Genfinity met with Ferran Prat, CEO of Peersyst, on our recent podcast to discuss his company and some of their technological developments. We particularly dove into their relationship with Ripple and the XRPL concerning the EVM sidechains. What does Peersyst do as an organization, why did they partner with Ripple, and how do these sidechains work?
Dive into our article below for more information!
What does Peersyst do?
Peersyst, a trailblazing tech company, is spearheading advancements in decentralized peer-to-peer networks. Leveraging cutting-edge blockchain and distributed ledger technologies, Peersyst is committed to addressing the inherent challenges of scalability and performance that have hindered traditional P2P networks.
Per the Co-Founder & CEO, Ferran Prat, Peersyst:
“Peersyst works to research, define and develop the most advanced and robust layers of software on top of Blockchain technology in order to facilitate its usability, integration and adoption in the real world for all businesses and organizations.”
Peersyst’s proprietary consensus mechanism, which ensures seamless interoperability and robust security across its network, lies at the heart of its innovation. Moreover, their consensus protocol enables efficient validation of transactions while maintaining decentralization and resilience against malicious attacks, setting it apart from traditional P2P systems.
Peersyst Scalability Solutions
Peersyst tackles the challenge of scalability in P2P networks with its novel approach to sharding, a technique that partitions the network into smaller, manageable segments. Consequently, this approach enables parallel processing of transactions, significantly enhancing the network’s throughput, speed, efficiency, and scalability.
Peersyst Security Measures
Security is paramount in decentralized networks, and Peersyst also prioritizes this aspect with its robust cryptographic algorithms and decentralized authentication mechanisms. By leveraging the latest advancements in cryptography, Peersyst ensures the integrity and confidentiality of data exchanged within its network.
Peersyst, Ripple & CBDCs
Peersyst and Ripple have forged a strategic partnership aimed at advancing decentralized technologies, particularly in EVM sidechains. Additionally, leveraging Ripple’s expertise and Peersyst’s innovative solutions, the collaboration seeks to enhance interoperability and scalability in decentralized ecosystems that affect our everyday lives.
Furthermore, this partnership holds significant implications for central bank digital currencies (CBDCs), as it enables seamless integration of CBDCs into decentralized networks. Consequently, by combining Peersyst’s EVM sidechain technology with Ripple’s network infrastructure, central banks can leverage the benefits of blockchain while ensuring compliance and regulatory adherence. In summary, the collaboration between Peersyst and Ripple represents a pivotal step towards the mainstream adoption of CBDCs and other projects within decentralized ecosystems.
Use Cases and Applications
Beyond CBDCs, Peersyst’s innovative solutions hold immense potential across various industries and use cases. From decentralized finance (DeFi) applications to supply chain management and digital identity verification, Peersyst’s technology opens up new avenues for secure and efficient peer-to-peer interactions.
The Peersyst and Ripple connection
Ferran described the most important aspects his company kept in mind while building the XRPL sidechains, stating:
“The most important part is that we made the native currency a bridge door smart contract together with the XRP ledger. This basically means that the native currency of this chain is XRP itself…which is backed by one by one. And that’s the most important part.”
He elaborated on the design, noting:
“I know that many protocols…let’s say have the temptation of having their own token. And if you allowed your own token, obviously, you will will get the new economy. Sometimes for investors, it may be interesting, but that isn’t really helping the XRP ledger itself. We thought that bringing the XRP survival native currency allows all the XRP holders to use smart contracts to extend its XRP functionality without leaving the ecosystem or without leaving their holdings. Also, we will have a new set of validators running this EVM chain. If there are no changes, at least for now in dev net, they will get rewarded in XRP, one by one in the main app. And all these things are creating a very good extension for the XRP ledger, which keeps the spirit and keeps the the basics of the XRP itself. And it’s not creating new tokens or different economies which are focused on benefiting other currencies interest rather than XRP.“
Recent Developments
One of Peersyst’s goals is to attract more developers onto the XRPL. As with any blockchain, the number of developers, robust applications, and number of end-users like you will only strengthen the XRPL chain.
