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XRP now accepted for gas on cutting-edge EVM-compatible blockchain

Ripple price analysis: XRP rallies to $0.525,  marking a substantial gain of five percent

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TL;DR

  • Root Network aims to solve interoperability challenges between XRP Ledger and the Ethereum Virtual Machine ecosystem.
  • The network will leverage Polkadot’s Substrate technology for seamless integration with EVM.
  • Validators and stakers on Root Network can earn XRP tokens as compensation, bridging XRP and Root Network.

 

The XRP Ledger and blockchains in the Ethereum Virtual Machine (EVM) ecosystem have long-faced interoperability challenges. However, a solution may be on the horizon, as a crypto educator and well-known XRPL enthusiast, Dip Collector, sheds light on Root Network’s ambitious plan to address this issue.

Root Network, a forthcoming cross-chain network, aims to leverage Polkadot‘s Substrate technology to build a highly advanced blockchain seamlessly integrating with EVM. To support its tokenomics, the network will introduce ROOT, a foundational native asset that will play a vital role in the ecosystem.

In a surprising twist, validators and stakers on the Root Network can earn XRP tokens as compensation for their contributions. This innovative approach aims to bridge the worlds of XRP and Root Network, offering an enticing incentive for participants to engage in the network’s operations actively.

To facilitate smooth transactions and cover gas costs, the network will introduce a dedicated gas token closely aligned with XRP, the beloved cryptocurrency of the XRP army. This integration will enable cryptocurrency holders to seamlessly convert their holdings into XRP, promoting greater accessibility and convenience.

Furthermore, Root Network plans to enhance the liquidity environment of the XRP Ledger by establishing a link to the XRPL DEX (Decentralized Exchange). This strategic move will contribute to a more vibrant and robust trading ecosystem, benefitting users and market participants.

Dip Collector, a prominent figure within the XRP Ledger community, expresses great optimism regarding this new venture. He emphasizes the importance of understanding the significance of Root Network and its potential impact on XRP. The community eagerly awaits the development and implementation of this groundbreaking solution.

Excitingly, the Root Network mainnet beta has gone live, allowing users to explore the platform and experience the Ethereum-to-XRPL non-custodial token bridge firsthand. This milestone represents a significant step towards resolving the long-standing incompatibility issues between the XRP Ledger and other blockchain networks.

Root Network is a promising solution to tackle the interoperability challenges between the XRP Ledger and the Ethereum Virtual Machine ecosystem. With Polkadot’s Substrate technology as its foundation, the network aims to bring seamless compatibility and enhanced tokenomics, while ROOT and XRP provide rewarding opportunities for participants. As the mainnet beta is unveiled, anticipation grows, and the XRP community eagerly awaits the future of this groundbreaking project.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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