Cryptocurrency startup and the partner of Ripple, Flare Networks has devised a plan to bring smart contracts to the XRP ecosystem. According to the Co-Founder of Flare Hugo Philion, the company is also planning on moving into the world’s leading digital currency Bitcoin (BTC) as well as Litecoin (LTC) in the future.
Bringing Smart Contracts to XRP
During an interview with Crypto Eri on September 8, the Flare Co-Founder Hugo Philion revealed that Flare is going to bring smart contracts to XRP. Illustrating the purpose of Flare Networks, Philion stated:
“The immediate purpose of Flare is to provide a platform for XRP value to be used with smart contracts, and we’ve defined that quite succinctly with the FXRP system and the Flare paper. That’s really the first purpose, and then also in that Flare paper, it’s defined something called the Spark-derived applications, and these will allow that system to expand such that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the same way that FXRP is being put onto the network.”
Furthermore, Philion explained how the network plans to use their utility token Spark as collateral. Philion outlined how users can use XRP with smart contracts saying:
“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.”
On the coming 12th of December 2020, when Flare Networks plans to take a Snapshot it will offer free Spark token to XRP investors.