This article was first published on Wanchain - Medium
A long time coming: XRP now cross-chain compatible with Wanchain and Ethereum testnet
The Wanchain team is pleased to reveal that cross-chain bridges connecting Wanchain’s testnet, Ethereum’s Rinkeby testnet and the XRP Ledger’s testnet are live and operational! In other words, XRP can now move freely between these three networks — in a truly decentralised way — thanks to Wanchain’s Storeman nodes. More importantly, XRP token holders are now poised to put their XRP to work and engage with the world’s many DeFi applications.
The XRP Ledger is an open-source and decentralised blockchain built to efficiently settle transactions. The XRP Ledger’s native cryptocurrency is XRP — one of the world’s 10 largest cryptocurrencies by market cap — and was built specifically for payments. XRP is faster, cheaper and greener than any other digital asset.
Wanchain’s Universal Multichain Bridges sit at the bleeding edge of blockchain interoperability solutions. Unmatched in the industry, the key innovation of this unique cross-chain mechanism is that every single cross-chain bridge is powered by the same, unified collateral pool, maintained by Wanchain’s Storeman nodes. This design structure reduces the complexity of cross-chain transactions while making them more convenient — all without sacrificing security. Wanchain’s Universal Multichain Bridges are a true game changer in the field of blockchain interoperability!
Under the hood: XRP Integration
Note: The cross-chain-enabled XRP tokens are collectively referred to as wanXRP. As required, XRP tokens on Wanchain are referred to as wanXRP@Wanchain and XRP tokens on Ethereum are referred to as wanXRP@Ethereum.
Cross-chain-enabled XRP tokens are made possible by Wanchain’s Universal Multichain Bridges. Fundamental to this cross-chain mechanism is Wanchain’s Storeman Group, consisting of 21 truly decentralised Storeman Nodes.
When a user initiates a transaction to move their XRP tokens to a DeFi-friendly, smart contract-compatible blockchain, Wanchain’s Storeman Group transfers the relevant XRP tokens to a locked account on the XRP Ledger. The Storeman Group ...
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Wanchain - Medium