Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Policy
    • Submit Press Release
  • Disclaimer
  • Bitcoin (BTC)
  • Cryptocurrency
  • News
  • Ripple (XRP)

Flare Aims To Provide a Platform for XRP Value to Be Used With Smart Contracts –Flare Co-Founder

Solomon Odunayo September 9, 2020 2 min read
Coinbase Finally Supports the Distribution of Flare’s Spark Tokens to XRP Investors

Based on the account of Flare co-founder, Hugo Philion, Flare Networks aims to provide a platform for XRP value to be incorporated with smart contracts.


trade now

He also stated that Flare has the intention to also incorporate Bitcoin (BTC) and Litecoin (LTC) into its network in the future.

Philion made this known while in a conversation with the popular XRP enthusiast and YouTuber, CryptoEri. In the course of the interview, the Flare co-founder stated that Spark token holders will determine the expansion of the protocol to other blockchains.

Hugo Philion noted:

“The immediate purpose of Flare is to provide a platform for XRP value to be used with smart contracts, and we’ve defined that quite succinctly with the FXRP system and the Flare paper.

That’s really the first purpose, and then also in that Flare paper, it’s defined something called the Spark-derived applications, and these will allow that system to expand such that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the same way that FXRP is being put onto the network.

That is something that will have to be a governance issue, and something that Spark token holders will vote on over time.”

Spark Can Be Used As Collateral

Aside from being a governance token, during the conversation, Philion pointed out that Spark token can also be used as collateral.

“Spark is the token of the network but the network is a smart contract network and Spark is used to collateralize, or basically to provide safety to the FXRP system. The FXRP system is the system that allows for the decentralized, or trustless, issuance of XRP on Flare. So what that means is that you have XRP on Flare, and that then allows you to use XRP with smart contracts.”

Recap of What Flare Is All About

Going by the project’s white paper, Flare is a Turin-complete smart contract protocol that uses the Ethereum Virtual Machine (EVM).

The digital asset is fashioned to enable a trustless representation of non-Turing complete tokens, which include XRP, Bitcoin (BTC), and Litecoin (LTC).

The snapshot of XRP Ledger by Flare Network is slated for 12th December 2020. XRP holders that have set up their accounts will be rewarded with free Spark tokens for every XRP they hold.

Join us on Twitter

Join us on Telegram

Join us on Facebook

Trade Now

Continue Reading

Previous: Cardano: Latest Version of Yoroi Extension Allows Withdrawal of Rewards on Dashboard plus Other Great Features
Next: CryptoWhale States What to Expect Once XRP Scales Through Regulations

Related Stories

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$28,820.00
-2.97%
ethereum
Ethereum (ETH)
$1,728.89
-10.37%
tether
Tether (USDT)
$1.00
0.11%
usd-coin
USD Coin (USDC)
$1.00
0.17%
binancecoin
BNB (BNB)
$294.70
-7.26%
ripple
XRP (XRP)
$0.393737
-2.29%
Binance USD
Binance USD (BUSD)
$1.00
-0.11%
cardano
Cardano (ADA)
$0.454790
-10.04%
dogecoin
Dogecoin (DOGE)
$0.076697
-5.52%
polkadot
Polkadot (DOT)
$8.70
-10.14%

Recent Posts

  • Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
  • UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
  • 26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
  • ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
  • CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
  • Do Kwon Intends To Make Terra Classic By Forking LUNA Blockchain
  • Grayscale Is Planning On Listing Its First European Exchange Traded Fund
  • Celsius Is Planning On Taking Its Crypto Mining Business Public
  • Terra Team May Not Redeem Promised Refunds, Especially For Smallholders – Whistleblower
  • Coinbase Adds BNB Chain And Avalanche To Token Swap Service
  • Richardson Lewis Review – Is Richardson Lewis Scam or a Proper Broker?
  • PancakeSwap Guide 2022 – Everything You Need To Know About This DEX
  • Polkadot-based Smart Contract, T3rn Deploys Latest Testnet
  • Uruguayan Authorities Launch Campaign Against Crypto Scams
  • GameStop Announces The Launch Of A Crypto Wallet

Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. Information found on Herald Sheets represents those of writers quoted. It does not represent the opinions of Herald Sheets on whether to buy, sell, or hold any investment assets. Investors must do their own research before investing their money and only do so at their own risk.

Categories

You may have missed

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022
ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
2 min read
  • Blockchain
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase

May 25, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%