Blockchain Advisor Identifies Only Way XRP Could Succeed

By Sunil Gavhane

Published on:

Blockchain Advisor

Blockchain Advisor: Panos Mekras, who advises on the XRP Ledger (XRPL) and started Anodos Finance, recently said what he believes is the only way for the XRPL community to be successful.

Mekras’ comments were made when the XRPL community was unhappy about the slow progress of their blockchain system and how poorly XRP, their main digital currency, was doing. They were especially upset about the network not having smart contracts.

Also, even though there are over 1,500 projects on it as of November 2023, this ecosystem hasn’t attracted as many creators as newer ones like Solana and Ethereum. Problems like this have made people in the community more worried and unhappy.

In a post on X, Mekras talked about how to fix the slow progress of the ecosystem. He said that the community should help all parts of the ecosystem and the projects in it grow better.

He found the XRPL mainnet and projects like the Xahau sidechain, the soon-to-arrive EVM sidechain, the Coreum network, Flare Networks, and the Futureverse. Importantly, all these projects are linked to or related to the XRP Ledger.

Escalating Criticisms

But, some have not gotten enough help from people in the community. For example, some supporters of XRP said that the Xahau sidechain, made by XRPL Labs, might make people pay less attention to the XRPL mainnet.

Thomas Silkjær, who leads analytics at the XRPL Foundation, argued this week that the new EVM sidechain is the biggest threat to the XRP Ledger. He believes the sidechain offers no advantage to the XRPL and is very different from the ledger in how it works.

Matt Hamilton, who used to work for Ripple, agreed with Silkjær’s opinion about the EVM sidechain. However, he questioned whether Xahau might be a greater threat.

Silkjær said that the Xahau system, which includes Hooks, can be copied to the XRPL, which would be helpful for the network. Ripple’s CTO, David Schwartz, also thinks that Xahau could be a good way to try out Hooks.

A Charge for XRP Community Support

In his recent comments, Mekras said that all these projects aim to improve how the XRP Ledger and XRP token are used.

He said they create new opportunities for more uses and bring in more people who build and develop projects on the XRP Ledger. He mentioned they are very good for both XRP and XRPL.

The XRP community looks forward to many new projects, from the EVM sidechain to Flare’s FAssets project. Mekras encouraged everyone to welcome these new projects, changes, and the expanding multi-chain ecosystem.

He asked people in the community to strongly support the new projects and to help in any way they could. Mekras said, “This is the only way we can succeed.”

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

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