Ethereum and Ripple are redefining the partnership definition. Usually, a partnership used to take place for a particular project/s. But these two crypto platforms are reshaping this definition by carrying on with this equation for a long way with the help of a bridge between them. Last week, Ripple, instead of forming an official partnership, sponsored ETH Denver, which is the largest ETH conference and hackathon in the United States.
The reason why Ripple sponsored Ethereum’s Denver conference stems from the intention of building bridges as per Warren Paul Anderson. In the official blog, while citing last month’s Ethereum’s 1 million Devs initiative, Warren Paul Anderson explained:
We believe that in order to achieve this feat faster, not just for Ethereum but across all blockchains, it is best to combine efforts, pool resources and work together where appropriate to make it easier for developers to BUIDL on a blockchain.
Ripple seeks to be the ‘standard’ for instant payments and remittances. Whereas, Ethereum, on the other hand, is seeking to be the first-ever decentralized computer. Looking at the track record of market cap and partnerships of these two platforms, we can easily see how close these two platforms are to their respective aims.
An introductory glimpse at Ethereum:
- Ethereum has around 2,775 decentralized applications.
- It is the largest smart contract platform.
- Ethereum is the second-largest cryptocurrency.
- The market capitalization of ETH is 28.3 Billion U.S. Dollars.
- Further, Enterprise Ethereum Alliance has formed more than 180 partnerships with big international companies such as Microsoft, Baidu, AMD, Intel, and so on, in the past few years.
An introductory glimpse at Ripple:
- Ripple’s current overall market capitalization is 11.9 Billion U.S Dollars.
- Ripple is the third-largest crypto.
- RippleNet, the flagship solution of Ripple is present in 40 countries around the world
- Its strong network and easy transactions are supported by its strong network of more than 200 financial intuitions.
Now, imagine the potential of growth these power-packed crypto platforms can offer together. That is where Warren Paul Anderson wanted to point at when he mentioned about forming the bridges.
Ripple’s Xpring is an open-source venture. It creates open software, protocols, and standards, in order to develop the XRP community and all those communities that share the same platform. That is how supporting Ethereum came into the picture. Reports further revealed that Xpring had sponsored 3 challenges during the ‘Sustain Web 3’ ETH Denver event. These three challenges have interoperability as their theme, and the main focus is on creating bridges between ‘XRP Ledger (XRP) and Ethereum (ETH) over Interledger Protocol (ILP).’ The platform further added:
We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid crypto currencies in the world, but does not have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.