XRP Breaks above $1 for the First Time since 2018, Returns to Top 4, Targets $1.50
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Flare, the network that provides a fair and secure basis for scaling blockchain apps and businesses, is on the verge to launch smart contracts on XRP Ledger. According to the firm, a public testnet code-named “Coston” is about to be rolled out.

Brief Meaning and Functions of Smart Contracts

Smart contracts are made to function in the semblance of contracts written on paper, except they are processed without using an arbitrator.

Smart contracts can also contain specified terms that are written in code and digitally stored on a distributed ledger. As long as the conditions of the agreement are duly followed, transaction, such as payment, is effected and irreversible.

According to the co-founder and CEO of Flare, Hugo Philion, the Coston testnet is purposely made for two important goals. “1) As a testbed for developers that want to utilize Flare with XRP to develop and test applications before risking actual value. 2) To test various functionality and smart contracts that will form the core utility of the Flare Network.”

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Xpring Investment in Flare

Back in November 2019, it was announced that Flare received an investment from Ripple’s fundraising and development arm, Xpring. There, it was stated that Flare will enable smart contract capacity for the XRP Ledger.

The report reads:

“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.”

The Purpose of the Investment

According to Ripple, the investment would enable developers to leverage the XRP Ledger in different ways, which would aid the adoption of the digital token XRP beyond the world of payments.

Conclusively, Hugo Philion stated that the firm will start preparing for the XRP integration in the coming quarter.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.