The money transfer network Ripple is testing out ways to establish smart contracts for crypto giant Ethereum (ETH) to utilise on the XRP- ledger as a sidechain for the Ethereum blockchain. Though still in its infancy, this could affect all coins that run on the Ethereum blockchain, including the yet-to-launch meme coin, Big Eyes Coin (BIG).
The concept of a sidechain was first publicised in a 2014 paper. After Bitcoin was released, many people, including the authors of this paper, thought there was much room for improvement. The scalability and decentralisation of Bitcoin’s infrastructure were at odds at the time. Additionally, there were worries about the privacy and censorship of Bitcoin, and it was thought that new technology to enhance these things was required for more people to start using Bitcoin.
Soon after this, people began creating sidechains for crypto blockchains. A sidechain is a distinct blockchain network linked to the parent blockchain by utilising a two-way bridge. These secondary blockchains have their own consensus protocols separate from the parent blockchain. This allows for more security and privacy for the network, reducing the likelihood of a hack and compromising investors’ data. They can also facilitate a smoother and faster crypto exchange giving way for a better form of a decentralised platform.
The project is still in its early stages and is currently being tested. Ripple developers are trying to find ways to deploy smart contracts made for the EVM (The Ethereum Virtual Machine) on its XRP-Ledger chain. The EVM is made to run smart contracts on Ethereum, and Ripple claims that their EVM-compatible sidechain is already live. EVM compatibility is a smart contract’s capacity to be written in code that can run on the Ethereum virtual machine and be recognised by Ethereum nodes.
The end goal is for the EVM side chain to be connected to the XRP-Ledger chain, giving the blockchain higher levels of security.
The XRP-Ledger sidechain is a great way for Ripple and the XRP coin to gain popularity. However, being compatible and the original thing is highly different. Since the recent merge, Ethereum has been one of the first crypto giants to enter a new modern phase of cryptocurrency.
The merge took away older, harmful methods of mining cryptocurrencies and is now using a whole new method: proof-of-work. This method allows new blocks to be validated by those who hold stakes instead of going through the long, complicated process of solving complex equations on massive, energy-consuming computers. This saves energy and reduces carbon emissions by 99% for the Ethereum blockchain.
The same can’t be said for other blockchain technologies, even if they are Ethereum Virtual Machine compatible. Most other blockchains still use the older method and have not moved forward. Alongside this, the Ethereum blockchain is the most built-on blockchain. Most NFTs and even other crypto coins build on Ethereum!
Big Eyes Coin is a new meme coin in its pre-sale stage, currently having raised $7.93 million in its fifth stage of its pre-sale. The coin is possibly making even bigger ripples than the XRP sidechain. Having already been built on the Ethereum blockchain, Big Eyes Coin is an ERC20 Token with all the advantages of the Ethereum blockchain and its recent merge already. So it can focus on its mission as a meme coin, knowing it already provides its investors with a secure, green and highly decentralised basis.
Big Eyes Coin is an adorable cat meme coin with a mission! The coin wants to add to its eco-friendly features by being built on Ethereum. It has decided to put aside 5% of all tokens in circulation aside in a charity wallet for ocean-saving charities as the coin self-proclaims itself as “hungry for change”. The change they want is more than just crypto, and it’s for something that affects every living thing on our planet. Though the XRPL sidechain is a big change in crypto, specifically for XRP, Big Eyes Coin wants to change the world!
BIG changes are happening in the crypto world. Some, like Ethereum’s merge, have already occurred; others, like the upcoming XRPL sidechain and Big Eyes Coin’s environmental goals, are still underway.
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Big Eyes Coin (BIG)
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