Ripple Labs engineers are now ready to start work against the cross-chain protocol challenges with the XLS-38d proposal.
Ripple is a San Francisco-based Fintech company, which provides cross-border payment services with the use of XRP coin. Ripple labs is the engineering team behind XRP ledger (XRPL), a blockchain network. XRP is a native coin on the XRPL. The current trade price of the XRP coin is $0.377 & this trade price is 0.3% high over the last 24 hours’ trade price.
Recently Ripple software engineer Mayukha Vadari published XLS-38d, a standard proposal for cross-chain bridge, on the GitHub platform.
With the new proposal, Ripple’s engineering team will bring cross-chain capabilities to the XRPL blockchain, which will further help XRPL to interact with other crypto networks easily.
In the last couple of years, the crypto sector saw a significant increment in the development activity related to cross-chain protocols.
In the present time, huge numbers of crypto assets & crypto networks are available and a very big number of crypto networks are better at their level, so it became a very tedious task to deal with the crypto transactions on different networks but the integration of multiple blockchain networks via cross-chain protocol allows better support for the crypto Investors to deal with different crypto networks at the same place.
The existing cross-chain protocols & wallets charge very high fees from the crypto trader to trade on different crypto networks but experts believe that in near future there will be very big competition between the cross-chain protocols and it will be a better experience for the crypto trader to trade on a different network at low fees & fast transactions.