Ripple Introduces New Features At XRP Ledger To Improve Blockchain Adoption

Ripple develops a smart contract feature. (Photo; Doc. TronWeekly)

JAKARTA - In a series of Korean Blockchain Week events, Ripple, one of the blockchain startups for leading financial services, announced an important breakthrough that could potentially increase crypto technology adoption.

The company revealed that smart contracts will soon be introduced in XRP Ledger Mainnet. This new feature is expected to open up a wide range of new potentials in Layer 1, including for NFT, Automated Market Makers (AMM), and decentralized exchanges (DEXs).

This positive effort is part of Ripple's efforts to expand the capabilities of the XRP Ledger network and support a variety of more complex blockchain applications. With a smart contract, users will be able to make various transactions and contracts automatically and programmed without requiring third parties.

In addition, Ripple is also planning to launch the XRPL EVM Sidechain in the coming months, which will complement the XRP Ledger ecosystem with support for the Ethereum Virtual Machine (EVM)-based application.

This smart contract will provide new features such as NFT, Escrow, DEXs, AMM, and authorized trust-based payment lines, as well as increasing network development flexibility. With low transaction speeds and costs, XRP Ledger is expected to become a major platform for traditional and innovative financial applications.

In a separate announcement, Ripple also revealed its strategic partnership with Futureverse, an AI and Metaverse technology company. This collaboration includes the integration of Ripple Custody for secure digital asset storage.

Futureverse will use its Ott total blockchain for KYC verification that is secure in accessing decentralized financial services (DeFi). With the crypto custodian market estimated at 10 trillion US dollars (Rp. 160,000 trillion), Ripple has ambitions to gain a significant market share.

Brad Garlinghouse, CEO of Ripple, stressed that the introduction of this smart contract is an important step in Ripple's strategy to find wider and relevant use cases in the future. With this new capability and growing opportunities for Ripple products in serving crypto-native customers, Ripple hopes to strengthen its position as a leader in global blockchain technology.