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XRPL "Layer 2" Smart Contract Platform Marks Significant Milestone: Details

Fri, 12/09/2022 - 16:30
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Tomiwabold Olajide
XRPL L2 smart contract platform celebrates upscale performance without hitch
XRPL "Layer 2" Smart Contract Platform Marks Significant Milestone: Details
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Evernode, a project bringing "Layer 2" smart contracts to XRP Ledger, is celebrating a new milestone. The Evernode project says its betanet ticked over smoothly into its third epoch. It also notes that the Evernode (beta) Hook has distributed over 10.2mm (beta) Evers without a hitch.

Evers (EVRS) is the native currency of the Evernode Layer 2 networks, which are issued on XRPL as a way to reward node operators and allow for the payment of node hosting services by dApps.

According to its roadmap, Evernode will launch in two beta phases: public beta and private beta, before its official launch, which would be dependent on the Hooks amendment. Additionally, for Evernode to come to XRPL, the Hooks amendment must pass a governance vote by the nodes and validators of the XRPL. Hooks add smart contract functionality to XRP Ledger, as they are small pieces of code that allow XRP Ledger accounts to function as "lite smart contracts."

David Schwartz, CTO of Ripple and one of the initial developers of XRP Ledger, discussed his ideas for a sidechain for the Ethereum Virtual Machine (EVM) back in September. He planned to make it possible for Ethereum smart contracts to be executed on the XRP Ledger (XRPL), lowering entry requirements for developers.

Currently, Ripple is testing a method by which programmers may quickly deploy smart contracts created for Ethereum on its XRP Ledger (XRPL) platform. 

An EVM-compatible side chain — a blockchain that functions in parallel with the main XRPL blockchain — has now been launched on the devnet, where developers can test implementations before they go live on the main network.

Early 2023 will mark the launch of the second phase when the EVM sidechain will become permissionless. The third phase is slated for the second quarter, when the EVM sidechain will be fully deployed.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.