Ripple Extends XRP Functionality With Flare Networks Smart Contracts

Ripple Extends XRP Functionality With Flare Networks Smart Contracts

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Xpring’s Ripple investment division has supported the Flare Network project, which will add smart contracts to the XRP network.

Announcing our investment in @FlareNetworks, which enables smart contract capability for #XRPLedger and furthers our vision to provide a seamless experience for #XRP users.

Flare Networks is working on a Turing-complete protocol that uses the Federated Byzantine Agreement consensus mechanism, used, for example, in the Stellar project. This protocol allows you to integrate the Ethereum virtual machine into private and public networks, adding the functionality of smart contracts to them.

“Like XRP Ledger (XRPL), Flare does not require potentially scalable economic incentives to ensure network security,” Xpring said. – The Flare native token will be an algorithmic stablecoin, created in particular by burning XRP.

Payments in smart contracts will be made in XRP using the Interledger protocol integrated into Flare. In addition, Flare uses addresses and the XRP encryption system »

The Flare network is currently being tested by project partners, including Securitize, Singularity, BuenoBit and Neuhanse Network.

Previously, announced the rebranding of Ripple products and the company’s support for the BRD cryptocurrency wallet.

Ripple Extends XRP Functionality With Flare Networks Smart Contracts

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