Crypto Startup Flare Outlines Plan to Bring Smart Contracts to XRP, Says Bitcoin and Litecoin May be Next


Ripple companion and crypto startup Flare Networks says it’s bringing good contracts to XRP, and it might transfer onto different networks like Bitcoin and Litecoin sooner or later, in response to Flare co-founder Hugo Philion.

Philion notes, nevertheless, that holders of Flare’s native token, Spark, may have the final say whether or not the protocol will develop to different blockchains. Spark buyers can maintain a governance vote after Flare launches in December.

Says the co-founder in a brand new interview with Crypto Eri,

“The fast objective of Flare is to supply a platform for XRP worth for use with good contracts, and we’ve outlined that fairly succinctly with the FXRP system and the Flare paper. That’s actually the primary objective, after which additionally in that Flare paper, it’s outlined one thing known as the Spark-derived purposes, and these will enable that system to develop such that the worth from different networks that aren’t Turing full, like Bitcoin or Litecoin, may very well be replicated in the identical method that FXRP is being put onto the community.

That is one thing that must be a governance concern, and one thing that Spark token holders will vote on over time.”

According to the white paper, Flare is a Turing-complete good contract protocol that leverages the Ethereum Virtual Machine. The crypto asset is designed to “enable trustless token representations of non-Turing complete tokens” resembling XRP, Bitcoin, and Litecoin, and permit these networks to run good contracts.

Flare Networks plans to supply XRP buyers free Spark governance token for each XRP they maintain when Flare takes a “snapshot” on December 12th. They won’t have to surrender their XRP to obtain them.

In addition to being a governance token, Philion says Spark can be used as collateral.

“Spark is the token of the network but the network is a smart contract network and Spark is used to collateralize, or basically to provide safety to the FXRP system. The FXRP system is the system that allows for the decentralized, or trustless, issuance of XRP on Flare. So what that means is that you have XRP on Flare, and that then allows you to use XRP with smart contracts.”

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