Apart from being popular for using in its solutions XRP which is the third-largest digital currency in the world and has been for a long time, Ripple is also quite known for many of its offerings in the sector, including several divisions and partnerships. The company through its investment arm Xpring, has now invested into Flare Networks, a platform for smart contracts.
According to an official Flare Networks blog post, Ripple has “completed a strategic investment into Flare.” The investment will see the two firms collaborating to bring innovation and improve on the company as well as its offerings. The post says:
“The partnership and investment enables the company to further the development of Flare, and brings a wealth of resources and partners to enhance and extend the Flare, Xpring and XRP eco-systems. We look forward to working further with Xpring to serve their partner’s needs beyond payments.”
The Flare Network is the first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol which is capable of incorporation with the Ethereum Virtual Machine and supports as well, the leveraging of smart contracts by both public and private networks. It also hopes to solve some of the problems currently being faced by other related platforms, especially regarding scalability. Flare plans to have its platform support a large amount of related projects from all over the world, and make it a lot more effective than existing offerings.
The network further boasts of proper security because its security is not predicated on “economic incentives” like many others. According to Flare:
“The cost of securing a chain whether by direct capital allocation (which could otherwise be invested elsewhere), through excessive energy usage or both for wide scale usage is unfeasible and regressive”
Furthermore, Flare will now be able to use XRP offerings including an address as well as an encryption system to give its community the perfect way to easily connect with and use smart contracts powered by the Flare Network. This will give the XRP community including developers and end-users, more scenarios and use cases, for the use of the XRP ledger, such as the development of apps and contracts interactions.
An official Xpring publication includes details of the production of the Flare Network’s token.
“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 also plans to release a draft token whitepaper sometime soon, which will include details about its native stablecoin, with specifics about its production and management (decentralized). In addition, Flare adds that the whitepaper will be used as the bedrock for all activity from the point it is released, including internal research and consultation with validators and the community at large.
At the moment, the Flare Network is still being tested. It has however already secured partnerships with some related companies including BuenoBit, Singularity, Neuhanse Network, Custody Digital Group and Securitize.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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