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Ripple Partners with Smart Contracts Platform to Expand Use Cases
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Author Topic: Ripple Partners with Smart Contracts Platform to Expand Use Cases  (Read 235 times)
Abhickm
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Nov 06, 2019 06:58 AM

Ripple has been on the run to expand its use cases beyond cross border payments. Currently, the company is closing in towards decentralized finance and gaming with an investment in smart contracts platform,
Flare.  Ripple’s investment arm, Xprings announced the impending partnership in an official statement dubbed “ first-ever Turing Complete Federated Byzantine Agreement Protocol”.



Flare Implements Ethereum Virtual Machine

Further, the official statement went on to highlight that Flare implements Ethereum Virtual Machine to enable private/public networks to access smart contracts. Shares a similarity with XRP ledger for not depending on fiat/unfeasible economic incentives to encrypt the network. Also, Flare happens to be the first smart contracts platform to implement FBA consensus to scale the network.

Springs Head director, Vanessa Pestritto stated that developers and users alike would have to leverage XRP in several diverse use case; Hence the significance of the partnership with Flare that will ensure the XRPL will meet their needs completely

The announcement clarified that Flare would integrate XRP encryption and address; to offer a seamless experience for XRP users to implement smart contracts on its platform.

Flare has been building on top of the Flare Network for the past two years and has ensured that XRPL provides users a simpler way to execute complex and interesting things. At the moment, Flare is headed by initial partners like; Custody Digital Group, Singularity, BuenoBit, Neuhanse Network and Securitize. Note that the firm recently promised to announce other pilot partners in due time.

Conclusion

Also note that Flare is planning to spearhead a native token to act as an in-between stable coin. However, the firm has not yet released the whitepaper behind the coin. Meanwhile, we are sure that the coin will be birthed from burning XRP and shall be pegged to the United States Dollar. For contract payments, XRP will be the main component in the inter ledger that shall be integrated with the Flare network.

Source: https://www.cryptoknowmics.com/news/ripple-partners-with-smart-contracts-platform-to-expand-use-cases
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