Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Ripple’s Xpring is allocating money for three inventors or teams seeking for a solution to XRP Ledger-Ethereum interoperability.
Xpring wants to develop a ‘bridge’ between Ethereum and Ripple‘s XRP without having to transfer XRP onto ERC-20 standard. Ethereum developers have joined the bad company – Ripple welcomes all of them to build a bridge between two competing economies. Ripple is looking for a new way of operating with mainstream assets, and the move towards Ethereum is obvious. Despite both communities seek to serve both P2P and banking sectors, they may look like hardcore competitors.
Especially, after Ethereum will move to from PoW to PoS, which was the topic of Vitalik Buterin‘s talk on the Ethereum Denver conference. Xpring was introduced in 2019 by Ripple as the solution to reach out to Ethereum shores.
In a recent blog post, Warren Anderson forms what may be called a road map of Xpring’s development. And sponsorship is a part of it. During the ETH Denver conference, Ripple had sponsored three challenges. Such ones are testing people on whether they can construct something viable to enable ETH and XRP atomic swaps. To be clear, this is not going to be something similar to the classic atomic swap, but the technology developments attract attention and finance. Per Anderson:
“We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”
What is Xpring Protocol?
Ethereum Denver is one of the richest hackathons in Canada, gathering thousands of people around itself. At the last conference, Ripple was there to say they will stay to show how new tech can work. Xpring is one example, it’s an open-source protocol with more than 40 engineers working on it 24/7.
The research into how financial technology can boost international payments and the adoption of Internet and cryptocurrencies, including, but not limited to, searching for the new ways of facilitating the competing blockchains to the benefits of Ripple and the end-users.
Ethereum Denver Prepares XRP and ETH for Heat
Even though the conference is over, you can drop a look at the challenges on Gitcoin. If you’re a developer who wants to participate in the bridge’s construction yard, feel free to register. You can do so until February 26, 2020. All developers who capable of participating can apply. David Schwartz posts the blog post on Twitter:
Bridges > Walls https://t.co/ACigSNGuhU
— David "JoelKatz" Schwartz (@JoelKatz) February 21, 2020
As you can see, there’s the simple philosophy behind the company’s intent to push money to developers of Ethereum. Despite they have a separate, semi-hostile fan base of ‘Ethereum maximalists’ and GPU mining overlords, Walls mean less than Bridges.