā€œThroughout all three phases, the EVM sidechain will feature block and finality times comparable to the XRPL Mainnet and support Ethereum smart contracts and applications like Metamask, Remix, and Truffle,ā€Ā Vadari added.

He mentioned that RippleX Developers settled for the launch of an EVM sidechain instead of making XRPL itself EVM-compatible because the latter would undermine XRPL’s scalability, security, and efficiency. The sidechain is expected to run in parallel with XRPL.

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Join this Now! YOU have what it takes!

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šŸ’³ PayPal:Ā 
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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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šŸ’³ PayPal:Ā 
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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

šŸ”— Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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