Friday, December 4, 2020
No menu items!
  • News
  • Bitcoin
  • Cryptocurrency
  • XRP News
  • Contact Us
More

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

    Must Read

    Ripple Is Planning To Massively Expand XRP Remittance Platform in 2021

    According to Ripple’s senior vice president of product management and corporate development, Asheesh Birla, the payment firm is planning...

    David Schwartz Says XRP Community Could Force Ripple To Burn Its Over 50 Billion XRP

    Ripple CTO David Schwartz has recently pointed out that the XRP community could force Ripple to burn the over...

    Get Up To 100 USDT for Trading On Bitget Exchange. Here’s How to Apply

    According to a report, the Singapore-based deviation margin trading exchange, Bitget, is holding a new campaign that comprises Registration...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    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.

    Join us on Twitter

    Join us on Telegram

    Join us on Facebook




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Ripple Is Planning To Massively Expand XRP Remittance Platform in 2021

    According to Ripple’s senior vice president of product management and corporate development, Asheesh Birla, the payment firm is planning...

    David Schwartz Says XRP Community Could Force Ripple To Burn Its Over 50 Billion XRP

    Ripple CTO David Schwartz has recently pointed out that the XRP community could force Ripple to burn the over 50 billion XRP in its...

    Get Up To 100 USDT for Trading On Bitget Exchange. Here’s How to Apply

    According to a report, the Singapore-based deviation margin trading exchange, Bitget, is holding a new campaign that comprises Registration Gift and First Deposit Bonus...

    Charlie Lee: Litecoin (LTC) Visa Debit Card Is Now Open To All United States Residents

    As a report has it, Litecoin (LTC) Visa debit card can now be obtained by the holders of the digital token LTC that are...

    Brad Garlinghouse Discusses the Impact of XRP Regulatory Uncertainty on Ripple’s Customers

    Ripple CEO, Brad Garlinghouse, appeared on CNN International on 2nd December to discuss various development in the XRP ecosystem, including the impact of XRP...

    More Articles Like This