Ripple’s Xpring Makes Investment in Smart Contracts with Flare Networks
- Xpring’s latest investment already in testing phase with several projects
- Flare Network provides an easy way for XRP users to do more complex and interesting things on XRPL
- Flare’s native token, a USD pegged stablecoin will be created in part by bruning XRP
Ripple’s investment arm, Xpring has made another investment. This time it’s in smart contracts with Flare Networks, the “first Turing Complete Federated Byzantine Agreement protocol,” announced Vanessa Pestritto, Director at Xpring.
As per the Flare network's website, it is a new, open, and permissionless blockchain network that provides a fair and secure basis for scaling blockchain apps and businesses.
Xpring is focused on supporting new use cases for digital asset XRP, as such is now seeking opportunities centering around “smart contracts that overlap in our industry interests of gaming and decentralized finance (DeFi).”
Flare will integrate Ethereum Virtual Machine (EVM)
Its latest investment Flare Network, that has been in “stealth mode” for the past two years, is currently in the testing phase. Already, projects like Neuhanse Network, BuenoBit, Singularity, Custody Digital Group, and Securitize are working with the company, with many more names to be announced.
Flare integrates the Ethereum Virtual Machine, Ethereum’s decentralized virtual machine that can execute scripts using a network of public nodes. Due to this integration, Flare enables public and private networks to leverage smart contracts.
Just like with XRP Ledger (XTPL), Flare does not rely on money or economic incentives to guarantee network safety.
Flare’s native stablecoin to be created by “burning XRP”
XRP, the digital asset of the Ripple is designed for payments but Flare will enable users, developers, and companies to leverage the digital assets in more use cases.
“Flare provides an easy way for the users of the World’s 3rd largest and possibly most enterprise focussed chain – XRP Ledger – to do more complex and interesting things.”
The native token of Flare, a single base unit-of-account will act as an algorithmic stablecoin. Though the whitepaper for the stablecoin is yet to be released, it is expected to be pegged to the US Dollar and generated in part by “burning XRP.”
The payments for the contracts can also be made and received in the digital asset via Interledger that will be further integrated with Flare.
Additionally, Flare will use the XRP address and encryption schemes so that Flare and XRP both can be used with a single key. This will provide the digital asset users with a seamless experience to interact with smart contracts on Flare Network.