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XRP Ledger Proposes Cross-Chain Bridge to Increase Network and Token Utility
The proposal defines how funds are locked on one chain and wrapped on another chain to ensure the movement of tokens between XRP Ledger and associated sidechains.
Updated Feb 24, 2023, 7:22 a.m. Published Feb 23, 2023, 11:53 a.m.
Developers at XRP Ledger (XRPL) and Ripple development lab RippleX have proposed a new XRPL standard for a cross-chain bridge that would enable interoperability between different networks.
The XRPL Standard provides specifications and guidelines for developers to build applications on the XRP Ledger, ensuring compatibility and communication across the network.
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As posted on GitHub, the proposed standard would allow tokens from one blockchain to be locked in an account on the XRP Ledger, while an equivalent amount of tokens is issued on another blockchain – increasing the use cases and adoption of the XRP Ledger.
The proposal defines how transactions can be made on the XRP Ledger to ensure the movement of tokens between XRP Ledger and associated sidechains. Sidechains are independent chains that work adjacent to a parent blockchain, also called a mainnet.
Eight transaction types have been determined in the proposed standards to ensure the movement of tokens in a secure and efficient manner.
However, the developers pointed out the disadvantages of the previous design: “Handling fee escalation, failed transactions, and servers falling behind was much more complex,” one such disadvantage was pointed out.
XRPL's XRP token was issued in 2013 and has a market cap of $19.8 billion, trade volume over the past 24-hours has been more than $1 billion, according to CoinDesk data.
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