Xpring has put in place three concrete ideas that will serve as a bridge between Ethereum and XRP, and at the time of filing this report, three concrete ideas were already in place that open source developers are working on. The initiative, will make XRP Ledger to be DeFi complaint in the nearest future.
Last weekend, Ripple’s investment arm, Xpring, sponsored ETH Denver, one of the largest Ethereum hackathon and conferences in the whole of the United States.
What led to the sponsor of the initiative was Xpring open-source nature. The investment section of Ripple, if you could recollect, launched Xpring to serve as Ripple Labs Inc.’s open developer platform for money.
What Ripple Did at the Event
The ETH Denver was proudly sponsored by Ripple. This is based on the fact that Xpring’s over 40 engineers are always working on open-source software.
In the past and till now, they contribute to open source projects like the “C++ (rippled) implementation of the XRP Ledger, the Rust and Java implementations of Interledger Protocol, Codius, Web Monetization, Open Payments, and several other open source core libraries,” Xpring says in an update to the XRP community.
The project says, in order for the Ethereum community to achieve the mission to train and inspire 1 million developers across the globe as fast as possible, other blockchain projects needs to gather ideas and join hands in achieving the reasonable goal.
Owing to this, on Gitcoin, Xpring sponsored three important challenges during the Sustain Web 3 virtual hackathon that resulted in the recently organized ETH Denver.
Ethereum-XRP Bridge Challenges
According to Xpring, the challenges are focused on interoperability theme with the mind of building bridges between XRP Ledger (XRP) and Ethereum (ETH) via the Interledger Protocol (ILP). Xpring places $1000 in XRP as bounty on each.
The inspiration came from the Norse mythology of Bifröst and the realm of the gods, where Vanaheim and Niflheim are two of the other nine realms.
As reflected in an update from Xpring, the project believes the XRP to ETH and ERC-20 tokens bridge is key, since XRP is among the most liquid crypto currencies of the moment.
However, XRP does not have a compute layer that supports “complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum”.
On Gitcoin, Xpring says it want David Schwartz, the Chief Architect of the XRP Ledger, to send XRP to Vitalik Buterin, the Creator of Ethereum, who may not want to receive the funds in other currencies aside ETH. The major goal of the idea is to build a DeFi project that will serve as a bridge between XRP and Ethereum.