XRPL Might Go 'Inter-Chain' With This Mechanism
Richard Holland, seasoned XRP Ledger developer and lead of its "Hooks" workload, explains one concept that can simultaneously change the narrative in both scalability and cross-network interoperability for XRPL. It can also address the problem of block capacity that is a bottleneck for almost everyone scaling development in mainstream L1s.
From cross-chain to inter-chain: What is burn-to-mint in XRPL?
With Burn2Mint (B2M) protocol powered by "proof-of-payments" technology, or XPOP, the interaction between XRPL-based blockchains can be more seamless than ever before. It created a cryptographic proof to verify that the asset is destroyed on one chain before being mirrored on another one.
Sunday afternoon 🧶 thread on the XRP ledger protocol scalability
— RichardAH 🪝 (@RichardXRPL) June 11, 2023
This explanation was shared by Holland in his recent thread on XRP Ledger's scaling challenges and opportunities. This concept ensures secure and noncustodial value transfer between networks and prevents their users from cheating.
"Mutual burn2mint," therefore, is very important for cross-blockchain interactions. However, it is of paramount importance for XRPL scalability at the same time: it allows the replacement of a "single" blockchain's computational resources by the ecosystem of interconnected networks.
This, in turn, unlocks opportunities for a more advanced phase of blockchain development, i.e., for the so-called "interchain":
Consider, instead of a group of computers working together to form a blockchain, you have a group of blockchains working together via mutual B2M: An Interchain.
As covered by U.Today previously, XRPL's XPOP can also be used for initiating off-chain transaction instruments.
Interoperability discussion in XRPL community gains traction
Holland stressed that this manner of connection paves the way for "horizontal" scalability, unlike traditional scaling models with rollups, payment channels and so on. As a result, various XRPL-like blokchains can coexist within the framework of a "more decentralized version of blockchain."
In recent weeks, discussion of the cross-chain potential of XRP Ledger and its related blockchains has accelerated. On June 1, 2023, XRP enthusiasts discussed the role of XRP as an asset in this sphere.
Vladislav SopovMostly, developers and users are concerned about the necessity of multiple XRP-based synthetic assets to run on various networks at the same time.
Arman Shirinyan
Alex Dovbnya
Dan Burgin