Wednesday, September 23, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Must Read

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are...

    Tron Foundation and Unknown Whales Moved 3.5 Billion TRX within One Hour

    According to Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another, Tron Foundation and...

    Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

    Binance, the arguably largest cryptocurrency exchange by trading volume, has revealed the major prevention of traditional brokers from offering...
    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.




    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed to come as a stablecoin, coupled with its benefits to the digital token XRP and its teeming holders.

    According to the white paper covering the Network and the integration of XRP with Flare, “FXRP is a trustless representation of the XRP token on the Flare Network, which enables XRP holders to use smart-contracts with the XRP token. The ensuing ecosystem provides incentives for agents to participate via the earning of fees, as well as the capacity to arbitrage.”

    Also, the white paper of its native token, Spark, describes the Flare Network as a distributed network running the Avalanche consensus protocol adapted to Federated Byzantine Agreement and leveraging the Ethereum Virtual Machine.”

    In a nutshell, “Flare brings together the value of the non-Turing complete tokens with the transformative power of smart contracts on a network that can scale for value as well as transaction throughput,” Josh Edwards, the VP Eng of Flare Network tweeted.

    How Flare Network and Spark Token Substantiate the Utility of XRP

    According to the white paper, flare uses the XRP encryption scheme, which is capable of facilitating the usage of XRP Ledger and Flare for XRP holders.

    It is further explained that the Flare Network and the Spark token called FXRP, could substantially extend the utility of the Ripple’s digital token XRP by allowing for its use in any decentralized use case while remaining trustless all through the whole process.

    The white paper reads in part as stated below:

    “By using the Spark as collateral, a trustless representation of XRP, called FXRP, is issued which allows XRP holders to use smart-contracts with the FXRP token on the Flare Network.”

    Also, the FXRP system will provide incentives to participants through the earning of fees on all transactions, coupled with the opportunity for XRP-FXRP arbitrage.

    The benefits of the connection between XRP and Flare Network will be understood by the XRP community by and by. But for now, things that are needed to know about this association are contained in the white papers released.

    Two Major Issues Flare Is Coming To Solve In the Blockchain Industry

    According to the recent release, Flare Network is coming to solve two major issues in the blockchain industry.  The first issue is that “75% of the value that exists in public blockchain cannot currently be used in a trustless manner with smart contracts”. While the second issue is related to how scaling is being implemented for smart contract networks these days.

    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

    Federal Banks Are Now Free To Hold Reserve Currencies for Stablecoins, Says US Regulator

    According to an interpretive letter released from the United States Office of Comptroller of the Currency, federal banks are...

    Tron Foundation and Unknown Whales Moved 3.5 Billion TRX within One Hour

    According to Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another, Tron Foundation and unknown crypto whales moved about...

    Binance Reveals What Prevents Traditional Brokers from Offering Crypto Services

    Binance, the arguably largest cryptocurrency exchange by trading volume, has revealed the major prevention of traditional brokers from offering crypto services. This was revealed in...

    Crypto Trader Lists the Reasons Why XRP Price Will Never Attain 5 Figures

    A cryptocurrency trader and investor has some hours ago listed the reasons why he thinks that the Ripple’s digital token XRP can never attain...

    Jed McCaleb Effects about $3 Million Selloff, As XRP Liquidity Indexes Stay Low

    Going by the recent data released by Bithomp, Jed McCaleb, who co-founded the cross-border payment giant, Ripple, has initiated another selloff of the digital...

    More Articles Like This