Peersyst Technology Nears Launch of Anticipated EVM Sidechain for XRP Ledger
Peersyst Technology is a blockchain technology firm known for developing solutions that leverage blockchain technology. They specialize in creating decentralized applications (dApps), smart contracts, and other blockchain-based services. Their focus often lies in enhancing the efficiency, transparency, and security of various processes and systems through blockchain integration.
Peersyst Technology has initiated 2024 with significant progress toward launching the much-awaited Ethereum Virtual Machine (EVM) Sidechain for the XRP Ledger. This development, in collaboration with RippleX Development team, marks a pivotal step in blockchain interoperability and functionality.
For those unfamiliar with the concept of sidechains, they are essentially separate blockchain networks that are connected to a parent blockchain (like the XRP Ledger) but operate independently. They allow for expanded functionalities, such as running complex smart contracts, without congesting the main network.
The EVM Sidechain, in particular, is designed to be compatible with Ethereum’s ecosystem, enabling a seamless integration of Ethereum-based applications and assets with the XRP Ledger.
XChainBridge Public Amendment and Validator Voting
A crucial step in this journey is the publication of the XChainBridge public amendment by the RippleX Development team, which is now open for validator voting. This amendment is a fundamental requirement for the EVM Sidechain’s launch and has currently secured 7 out of the required 28 votes from validators.
Advancements in the EVM Sidechain
The EVM Sidechain has undergone extensive advancements, including multiple audits. The first audit was conducted by Bishop Fox, followed by a second one with a renowned supplier, details of which will be disclosed soon. The sidechain has also been updated with the latest changes in blockchain technology, including an update to the Cosmos SDK, supported by EvmosOrg. Validators will soon vote on an upgrade that will incorporate Cosmos v.0.47 and Ethereum’s EIP3855. The current development network validators and amendments are visible on the governance explorer.
Enhancements to XChain Bridge
The XChain Bridge is set to receive a significant update. The new version will enable automatic and dynamic bridging of any existing token on the EVM Sidechain to the XRP Ledger. This enhancement positions the EVM Sidechain as a gateway, facilitating transactions and the use of XRP Ledger Mainnet functionalities for these assets.
Additionally, a new user interface has been developed to improve usability and enable dynamic bridging between sidechains, wallets, and tokens. For developers, a bridge software development kit (SDK) has been implemented to ease the development of applications utilizing the bridge to leverage both networks.
Introduction of a New Explorer
Peersyst Technology is also preparing to launch the latest version of the Blockscout Explorer, which promises an enhanced user experience and interface. This new explorer will feature advanced functionalities for verifying and executing smart contracts and a dynamic view of decentralized applications (dApps). Developers creating applications for the EVM Sidechain will soon have the opportunity to submit their projects, making them visible to the entire XRP Ledger community.
