Ripple is currently working on developing a sidechain on XRP Ledger (XRPL). Analyst nicknamed Guy recently talked about this Ethereum compatible sidechain. He explained to his 2.16 million YouTube subscribers how Ripple’s project could affect XRP’s price.
The Ethereum virtual machine (EVM) will power XRP
Earlier this month, it became known that blockchain development firm Peersyst Technology is working on a side chain for XRPL. The layer 2 network will be compatible with Ethereum’s virtual machine (EVM). Recently, the crypto analyst known as Guy did this work a video on the Coin Bureau YouTube channel. In the latter, she has To explain that the development of a sidechain on XRP Ledger (XRPL) would benefit XRP. According to him, Ethereum-compatible sidechain could lead to a rise in the price of XRP.
The cryptocurrency analyst said that EVM support has fueled many Ethereum competitors in the past. As an example, you mentioned the Harmony and Fantom blockchains. She added that “the fact that XRP has an EVM sidechain could therefore be very bullish for XRPHowever, he made it clear that everything will depend on the speed of the EVM sidechain.
“Ripple will have a lot of work to do”according to analyst Guy
Guy believes the Ethereum virtual machine is “inherently limitedin terms of speed. In fact, the EVM processes only a few hundred transactions per second (TPS). Hence, the crypto analyst claims that “Ripple will have a lot of work to do to improve its TPSHowever, Guy doesn’t believe the EVM TPS issue will hold Ripple back from his plans.
“This shouldn’t be too hard to do, as Avalanche, Near Protocol’s Aurora layer, and Solana’s next Neon layer all use EVM and can process thousands of transactions per second.“He said.
According to cryptocurrency analyst nicknamed Guy, XRP has only one advantage over other cryptocurrencies: its large community of cryptocurrencies. tokens. At the same time, the analyst believes Ripple’s cryptocurrency has a significant downside. The latter is that the SEC considers XRP a security. Even so, Guy is of the opinion that the sixth cryptocurrency by market cap will see a huge advantage.
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Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.