XRP developers run Ethereum smart contracts on the Flare Network
Flare Networks published the first white paper 1.0 detailing how the entire ecosystem functions. By using the Flare Network, smart contracts can be executed directly on the XRP Ledger network. Flare Network already at the end of 2019 partnered with Ripple's Xpring development department to introduce smart contracts to XRP Ledger. In May this year, a Ripple partner launched Coston's first test network to test the use of Smart Contracts in XRP Ledger (XRPL). Flare Networks is the first full Turing Federated Bizantine Agreement (FBA) protocol, and the new way to use XRP is to execute smart contracts on XRPL. The Flare network will integrate the Ethereum virtual machine, allowing public and private networks to use and execute smart contracts, and move applications and smart contracts between the Ethereum network and the XRP network. The resulting ecosystem provides an incentive for agents to participate through obtaining fees as well as the ability to arbitrate. In the Flare Network, the Token Spark (FXRP) is used to represent XRP tokens as security on the network. The FXRP system is a set of financial mechanisms encoded in smart contracts that allow XRP holders to create and recover a 1: 1 XRP token on the Flare Network, called FXRP. To achieve this, the system relies on the agents participating in the system, setting Spark as collateral that earns commissions in return.
By providing this interface, the XRP ledger can be used in any decentralized application, greatly expanding the scope of the XRP application. Scalability is also provided, XRPL offers high transaction throughput. Josh Edwards, vice president of engineering at Flare Networks, describes his project as a transformation that will revolutionize the entire industry: Tweet Ripple works to further advance the XRP adaptation. Recently, Xpring announced financial support for projects aimed at increasing interoperability between XRP Ledger and Ethereum. Using the Interledger (ILP) protocol, a bridge will be built between XRP and ETH, giving Ripple access to the fast-growing DeFi market.