Wallet addresses ( Devnet)
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XRPL’s incorporation of EVM is a major step forward to bring in a fresh cohort of developers
Markus Infanger
SVP of RippleX
Expanding XRPL to EVM
The XRP Ledger (XRPL) is recognized as a top blockchain for its decade-long secure operations and market presence. It excels in transaction speed and cost-efficiency, making it a favored choice for payment solutions.
Now, with the integration of the EVM Sidechain, we bridge the high-speed, low-cost, and liquidity-rich environment of the XRPL with Ethereum’s smart contract capabilities. This synthesis enhances XRPL’s robust framework by introducing EVM compatibility, expanding its utility and appeal. Through this integration, the sidechain not only amplifies XRPL’s inherent features but also invites a broader range of applications and development opportunities, aligning XRPL with the forefront of blockchain innovation.
What is EVM compatibility?
EVM (Ethereum Virtual Machine) compatibility refers to a blockchain network’s ability to understand and execute smart contracts and dApps (decentralized applications) developed for Ethereum. It’s about bringing the flexibility and versatility of Ethereum’s smart contract environment to other blockchains. This compatibility enables developers to deploy Ethereum-compatible smart contracts on these networks, broadening the scope for application development. The EVM’s capability to compile various programming languages, like Solidity, Python, Java, and C++, into a uniform bytecode readable by Ethereum nodes is a testament to its Turing-complete nature, meaning it can solve any computational problem.
In the context of XRPL, EVM compatibility means integrating Ethereum’s rich development ecosystem with XRPL’s distinct features, like its high transaction speed and efficiency. This integration aims to expand the capabilities and reach of XRPL, rather than solely extolling Ethereum’s strengths.
In harmony with XRPL
The EVM Sidechain is meticulously crafted to align with XRPL’s architecture, enabling seamless integration and extension with EVM’s advanced functionalities while preserving the core success factors of XRPL
XRP as native token
XRP serves as the native currency within the EVM Sidechain, facilitating transactions, network fees, and smart contract executions, with a decentralized bridge ensuring a balanced 1:1 XRP circulation.
Same Consensus, Top Performance
Adopting a Proof of Authority (PoA) consensus ensures alignment with XRPL’s philosophy, maintaining the original network’s efficiency with a 3.5-second block time and 1,000 TPS capacity.
Built on Cosmos SDK
Beyond EVM interoperability, the sidechain’s development on the Cosmos SDK enhances its ability to interact within the Cosmos ecosystem, ensuring broad connectivity and compatibility with IBC
Benefits
Portability
Portability streamlines migrating dApps from other EVM-compatible blockchains to XRPL EVM, allowing developers to utilize XRPL’s efficiency and liquidity with minimal code adjustments, broadening their dApp’s accessibility and performance.
Interoperability
Facilitates swift connection and interoperability with a wide array of EVM-compatible software, including wallets, explorers, bridges, and dApps, enhancing ecosystem connectivity and user experience.
Lower Costs
Leverage the most extensive, standardized set of development tools and libraries available in the Ethereum ecosystem to learn, develop, and deploy Smart Contracts and dApps more efficiently, significantly reducing development costs and time to market.
Broader user base & developers
dApps built on EVM-compatible chains not only gain access to a broader user base of over 100 million unique wallets but also connect with the largest developer community in the blockchain space. This vast network of developers fosters innovation, ensures rapid development, and simplifies the path to mass adoption
EVM on XRPL: A World of Opportunities for Developers and Users
For dApps on other EVM compatible blockchains:
- Opportunity to launch on XRPL, the 4th biggest blockchain by market cap.
- Access to XRP’s liquidity as a native token, enhancing potential reach and transaction efficiency.
For XRPL developers:
- A chance to replicate successful dApps from other EVM platforms on XRPL.
- The ability to tap into a vast user base across EVM compatible blockchains, potentially reaching over 100 million users and tapping into a combined market cap of around $400 billion.
For XRPL users:
- A broader range of dApps to engage with, providing more choices and diverse applications.
- Enhanced interoperability with over 700+ EVM-compatible blockchains, facilitating seamless interaction across different platforms.
