The CEO of Ripple, Brad Garlinghouse, has recently unearthed a new development that awaits XRP in the crypto industry through the launch of a new Ripple-based project, Flare, which has been creating euphoria among users of XRP.
The excitement of the Spark token reward that will be distributed to the XRP holder is a big one. Ripple CEO was exhilarated during the recent Inaugural Crypto Town Hall event, where he claimed that Flare will help expand the utility of XRP as the blockchain project combines top qualities from three projects namely XRP, Ethereum, and Avalanche.
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Brad made the declaration while sharing his view on the development of the Flare project and the XRP network at large.
Brad, who is an erstwhile CEO and Chairman of Hightail, said the new Flare project combines the swift settlement speed characteristics of XRP, Ethereum’s smart contract, and Avalanche’s consensus to offer a robust service to the world.
Flare, on August 10, announced the launch of its new public network, which is integrated with XRP.
By combining the best qualities from the three cryptographic projects, Brad Garlinghouse says Flare will offer developers the chance to build smart contract for lending and DeFi. The smart contract will be compatible with XRP Ledger.
Ethereum Virtual Machine is integrated into the Flare Network, making it possible for all types of networks to use smart contracts. Flare Network makes use of a utility token, Spark, which is a product of XRP fork.
The Ripple-based blockchain project also makes use of the XRP encryption scheme to enable compatibility with XRP Ledger and allow XRP users to make use of Flare easily.
Flare network claims that its new project is the “first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol.”
The Spark token is designed to be an algorithmic stablecoin which was borne out of XRP. Flare said on its platform that payment for contract and fund collection can be done with XRP via the Interledger.
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