If this proposal goes ahead, cross-chain bridge for XRP is highly likely to appear
Developers Mayukha Vadari and Scott Determan recently proposed a cross-chain bridge for the XRP Ledger. According to this strategy, the bridge would connect two chains: an issuing chain and a locking chain.
On the issuing chain, XRP would be released after being wrapped into wXRP. The reverse procedure entails returning or burning limitless amounts of wXRP and unlocking XRP locked in the locking chain.
The developer adds that a server with witnesses will also be deployed in addition to all of this. Thanks to this server’s independence, users can demonstrate that events occurred on both chains.
A sidechain, an IOU-IOU bridge, or new objectives in the XRP Ledger must be deployed to build a cross-chain bridge. Voting in favor of XLS-38d, the proposal, will be essential first, though.
Only within XRP has XRP existed in its original form. However, competitors like Binance-Peg XRP on BEP20, XRP BEP2 on the network of the same name, and wXRP on Solana have emerged thanks to the growth of third-party ecosystems and chains.
Every XRPL developer is now debating the suggestion. Security is currently one of the main concerns with potential innovation. There have been scores of multimillion-dollar breaches of bridges in recent years, making them possibly the most exposed component of blockchain ecosystems.
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