Ripple to Introduce Smart Contracts on XRP Ledger

September 03, 2024 11:41 PM AEST | By Team Kalkine Media

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Ripple to Introduce Smart Contracts on XRP Ledger — Image source: Shutterstock

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Ripple has announced plans to introduce smart contracts to the (XRP) Ledger (XRPL) ecosystem, marking a significant expansion of its developer capabilities. This initiative aims to broaden the range of use cases for the XRPL platform and attract developers, users, and entrepreneurs.

The integration of smart contracts is scheduled to roll out in the coming months, starting with the XRPL Ethereum Virtual Machine (EVM) sidechain. The smart contracts will also be made available on the XRPL mainnet, although this aspect remains under research, and no specific timeline has been provided for its deployment.

Smart contracts are self-executing agreements stored on the blockchain, which automatically enforce and execute the terms of a contract when predefined conditions are met. These contracts facilitate transactions and agreements without the need for intermediaries, with applications spanning decentralized finance (DeFi) to supply chain management. They are widely used to develop decentralized applications (DApps) on established blockchain platforms such as Ethereum, BNB Chain, Avalanche, and Solana.

Ripple is actively seeking collaboration with DeFi developers and is encouraging community input on the design of the smart contract features. The company has invited programmers familiar with EVM languages to explore development opportunities on its new sidechain. This sidechain is designed to support Ethereum-based smart contracts, providing a familiar environment for developers using Solidity, the programming language prevalent in Ethereum.

The introduction of smart contracts via the sidechain, developed in partnership with blockchain firm Peersyst, is expected to enhance the XRPL's appeal to developers by expanding its functionality. Ripple anticipates that the integration of smart contracts will significantly accelerate the blockchain’s programmability, with further developments planned for 2025, including the potential addition of smart contracts to the XRPL mainnet.

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