Flare, a startup funded by Ripple’s investment arm Xpring has released a test network branded as Coston, a recent update by Xpring has shown.
The test network allows developers to fund smart contracts making use of a one-way peg that serves as a test arena for those developing smart contracts on the Flare network with the use of Node.js.
On the testnet, users burn faux XRP purposely to earn a few XRP on Coston. In the future, Flare hopes to have inclusion for a trustless bidirectional peg that gives users the avenue to both redeem and fund XRP token on the smart contracts.
The Flare Network, according to Xpring, denotes a part of the blockchain networks that combines the best of ideas that open developers to flexibility and utility. The Flare network mix the potentials of XRP with the programmability of the Ethereum Virtual Machine, and Avalanche to unveil a “Turing-complete Federated Byzantine Agreement (FBA) network” designed for top-notch smart contract apps.
In 2019, Ripple’s Xpring invested in Flare Network, an innovation that has been in the development phase for over two years.
Xpring said it invested in the idea because it reforms the XRP Ledger and requires no unscalable economic incentives for safety.
As well, Flare makes XRP Ledger look like the Ethereum platform since it makes use of the Ethereum Virtual Machine to make private and public networks build smart contracts.
The Flare team believes safety has nothing to do with economic incentives and the network control should not be hanged on token ownership.
Flare has a native token, a stable coin gotten by burning XRP. On the network, payments for smart contracts are made with XRP and through the Interledger protocol and not Ethereum.
The Flare network aims to use XRP encryption and address system to offer its users XRPs in a seamless manner and developers can use XRPL for app development.
At the time Xpring invested in the Flare Network, it was said to be undergoing tests with Neuhanse, BuenoBit, Singularity, Securitize, and some of its early backers.