The developers of XRP Ledger (XRPL) have proposed a new XRPL standard for an inter-chain bridge. The work was done in collaboration with Ripple development lab RippleX. Said bridge should allow interoperability between different networks. This could lead to a significant rise in the price of XRP.
A new feature that will make XRP more useful
Mayukha Vadari, software engineer at Ripple, posted the proposal on GitHub. According to Zycrypto, it could raise the price of XRP. Vadari then linked her to a Twitter post in which he states, “ A bridge does not exchange assets between two ledgers. Instead, it locks assets on one ledger (the “lock chain”) and represents those assets with wrapped assets on another chain (the “issue chain”).
Putting an asset from the lock chain into the box will release a packaged asset on the issuing chain. Putting a Wrapped Asset from the Issuing Chain back into the box will release one of the existing Lockchain Assets onto the Lockchain. There is no other way to enter or exit assets from the box. Note that there is no way for the box to “run out” of wrapped assets – it has an infinite supply. »
What he means is that cross-chain bridges are designed to functionally allow transfers of crypto assets like XRP between two different chains.
What future for Ripple after this proposal?
Interoperability is kind of the holy grail in the crypto industry. It allows two Blockchains to communicate and exchange crypto assets. If Ripple rises to the challenge, the price of its XRP token could rise significantly. However, developers warn of the inconveniences that the implementation of the new proposal could create. First, charges on the network could explode. Then, the management of the failure of a transaction could pose great difficulties.
The announcement of this new proposal does not seem to have any influence on the price of XRP at the moment. It was down before the announcement and continues to be down. Things may change upon implementation. Interoperability could be the functionality that will make cryptocurrency a consumer good
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