Evmos, in collaboration with Peersyst and Ripple (XRP), is developing an EVM sidechain for the XRP Ledger (XRPL).
As of today, the proof-of-stake (PoS) network Evmos, developed with the help of the Cosmos software development kit (SDK), has joined forces with blockchain technology company Peersyst and decentralized platform Ripple (XRP).
Their shared goal is to build the EVM sidechain for XRP Ledger (XRPL). They are currently in the devnet phase and will utilize evmOS technology to create this side chain.
With the Cosmos SDK, evmOS makes it easy to be compatible with EVM and provides a lot of room for customization. The Inter-Blockchain Communication Protocol (IBC) grants access to over sixty Cosmos SDK blockchains. With all of these additional features, Web 3.0 organizations would be able to use EVMs with the help of all these additional features.
By connecting the XRPL to the interchain network, a system of linked blockchains can access its large user base, dApps, and liquidity. Users will be able to engage with any apps they need with ease thanks to this integration, which grants the XRPL community access to all Cosmos SDK blockchains.
The XRP Ledger, which has a market valuation of $27 billion, will be able to link to the interchain via the IBC, and the cooperation will provide numerous major benefits. Orbital Apes, Forge, Osmosis, and Stride are just a few of the popular Cosmos dApps that users will be able to access with the new sidechain.
The XRPL EVM sidechain will also be more interoperable thanks to evmOS Outposts. To simplify things for the end user, these outposts act as gateways, connecting different blockchain networks and easing the transfer of assets and data between them.
Ledger XRP recognizes Ledger Xahau’s state-of-the-art functionality
Over the last decade, the XRPL—a decentralized Layer 1 blockchain—has earned a stellar reputation for its dependability and durability.
It is excellent at tokenizing and trading assets that are native to cryptocurrencies, as well as those that are not. It operates on XRP, a payment-focused cryptocurrency, and aims to assist developers and companies.
The XRPL recently added the Xahau Ledger, a smart contract sidechain, and this EVM proposal follows suit. Xahau Ledger characteristics are similar to evmOS in that they aim to make it easier to build apps that people really use.