News02 October 2021

RippleX Set To Compete With Ethereum After Previewing Federated Sidechains

RippleX Set To Compete With Ethereum After Previewing Federated Sidechains

Summary

  • RippleX shares an engineering preview of their federated sidechains
  • Sidechains will offer support to developers and include smart contracts capabilities
  • Sidechains to act as blockchains for high-level performances

RippleX, a development arm for Ripple, has been known for its focus on developing XRPL federated sidechains. At the beginning of October, the team shared an engineering preview of the project. The sidechains will offer support to developers and include smart contracts capabilities in its ledger. It will also support interoperability, DeFi, and NFTs.

“Today, an engineering preview of Federated Sidechains that can be used with the XRPL is available for developers to experiment with. Developers are welcome to view and comment on the technical design, as well as leverage this technology to start exploring its potential.” – the RippleX team in a statement.

The system will allow sidechains to act as blockchains for high-level performances. The federation enables value through the sidechain to the mainnet in XRP and other digital assets. The operations of the sidechain will not affect the efficiency, speed, or throughput of the public XRPL mainnet.

During the virtual Apex Dev Summit, CTO David Schwarts revealed that they would offer several applications on the sidechains, with EVM (Ethereum Virtual Machine) as one of the first applications.

“I’m sure many of you have heard the narrative that Ethereum fees mean that it’s very useful, it’s very popular… But it’s important to keep in mind that fees are residual friction that has not been removed by the system.” – Schwartz.

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