A long time coming: XRP now cross-chain compatible with Wanchain and Ethereum testnet

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 then mints the corresponding tokens on either Ethereum (as wanXRP@Ethereum) or Wanchain (as wanXRP@Wanchain).

Swapping wanXRP between Ethereum and Wanchain is a simple affair, built on existing ERC20/WRC20 bridges. When such a transaction is required, the same Storeman Group both burns the wanXRP on the origin chain and mints new wanXRP on the destination chain.

To summarise, the following cross-chain bridges now exist for XRP holders:

  • XRP Ledger X Wanchain Bridge: XRP@XRP Ledger ←→ wanXRP@Wanchain
  • XRP Ledger X Ethereum Bridge: XRP@XRP Ledger ←→ wanXRP@Ethereum
  • Wanchain X Ethereum Bridge: wanXRP@Wanchain ←→ wanXRP@Ethereum

With testing now complete, full XRP integration will go live on the Wanchain Mainnet soon.

XRP, welcome to the DeFi era.

About Wanchain

True DeFi is interoperable — Wanchain is the world’s premiere decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralised cross-chain applications to power the future of DeFi.

Original Source : medium.com

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