Ripple introduces sidechains

Thursday 10 June 2021 13:22 CET | News

US-based payment solutions provider Ripple has released plans in an official blog entry to introduce federated side chains to enable DeFi applications that smart contracts can run on. 

According to the Ripple post, developers should be able to set up their own side chains, which should be managed by a so-called federators, which establish the connection to the ripple main ledger, allowing interoperable blockchains to be built.

Tokens could then also be exchangeable between various blockchains, meaning developers can significantly expand the Ripple ecosystem, which was previously limited to payment transactions. The design of the protocol rules for the new sidechains is also up to the development team, for example whether sidechains charge transaction fees or not.

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Keywords: product upgrade, cryptocurrency, blockchain, transactions
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies