Ripple’s Xpring has made an investment in a smart contract platform Flare Networks, a project said to be the first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol.
The investment makes the XRPL appear like the Ethereum platform since the Flare Network integrates the Ethereum Virtual Machine to make it easy for public and private networks to use smart contracts.
The Flare Network, which has been in development for over two years, has a semblance with XRP Ledger (XRPL) as it does not need potentially unscalable economic incentives for network safety.
To Flare’s team, safety is not dependent on economic incentives. At the same time, Flare also believes control of the network shouldn’t be defined by token ownership.
According to an announcement by Xpring, the flare native token, an algorithmic stablecoin, was invented in part mainly through burning XRP. Contract payments are made using XRP and via Interledger and not through Ethereum.
“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,” Xpring has said.
Now, developers and users can make use of XRP for contract settlement and leverage XRPL for their app development.
The Flare Network is at present being tested with Securitize, Singularity, BuenoBit, Neuhanse Networks and others among its other early backers.
Flare is the maiden smart contract platform making use of FBA consensus. It is open-sourced, permissionless, and Turing-complete.
Entrepreneurs, businesses, and developers will find Flare useful since it has a stable pricing with its stablecoin which has low volatility.
“Flare provides an easy way for the users of the World’s 3rd largest and possibly most enterprise focused chain – XRP Ledger – to do more complex and interesting things,” Flare states in its first blog post.
Ripple has been showing its interest in increasing the use cases of XRP, hence the investment in Flare Network.
