Sologenic Co-founder Hints at Benefits of XRPL-Coreum Interoperability.
Sologenic Co-founder Bob Ras has recently highlighted the potential benefits of interoperability between the XRP Ledger and the Sologenic Development Foundation’s Coreum.
In a tweet yesterday, Ras noted that Coreum’s interoperability allowed users to migrate XRP and SOLO tokens to the new blockchain. Consequently, the Sologenic co-founder asserts that XRP would benefit from Coreum’s smart contract capabilities and Smart Token technology.
It’s notable to mention that the XRPL-Coreum interoperability enables $XRP, $SOLO, and eventually, other #XRPL tokens to access the Coreum blockchain, unlocking the limitless potential for innovative use-cases by utilizing Coreum's Smart Token technology. ?
— Bob Ras (@bobrasX) March 22, 2023
Coreum’s Smart Token technology allows for the issuance of tokens wrapped in smart contracts to allow these tokens to carry out programmable actions independently. It is similar to what XRPL Labs developers are trying to achieve with Hooks. These are small codes that will execute commands before or after XRP transactions, as, at the moment, the XRPL lacks smart contract functionality.
Notably, Coreum is not an Ethereum Virtual Machine (EVM) chain. Instead, it utilizes a WebAssembly (Wasm) engine popular in the Cosmos ecosystem that allows for scripting smart contracts in multiple programming languages, per its YouTube explainer.
The network allows for cross-chain interoperability through collateralized bridging of assets, a common solution in crypto. Users would have to provide the portion of the assets they wish to use on Coreum in exchange for a derivative of the asset tradable on the blockchain.
As highlighted in a previous report, the Sologenic project started on the XRPL. However, the development team opted to launch a separate blockchain as they believed that the XRPL lacked the necessary functionality.
Coreum, the result of this effort, has received increased attention recently as it has promised xCORE airdrops to XRP and SOLO holders. For context, xCORE is an option token derivative of Coreum’s native CORE.
With March 24, the day of the screenshot, drawing closer, buying pressure on XRP and SOLO has significantly increased as crypto investors buy in to be eligible for the airdrop. Consequently, the price of both assets has surged by double-digit percentages this week.
Uphold, a popular United States crypto exchange for XRP holders, confirmed yesterday that it would be listing CORE today. On March 15, it confirmed that it would support the airdrop.
⏰ COREUM is live tomorrow!
Don’t miss your chance to qualify for the airdrop. Tokens will be distributed to $XRP, $SOLO & $COREUM holders.
? March 23: #COREUM listing
? March 24: Snapshot for Coreum airdropLearn more: https://t.co/A64GIryTiE pic.twitter.com/vlvGlWquVK
— Uphold (@UpholdInc) March 22, 2023
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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