Enabling Smart Contract Capability for XRP Ledger
At Xpring, supporting new use cases for XRP has always been a key priority. We believe in interoperability to drive the mainstream adoption of blockchain tech, seeking out opportunities focused on smart contracts that overlap in our industry interests of gaming and decentralized finance (DeFi).
We are proud to today announce our latest investment in smart contracts with Flare Networks, the first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol. The Flare Network integrates the Ethereum Virtual Machine, enabling public and/or private networks to leverage smart contracts. Like the XRP Ledger (XRPL), Flare doesn’t require potentially unscalable economic incentives to guarantee network safety.
Flare’s native token will be an algorithmic stablecoin created in part by burning XRP, and payments for a contract can be made and received in XRP via Interledger, which will be integrated with Flare. Flare will also use the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network.
A digital asset designed for payments, XRP settles quickly and cheaper for use in transactions than other digital assets today. Users and developers would like to leverage XRP in more use cases, and the Flare Network will enable this capability for more companies and developers eager to leverage XRPL for their needs. Flare Network is currently in the testing phase with early partners including Securitize, Singularity, BuenoBit, Neuhanse Network and many more to be announced.