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XRP Will Go Fully Cross-Chain, If This Proposal Passes

Fri, 03/03/2023 - 14:40
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Gamza Khanzadaev
If this proposal goes ahead, cross-chain bridge for XRP is highly likely to appear
XRP Will Go Fully Cross-Chain, If This Proposal Passes
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A cross-chain bridge proposal for XRP Ledger was recently put forward by developers Mayukha Vadari and Scott Determan. Under this plan, the bridge would operate by engaging two chains: a locking chain on which XRP would initially be locked and an issuing chain on which it would then be released in a wrapped version, wXRP. The reverse operation involves the return or burning of wXRP that has an infinite supply and the further unlocking of XRP that are in the locking chain. 

In addition to all this, the developer explains, a server with witnesses will be deployed. This will be an independent server, allowing users to prove that events occurred on both chains.

XRPL Unveils Proposal for Cross-Chain Bridge: Details

Building a cross-chain bridge involves creating new objectives in XRP Ledger, deploying a sidechain or an IOU-IOU bridge. However, the main thing that will be needed first is voting for XLS-38d, which is actually the proposal.

To date, XRP in its original form has only existed within XRP. However, with the development of third-party ecosystems and chains, counterparts such as Binance-Peg XRP on BEP20, XRP BEP2 on the network of the same name and wXRP on Solana have managed to emerge.

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The proposal is currently under discussion among all XRPL developers. At the moment, one of the central issues of the possible innovation is security. Bridges are arguably the most vulnerable part of blockchain ecosystems, and there have been dozens of multimillion hacks of them in recent years.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.