Ripple Proposes Huge XRP Ledger Upgrade To Support DeFi | CryptoGazette

Ripple Proposes Huge XRP Ledger Upgrade To Support DeFi | CryptoGazette

Ripple is making headlines following the latest piece of news. Check out the available reports below.

Ripple proposes a massive XRP Ledger upgrade that the firm said will unless DeFo and smart contracts across the broader XRP ecosystem. This would happen without decreasing XRPL’s efficiency.

Ripple said that they will accomplish this through the use of federated sidechains, according to David Schwartz, the company’s chief technology officer.

The sidechains would be connected to the XRPL by “federators,” – these are pieces of software run by parties who operate validators on at least one sidechain, said Schwartz in a new blog post.

The sidechains would operate as their own blockchains, but XRP and issued tokens could move between them and the XRPL.

Schwartz stated the following:

“This will enable developers to implement new features, such as native smart contracts that interoperate seamlessly with XRP and the XRP Ledger, while also allowing the XRP Ledger to maintain its existing, ‘lean and efficient’ feature set.”

He continued and said: “Federated Sidechains allow for experimentation and specialization, so developers can enjoy the power of the XRPL on a sidechain that acts as its own blockchain. For example, imagine the potential to branch out into new functionality by slimming down the XRPL’s features to a specific subset for a particular use case — or even creating a private, parallel network for a permissioned blockchain.”

We suggest that you check out the complete post in order to learn all the available details.

XRP adoption explodes

Back in April, we were addressing the adoption of XRP.

CoinShares reports that $33 million has been invested in coin, increasing the coin’s year-to-date inflows to $38.9 million. The firm now manages $83 million in XRP assets.

It’s been revealed not too long ago that XRP use cases are about to explode.

the Wanchain team announced that now “XRP token holders can put their XRP to work and engage with the world’s many DeFi applications.”

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