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Ripple Proposes New Tools For Smart Contracts

Ripple Proposes New XRP Ledger Tools For Smart Contracts
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Ripple Federated Sidechains is proposing the XRP Ledger as a way to balance the needs of user demands for smart contract features with the blockchain company’s desire to keep the XRP Ledger vulnerable, according to an assignment from Ripple.

David Schwartz, CTO at Ripple, said in the post that smart contract functionality is one of the most “wanted” features the company has received from programmers and XRP Ledger contributors. However, Schwartz said the company “has long defended against features that would jeopardize XRP Ledger’s highly efficient focus on payments.”

The unified side chain strategy “offers the best of both worlds,” Schwartz said. Programmers can use it to put new functionality in place, such as native smart contracts that interact seamlessly with XRP and the XRP ledger. At the same time, the strategy will allow XRP Ledger to maintain its current “weak and active” set of positions.

More specifically, Schwartz said the vision is that each sidechain will operate as its own blockchain. To this end, all sidechains will have distinct ledgers and transactions, as is the case with the XRP Ledger. However, the defining feature of the side chain is that the union system allows XRP and issued tokens to move between chains.

“We invite developers and community contributors to head over to our ‘Dev To community’ page to review and provide feedback. Let’s build a roadmap for innovative and new use cases together,” Schwartz said in the announcement.

As mentioned earlier, blockchain technology can be used to implement what is referred to as smart contracts, which are basically “if/then” data that is kept on the blockchain and that is triggered when certain conditions are met by the two parties involved in the transaction. For example, Mediachain, which was acquired by Spotify in 2017, uses this feature to help artists associate themselves with their music for proprietary purposes.

In addition, real estate company Propy is harnessing smart contracts in an effort to automate the home buying process, and BurstIQ is using technology to allow medical information to be transferred between patients and healthcare professionals.

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