- As per the market caps, ETH and XRP can be said to be two of the biggest cryptos in the world and now plans are underway to link the two and make them interoperable.
- Last weekend, a project to create a bridge linking Ethereum and Ripple was rolled out at ETH Denver and it will be bankrolled by Ripple’s development wing, Xpring.
In a blog post Ripple’s senior product chief, Warren Paul Anderson explained why the initiative was hatched. According to the post, it is clear that Ripple is aiming at capitalizing on the opportunities in the Decentralized Finance (DeFi) market on the Ethereum platform. Anderson explained:
“We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”
During last weekend’s meeting, developers present at ETH Denver were challenged to link the two cryptocurrencies, a task that will be carried on Interledger (ILP), Ripple’s platform used for linking blockchains. This project will go on to the development site Gitcoin up to the end of the coming week.
— Xpring (@XpringDev) February 21, 2020
The development of bridges within the permissioned blockchain is not likely to suit all within the Ethereum community as the majority prioritize decentralization. Consequently, Ripple’s lightning-like transaction speeds can be imperative in providing scalability solution which Ethereum is currently yearning for.
Anderson also explained that the effort by Ethereum to attract more than 1 million developers can be boosted through the pooling of resources as well as effort and also working together as a team where necessary. Working together will make it easier for developers to build on blockchain technology while at the same time reaching the 1 million developers mark will be beneficial to all the players in the blockchain space.
Xpring has so far invested more than $500 million worth of XRP into the blockchain and fintech industry with the aim of enhancing adoption with interoperability.