Ferran spoke about this aspect, noting:
“We want to attract new talent, more people, and more investors to the XRP ledger. So, as you as you pointed out really well, most of the developers right now are solidity developers…we want to bring all this talent, (including) the possibility to deploy their their protocols and their software around the XRP ecosystem itself.”
The CEO also spoke about the competitive advantage of developers building on the XRPL. He emphasized that developers can deploy their existing applications quickly and easily on the EVM sidechain.
“I think a lot of (developers) may may have interest on launching on the EVM sidechain in order to address all these massive amount of years and capital that is locked on the XRP ledger without needing to learn a new code or without needing to rebuild the entire protocols or applications in a very large time.”
Why did Peersyst choose Ripple?
Ripple excels in speed and efficiency, completing transactions within seconds, contrasting with traditional methods. In addition to this, utilizing XRP as a bridge currency streamlines the process, eliminating intermediaries. Moreover, compared to traditional methods, Ripple offers cost-effective cross-border transactions, especially beneficial for SMEs expanding globally.
Transitioning to security measures, Ripple prioritizes security, employing decentralized XRP to mitigate fraud risks and advanced encryption safeguards user data. Furthermore, real-time transaction tracking on the Ripple network enhances transparency, vital for businesses to mitigate fraud and ensure seamless processing.
What are Ripple’s EVM sidechains?
The XRP Ledger, also known as XRPL, now incorporates EVM sidechains, expanding its functionality. Initially designed for efficient transfers, XRPL lacked smart contract support. However, with EVM sidechains, users like you can integrate smart contracts into the XRPL ecosystem. This integration unlocks possibilities for your use of decentralized applications like DeFi and NFTs.
Sidechains, like XRPL’s EVM sidechains, run parallel to the main blockchain, maintaining interoperability. They operate with distinct rules and consensus mechanisms while connecting you with the primary blockchain. Typically, sidechains introduce new features or scalability solutions to you without altering the main blockchain protocol directly.
XRPL’s adoption of EVM sidechains marks an effort to enrich its capabilities, catering to your diverse use cases. This evolution reflects a broader trend towards blockchain interoperability and the rise of decentralized finance. By embracing these developments, XRPL aims to stay relevant and adaptable to you in the evolving blockchain landscape.
EVM Compatible XRP Ledger Sidechain
The Ethereum Virtual Machine (EVM) compatible XRP Ledger sidechain introduces Web3 applications to the XRP Ledger community, ensuring both speed and security.
Key features of the EVM sidechain include its support for 1000 transactions per second, low transaction confirmation times, and full compatibility with the Ethereum Virtual Machine (EVM).
On the consensus front, the EVM sidechain operates on a proof of authority (PoA) algorithm, empowering designated blockchain actors to validate transactions, update the network’s registry, and add new validators. Validators are responsible for generating new blocks, utilizing CometBFT technology, a fork of Tendermint, for Byzantine fault tolerance. Through the XRPL bridge, the EVM sidechain seamlessly interoperates with the XRP Ledger, providing users access to its functionalities.
Unlike Proof of Work (PoW) or Proof of Stake (PoS) algorithms, where validators compete or stake assets to gain the right to create blocks, PoA relies on the reputation and identity of validators.
Validators in a PoA network are typically known entities, such as reputable organizations or individuals, which are entrusted with maintaining the integrity of the network. These validators are chosen based on certain criteria, such as their reputation, expertise, or stake in the network. Once selected, validators take turns proposing and validating blocks in a predetermined order.
Parting note
Peersyst and Ripple are driving mainstream adoption of CBDCs and other transformative projects within decentralized ecosystems. With the EVM sidechains, the XRPL should be able to attract more developers and host more applications for the XRP community.
What do you think about the future of the XPRL? Tell us in the comments below!
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