Ripple recently unveiled plans to integrate ethereum-compatible smart contracts into the XRP Ledger (XRPL) to boost its capabilities and appeal to developers. This strategic move aims to position Ripple as a direct competitor to established platforms like ethereum, BNB Chain, Avalanche, and Solana. The implementation of smart contracts is set to bring new opportunities for users and entrepreneurs, ranging from DeFi applications to supply chain solutions.
Ripple’s Smart Contract Implementation into the XRPL Ecosystem and Developer Collaboration
According to a press release on September 3, Ripple's smart contract integration on the XRPL ecosystem signifies a significant shift in strategy. The company aims to enhance programmability on the XRPL, providing a fertile ground for developers to explore innovative applications.
The deployment of smart contracts will initially take place on the XRPL ethereum Virtual Machine (EVM) sidechain in partnership with Peersyst, offering a familiar environment for developers accustomed to ethereum's programming language, Solidity.
However, the second phase, which involves introducing smart contracts to the XRPL mainnet, is still in the research phase. Ripple has not disclosed a specific timeline for this deployment but has indicated a forward-looking approach to enhance XRPL's capabilities in the coming years.
Strategic Partnerships and Academic Initiatives
Aside from smart contract integration, Ripple is forging strategic partnerships and academic collaborations to expand its influence. One notable partnership is with Futureverse, an AI and metaverse tech company that has integrated XRPL nft standards and adopted XRP as the gas token on the Root Network.
Through this partnership, Futureverse gains KYC-verified DeFi access via Ripple Custody, showcasing Ripple's commitment to bolstering the use case of XRP in emerging technologies.
On the academic front, Ripple's University Blockchain Research Initiative (UBRI) has welcomed Yonsei University in Korea as its 58th global partner. This collaboration aims to drive academic excellence and research in fields like AI, finance, and information systems, further solidifying Ripple's presence in the academic and research community.
The partnership between Ripple and Yonsei University will also foster hackathons and support the launch of an XRPL validator at the university, highlighting Ripple's dedication to fueling innovation and collaboration in the blockchain space.
