Smart Contracts Coming Soon to Ripple

The XRP Ledger will soon have a crucial feature, according to the former chief developer advocate of San Francisco-based payments company Ripple (XRPL).

An anonymous Twitter user asserted that the payments network XRP has no use cases. After which Matt Hamilton, a member of Ripple, responded.

Hamilton claims that XRP is regularly used for things like web monetization, non-fungible tokens (NFTs), and international payments.

On-Demand Liquidity (ODL), Ripple’s cryptocurrency-based settlement solution, has experienced tremendous growth in recent months and is now supported in an increasing number of payout markets, including those in Africa, Israel, Australia, Brazil, Argentina, Belgium, Singapore, the United Arab Emirates, and the United Kingdom.

Hamilton continues by saying that the NFT feature of the XRPL is an essential component in the creation of smart contracts. He said: 

“Well, most functionality needed (fungible tokens, NFTs, escrows, multisig, decentralized exchanges) are all built in. But yes, smart contracts are in development.” 

David Schwartz, the chief technology officer at Ripple, stated that some NFTs had already been issued on the XRPL in November. 

A regulatory white paper for UK authorities on the cryptocurrency business was also released by Ripple Labs Inc., focusing on the company’s expanding presence in London.

Ripple Interested in FTX’s Assets

After FTX filed for bankruptcy, the company also expressed an interest in purchasing some of its assets. Sam Bankman-Fried, the company’s CEO, reportedly contacted Brad Garlinghouse days before FTX sought bankruptcy protection in an effort to find investors to save the failing company.

It was announced in October of this year that after testing its Ethereum Virtual Machine (EVM) compatible sidechain, Ripple’s own blockchain, the XRP Ledger, will enable developers to create smart contracts. 

Consequently, the sidechain will benefit Ripple and XRPL since it will make it simple to use the programmes and smart contracts that have been deployed on the Ethereum network in the Ripple ecosystem.