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XRP Ledger dUNL Validator Vet has addressed a common misconception about XRPL smart contracts. The idea of smart contracts, when brought up in the crypto space, has most people’s minds on what is applicable to Ethereum or Solana.
In a tweet, Vet addresses this misconception, noting that XRP smart contracts are unique and differentiated, tailored to fit the XRP Ledger. He went on to state that XRP Ledger “smart contracts” do not imply being like those of Ethereum or Solana.
Vet highlighted key features of XRP smart contracts, which differentiate it from other blockchains. First is access to native features, with XRP Ledger providing building blocks that would be used, not replaced. Second is integration into rippled (XRPL software), adding that XRP wants to “elevate” what is currently available for smart contracts.
Vet highlighted RippleX’s considerations for mainnet programmability to be permissionless by design, with no need for UNL approval for the network to execute user code; it meshes well with XRPL in both design and implementation; it has easy access to native features/primitives, allowing building on XRP Ledger building blocks; it is easy for new developers to learn; and it has minimal impact on existing XRPL users and use cases, especially regarding payments, performance and security, with minimal impact to node/validator costs.
XRP smart contracts are not intended to be exactly the same as some existing design at the expense of what is best for the XRPL; replace XRPL’s existing building blocks with smart contracts or modify the consensus protocol that would pay validators.
As reported, the XRP Ledger Smart Contracts feature is now available for developers to explore and test on AlphaNet, a dedicated development network.
XRPL Smart Contracts mark a new shift for programmability on the ledger and will unlock new use cases, including cross-chain bridges, allowing for integration with new bridging protocols; deFi protocols, including derivatives, perpetuals and advanced trading systems; token utilities allowing staking rewards for issued tokens; governance systems in on-chain voting and proposal mechanisms; gaming being applicable in decentralized game logic and asset management and marketplace logic, allowing custom rules for NFT marketplaces.
