Peersyst Technology is a blockchain technology company known for developing solutions using blockchain technology. They specialize in creating decentralized applications (dApps), smart contracts and other blockchain-based services. Their focus is often on improving the efficiency, transparency and security of various processes and systems through blockchain integration.
Peersyst Technology has entered 2024 with significant progress towards the launch of the highly anticipated Ethereum Virtual Machine (EVM) Sidechain for the XRP Ledger. This development, in collaboration with the RippleX development team, marks a crucial step in blockchain interoperability and functionality.
For those unfamiliar with the concept of sidechains, they are essentially separate blockchain networks that are connected to a parent blockchain (like the XRP Ledger) but operate independently. They enable extensive functionalities, such as executing complex smart contracts, without overloading the main network.
In particular, the EVM Sidechain is designed to be compatible with the Ethereum ecosystem, allowing for seamless integration of Ethereum-based applications and assets with the XRP Ledger.
XChainBridge public amendments and validator votes
A crucial step in this journey is the publication of the XChainBridge public amendment by the RippleX development team, which is now open for voting by validators. This amendment is a fundamental requirement for the launch of the EVM Sidechain and has currently secured 7 of the required 28 votes from validators.
Advances in the EVM sidechain
The EVM Sidechain has undergone extensive improvements, including multiple audits. The first audit was carried out by Bishop Fox, followed by a second with a reputable supplier, details of which will be announced shortly. The sidechain has also been updated with the latest changes in blockchain technology, including an update to the Cosmos SDK, powered by EvmosOrg. Validators will soon vote on an upgrade that will include Cosmos v.0.47 and Ethereum’s EIP3855. The current validators and changes to the development network are visible in the governance explorer.
Improvements to XChain Bridge
The XChain Bridge is about to receive a major update. The new version enables automatic and dynamic bridging of any existing token on the EVM Sidechain to the XRP Ledger. This enhancement positions the EVM Sidechain as a gateway, enabling transactions and the use of XRP Ledger Mainnet functionalities for these assets.
In addition, a new user interface has been developed to improve usability and enable dynamic bridging between sidechains, wallets and tokens. For developers, a bridge software development kit (SDK) has been implemented to facilitate the development of applications that use the bridge to leverage both networks.
Introducing a new explorer
Peersyst Technology is also preparing to launch the latest version of the Blockscout Explorer, which promises an improved user experience and interface. This new explorer will have advanced functionalities for verifying and executing smart contracts and a dynamic view of decentralized applications (dApps). Developers creating applications for the EVM Sidechain will soon have the opportunity to submit their projects, making them visible to the entire XRP Ledger community.
