Mon 26 December 2022 ▪ 07.00 ▪
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Like Bitcoin, Ripple is developing new technology for its Blockchain. The FinTech company has announced the imminent arrival of Smart Contracts in the cryptocurrency ledger. These smart contracts will be used to power decentralized applications and improve the quality of services within its network.
Ripple: between misinformation and innovation
Matt Hamilton, former lawyer for crypto firm Ripple, has confirmed the arrival of smart contracts on its blockchain by defending the utility of the token $XRP.
First, he wanted to clarify the discrepancy between XRP and XRPL Ledger that is currently plaguing the industry. Thus, he declared that the XRP token “was literally used daily for cross-border payments, NFTs and web monetization ». This in response to a user who claimed on Twitter that XRP “has no use ‘because of its strong centralization.
For the current lead attorney for Protocol Labs, the emergence of new smart contracts brings its share of surprises. These could indeed be used in certain decentralized applications, as evidenced by experience ethereum network and on BNB channel.
However, the former executive was keen to shed light on the reasons behind most of the misinformation being spread about XRP. During Bitcoin Talk it was actually possible to earn 5 BTC writes that XRP is a scam with strong centralization.
In a completely different analysis, CryptoGlobe announced that XRP holders benefit from Spark tokens (FLR). In fact, Flare promises 15% of its tokens to each eligible holder, who can claim 3% per month.
According to CryptoGlobe, these tokens are nothing more than protocols designed to secure the issuance, use, and redemption of XRP on Flare. To this end, their use will serve to govern the Flare network through voting mechanisms. To get a return on their holdings, holders must pledge their tokens as collateral when trading on this network. Finally, the developers will bring smart contracts to other networks that are compatible with Ethereum Virtual Machine as XRP Ledger, XLM, LTC and DOGE.
Conclusion
Ripple has announced the successful arrival of smart contracts within its Blockchain. Only, it provokes a wave of reactions, which Matt Hamilton responded to. The development of these smart contracts will provide more security during purchases and other transactions in the cryptocurrency ledger. Finally, several analysts claim that a Sidechain compatible with the Ethereum Virtual Machine could be very bullish for the XRP Ledger crypto.
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PhD student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading etc. Naturally, thanks to his articles, he participates in the daily blockchain revolution for a better democratization of DeFi.