Ripple is expanding into all possible blockchain sectors and launching a preview of federated sidechains.
Ripple releases preview version of Federated Sidechains
On a September 30th blog in the Dev Community, Ripple announced the launch of the preview of Federated Sidechains. Ripple had long focused on building federated sidechains and first announced its vision earlier this year.
For now, the preview version of the blockchain is released for developers so that they can view it, leave a comment on its technical design, and engage with it to explore the potential of the blockchain.
The federated sidechains can complement the XRP Ledger (XRPL) mainnet. It would allow developers to unlock new features related to DeFi, NFTs, smart contracts, and interoperability.
Ripple invited developers to partner with the Federated Sidechains, as announced:
“Today, a technical preview of federated sidechains that can be used with the XRPL is available for developers to experiment with.”
Ripple stated that each high-level sidechain will function as its own individual blockchain. While the federation will unleash value in the form of XRP and other tokens that would allow them to effectively move from sidechain to mainnet.
The federated sidechains function without compromising the efficiency, high speed and throughput of the public XRPL mainnet.
While the actual date of the full version of Federated Sidechains has not yet been announced, it doesn’t seem far anymore if the preview version goes well.
Ripple has already made some interesting announcements over the course of the year that could put the company ahead of others in many sectors, including CBDC, NFTs and DeFi.
In addition, Ripple is currently the leading blockchain service provider for cross-border payments and remittance services.