XRP developers launch Ethereum smart contracts on the Flare Network
Flare Networks has published the first white paper 1.0, which describes in detail the functioning of the entire ecosystem. Using the Flare Network, smart contracts can be executed directly on the XRP Ledger network. Already at the end of 2019, Flare Network partnered with Ripple's Xpring development department to bring smart contracts to the XRP Ledger. In May this year, partner Ripple launched the first Coston testnet to test the use of Smart Contracts in the XRP Ledger (XRPL). Flare Networks is the first full Turing Federated Byzantine Agreement (FBA) protocol and a new way to use XRP is to execute smart contracts on XRPL. The Flare network will integrate the Ethereum virtual machine, enabling public and private networks to use and execute smart contracts, and to transfer applications and smart contracts between the Ethereum network and the XRP network.
FXRP is a trustless representation of the XRP token on the Flare Network that allows XRP holders to use smart contracts with the XRP token. The resulting ecosystem provides an incentive for agents to participate by earning fees as well as the ability to arbitrage. In the Flare Network, Token Spark (FXRP) is used to represent XRP tokens as security on the network. The FXRP system is a set of financial mechanisms encoded in smart contracts that enable XRP holders to create and recover 1:1 XRP tokens on the Flare Network, known as FXRP. To achieve this, the system relies on participating agents, putting Spark as collateral that earns commissions in return.
By providing this interface, the XRP ledger can be used in any decentralized application, greatly extending the scope of XRP applications. Scalability is also ensured, XRPL offers high transaction throughput. Josh Edwards, vice president of engineering at Flare Networks, describes his project as a transformation that will revolutionize the entire industry: Tweet Ripple is working to further advance the adoption of XRP. Recently, Xpring announced financial support for projects aimed at increasing interoperability between XRP Ledger and Ethereum. Using the Interledger Protocol (ILP), a bridge will be built between XRP and ETH, giving Ripple access to the fast-growing DeFi market.
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