Bittime - The blockchain world is on fire! XRP Ledger (XRPL) has just achieved a breakthrough in terms of interoperability, namely the ability to connect with other blockchains. This is thanks to the launch of Coreum Bridge.
What is the XRP Ledger?
XRP Ledger (XRPL) is a decentralized public blockchain. Its function is to enable the transfer of XRP, fiat currency and other digital assets quickly, cheaply and in real-time. Additionally, XRPL is open source, meaning anyone can participate in its development.
The XRP Ledger was created in 2012 by Chris Larsen, co-founder and CEO of Ripple. Initially, XRPL was used to support the Ripple payment network. However, currently, XRPL has been adopted by other companies such as Coil and Omni to develop various innovations related to Web3.
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How Does the XRP Ledger Work?
XRP Ledger is a decentralized platform that allows peer-to-peer (between users) transfer of assets. This network uses a consensus algorithm to validate transactions, making it very fast and secure.
What are the Benefits of the XRP Ledger?
Using XRP Ledger, you can build blockchain-based applications and services quickly and easily. You no longer need to use complicated third-party solutions for coding, hashing, and compiling.
XRP Ledger enables you to develop decentralized applications (dApps), decentralized finance (DeFi) solutions, create new tokens, and drive innovation in terms of speed and ease of transactions.
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What is Coreum Bridge?
Coreum Bridge is an innovative connecting bridge. It is like a toll road that makes it easy to transfer digital assets between XRPL and various other blockchain networks.
Specifically, blockchains that are compatible with IBC (Inter-Blockchain Communication Protocol). IBC itself functions to allow different blockchains to communicate with each other and exchange assets directly.
The bridge is designed to combine the best strengths of both platforms. It leverages XRPL's fast and efficient payment system, as well as Coreum's smart contract capabilities and IBC interoperability. What's interesting is that asset transfers via this bridge are carried out in a decentralized manner and without intermediaries (non-custodial).
Coreum Bridge works by leveraging Coreum's smart contract logic and XRPL's secure multi-sig accounts. Transaction security is guaranteed by a relay network (message forwarder).
Additionally, integration with Cosmos' IBC Protocol opens a new era of cross-blockchain communications and permissionless data transmission for XRPL. With this bridge, the XRPL and Coreum communities can potentially connect with over 100 other blockchains!
Another good news, more than 150 digital assets, including XRP and SOLO belonging to Sologenic (an XRP Ledger-based company), will later be able to flow through the Cosmos ecosystem.
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Not only that, XRP Ledger is also predicted to have new features in the next few days. An Automatic Market Maker (AMM) is scheduled to be active on March 22 after successfully obtaining a majority of validator votes.
For your information, validators are the parties tasked with securing the XRP Ledger network. For a change to be accepted, a minimum of 80% of validators must agree and be consistent for two weeks. By fulfilling these conditions, AMM will officially operate on the XRP Ledger main network.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
XRP Breakout: Latest XRP (XRP) Price Analysis and Predictions
Bitcoin vs XRP, Which is Superior?
What is Wrapped XRP and How Does It Work?
Here are Tips for Choosing the Right XRP Wallet
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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