- The payments blockchain is eying cross-chain interoperability to expand the number of projects building on its network.
- XRP Ledger’s proposal comes when the crypto community is anticipating the conclusion of the SEC lawsuit against the blockchain.
The developers of XRP Ledger are shifting focus to interoperability – a function that pundits believe is missing in the sector – to support the projects building on the network with faster token transfers via a cross-bridge proposal.
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According to a proposal posted on GitHub, the XRP cross-chain bridge would comprise a locking chain and an issuing chain, also referred to as a mainchain and a sidechain, “acting as independent ledgers with their validators and custom transactions.”
Assets would move from the locking chain, or the main chain, to the issuing chain, and vice versa – through the bridge. The cross-chain transfer operation is completed in multiple transactions, where assets are locked on the locking chain and represented as wrapped tokens on the issuing chain.
The new standard was shared with developers as a guide to creating applications on the XRP ledger – pivoting on inter-blockchain communication.
The guide has also outlined several possible transactions in the new proposal: XchainCreatedClaimID, XChainCommit transaction, and the XChainAddClaimAttestation. The team highlighted some disadvantages in the new proposal, including the possibility of hiked fees, failed transactions, and server slowdown. XRP Ledger joins other blockchains aiming for interoperability, including – Cosmos, Polkadot, Chainlink, and THORchain.
The latest in Ripple’s case against the SEC
The proposal is the latest in Ripple’s efforts to stay relevant, defying the effects of the case pitting it with the SEC. The latest update on the prolonged legal matter shows the regulator’s even more stringent stance in the legal matter. Pro-XRP lawyer John Deaton in a tweet dated February 20, faulted the commission’s utterance that the cross-border payment token is a security – even in jurisdictions like Japan – holding a contrary opinion.
Even so, XRP investors are anticipating the conclusion of the legal matter, with the price of the token year-to-date showing a prolonged consolidation between a high of $0.42 and a low of $0.32. At press time, the crypto, ranking 6th with a market capitalization of $19 million by CoinMarketCap, was changing hands for $0.388.
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