By Franklin Smith
According to a Tweet from Peersyst Technology on Monday, Ripple (XRP) traders and investors can now open Metamask accounts.
Peersyst Technology is currently collaborating with Ripple (XRP) developers to create an Ethereum Virtual Machine (EVM) that will be a compatible sidechain for the XRP Ledger (XRPL).
Although users are yet to test the sidechain, a guide on how to do that will be released today so that they can test it. According to XRPL developers, the launch of the EVM-compatible sidechain will bring Ethereum smart contracts to the XRP Ledger (XRPL).
Also, it will allow developers to deploy large Ethereum smart contracts using the XRP Ledger (XRPL) for faster completion at low fees.
Additionally, users can gain access to a rich ecosystem of decentralized apps (DApps). The Ethereum Virtual Machine will support greater Ripple (XRP) adoption because it can process 1000 transactions per second (TPS) with low fees.
But according to multiple reports, the release will have three phases, with the mainnet launch ready early next year.
The new development has gotten a lot of support and excitement from the Ripple community. Despite the legal woes between Ripple (XRP) and the US SEC, Ripple’s technology is still attracting interest worldwide. Last week, Developers released a fiat on/off-ramp and increased the multisig list for multisig addresses.
The XRP Ledger And Ethereum Smart Contracts
Per multiple reports, the XRP Ledger sidechain will be ready to pass its second phase next year. The chain will become permissionless with improved scalability.
According to RippleX software engineer Mayukha Vadari, the first phase is now available for testing. However, the platform won’t proceed to the next stage until the testnet’s block times are close to that of the XRP Ledger for the second phase.
“The end stage is phase three: a permissionless EVM sidechain and bridge available on the Ripple Ledger Mainnet,” Vadari said. The latest sidechain also consists of a cross-chain bridge to move Ripple (XRP) and other assets within the EVM-supported sidechain and the Ripple Ledger Devnet.
The RippleX software Engineer added that the new development means developers no longer have to choose between XRPL or EVM-compatible blockchains. However, the good news didn’t affect the price of Ripple’s native token, XRP. XRP currently trades at $0.472 and is down 0.98 percent for the month.
The new announcement comes within a nearly two-year-long lawsuit against Ripple by the US SEC, which hasn’t had a massive effect on the development and adoption of the coin in the crypto market.