Ripple CEO says that Flare combines the best technological features of Ethereum and Avalance and serves as a smart contract platform for XRP.
There’s a new cryptocurrency project in the town and it is receiving all praised from Ripple head Brad Garlinghouse. During a recent Inaugural Crypto Town Hall event, the Ripple CEO shares some insights into the implementation of Flare with the XRP network.
The CEO also added that the Flare Network combines the best of XRP, Ethereum (ETH) and Avalanche (AVAX) has to offer. Speaking at the event Garlinghouse said:
“From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.”
The Ripple-backed blockchain firm Flare Networks rewards XRP holders with a new crypto asset dubbed Spark. This new crypto asset allows users to leverage some exciting features of smart contracts. The Flare Network is a “Turing Complete Smart Contract platform” that integrates the Ethereum Virtual Machine (EVM).
The platform’s native cryptocurrency Spark is also generated using a utility fork of XRP. Besides, the Flare Network also uses an XRP encryption scheme which allows the usage of XRPL and Flare for XRP users.
Flare – Federated Byzantine Agreement (FBA) Network
As said earlier, Flare is the world’s first Turing complete Federated Byzantine Agreement (FBA) network. Nodes of the Flare Network run the Avalanche consensus protocol and are key adaptions to the FBA technology. The team says that FBA is a unique consensus topology that achieves safety without relying on any economic incentives. The official announcement reads:
“At network launch, built on top of Flare is then a protocol to safely enable the trustless issuance, usage and redemption, of XRP on Flare. This protocol is called FXRP. XRP safely and trustlessly becomes FXRP, on Flare, secured by Flare’s native token, Spark. XRP now effectively exists on a Turing complete network and once there, trustless interoperability with other networks is feasible, both through interoperability protocols such as Cosmos and Polkadot or with Ethereum via well defined bridge protocols”.
In short, Flare works as a smart contract platform for XRP. Besides, it also serves as a trustless pipeline from XRP to others.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.