Cryptocurrency startup and the companion of Ripple, Flare Networks has devised a system to provide wise contracts to the XRP ecosystem. In accordance to the Co-Founder of Flare Hugo Philion, the firm is also setting up on going into the world’s leading electronic forex Bitcoin (BTC) as properly as Litecoin (LTC) in the future.
Bringing Intelligent Contracts to XRP
For the duration of an interview with Crypto Eri on September 8, the Flare Co-Founder Hugo Philion disclosed that Flare is heading to bring intelligent contracts to XRP. Illustrating the intent of Flare Networks, Philion said:
“The fast function of Flare is to supply a system for XRP price to be employed with wise contracts, and we have described that very succinctly with the FXRP technique and the Flare paper. That’s definitely the very first intent, and then also in that Flare paper, it is outlined something identified as the Spark-derived purposes, and these will make it possible for that process to broaden this kind of that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the very same way that FXRP is becoming place on to the community.”
Furthermore, Philion defined how the network options to use their utility token Spark as collateral. Philion outlined how people can use XRP with clever contracts stating:
“Spark is utilised to collateralize, or fundamentally to present safety to the FXRP process. The FXRP process is the process that lets for the decentralized, or trustless, issuance of XRP on Flare. So what that signifies is that you have XRP on Flare, and that then allows you to use XRP with clever contracts.”
On the coming 12th of December 2020, when Flare Networks ideas to take a Snapshot it will supply free Spark token to XRP traders.
