Crypto Firm Flare Wants To Bring Smart Contracts To XRP

Ripple and XRP continue to make headlines these days, due to various achievements and also bold plans.

Ripple is making great efforts these days to boost the whole XRP ecosystem, but also to trigger the mainstream adoption of XRP.

Bringing smart contracts to XRP

Ripple partner and crypto startup Flare Networks said that they decided to bring smart contracts to XRP.

More than that, it seems that plans for the future also include other networks like Bitcoin and Litecoin in the future, according to Flare co-founder Hugo Philion.

Philion noted that holders of Flare’s native token, Spark, will have the last say whether the protocol will expand to other blockchains in the future or not.

It’s been also revealed that Spark investors can hold a governance vote after Flare launches in December.

Here’s what the co-founder had to say in a new interview with Crypto Eri”

“The immediate purpose of Flare is to provide a platform for XRP value to be used with smart contracts, and we’ve defined that quite succinctly with the FXRP system and the Flare paper.”

The notes continue and explain that “That’s really the first purpose, and then also in that Flare paper, it’s defined something called the Spark-derived applications, and these will allow that system to expand such that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the same way that FXRP is being put onto the network.”

The co-founder also said that this is something that will have to be a governance issue and also something that the Spark token holders will be voting over time.

According to the info written in the white paper, Flare is a Turing-complete smart contract protocol that makes use of the Ethereum Virtual Machine.

Check out the complete white paper. 

The crypto asset is designed to “enable trustless token representations of non-Turing complete tokens” such as XRP, Bitcoin, and Litecoin, and allow these networks to run smart contracts.

Check out the original article posted by the Daily Hodl in order to learn more details.


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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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