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- Ripple Labs have launched an XRPL sidechain.
- The sidechain is compatible with the Ethereum Virtual Machine (EVM).
- XRP was trading at $0.47 at the time of writing.
EVM Supported Sidechain on XRPL
People aware of the Ripple v. SEC lawsuit may think that the company is going through a rough patch. But it’s partial, as it has not affected the operations or any collaborations of the company. Recently, their Barcelona-based partners, Peersyst, took to Twitter that Ripple has launched an EVM-compatible sidechain on the ecosystem.
The XRP Ledger sidechain will serve as a cross-chain bridge to transfer XRP and other assets between XRPL sidechains and Devnets. Mayukha Vadari, software engineer at Ripple, says that now the developers don’t require choosing among XRP Ledger or any Ethereum Virtual Machine supported blockchains.
Ripple Labs partners, Peersyst, helps companies integrate blockchain technology in their businesses. The Primary objective of the organization remains tokenization of land deeds in Columbia, but the project is on hold due to elections for a new government. Formerly, they would simply add land deed titles with relevant docs to generate a public ledger that would persist on XRPL forever.
Ripple is up against the US securities watchdog, Securities and Exchange Commission (SEC), for a long time now. Any director looking to create a courtroom-drama can make a movie or even a TV series on the case. It all started with the SEC alleging that XRP is trading as unregistered security, while Brad Garlinghouse denied the claim.
Brad expressed his outrage regarding the case in a Twitter reply recently. He said that this case is not about creating any faithful allegiance, it’s all about power for Gary Gensler. He added that no one gives a damn about this lawsuit outside the United States where the company is operating, as they already have a set of regulations implemented for doing the business flawlessly.
Ripple Labs CEO thinks Gary Gensler has forgotten that the government serves the people. Minnesota representative, Tom Emmer, holds the same belief about the SEC chair. He believes that Gensler is overstepping his authority, seeking to take command over the crypto sector.
The prime goal of the crypto assets remains decentralization. They want to kick-out all the central entities from the arena. It appears like Gary Gensler is going head-to-head against this objective. Political leaders need to understand that they are nothing more than the public servants whom the citizens have shown faith in. Instead of taking control over certain aspects, they should work towards ethically generating the policies that benefit the people and the markets.
Ripple Lab’s native currency, XRP, trading at $0.47, uptrending 1% in the last 24 hours.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
