By Solomon Odunayo
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.
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.
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