Brad Garlinghouse, the CEO of Ripple, has gone to the press explaining some things about a new crypto platform. This platform sees the combining of the best aspects that Ethereum (ETH), XRP, and Avalanche (AVAX) have to offer the world into one neat package.
Praising Its New Project
During the Inaugural Crypto Town Hall event, Garlinghouse gave his insights regarding his San Francisco-based startup implementing Flare within the XRP network.
Garlinghouse explained that Flare stands as a combination of the best of what Ethereum, XRP, and Avalanche has to offer. He highlighted how it had smart contracts, like Ethereum, as well as fast settlements, like XRP. Lastly, it leverages a consensus system similar to Avalanche’s. This, Garlinghouse stated, helps extend the utility of XRP, in turn, and further allows its developers to develop smart contracts for new use cases. One of these proposed use cases is for something like DeFi, or lending.
Entering The Smart Contract Space
Flare Networks stands as a blockchain firm backed by Ripple, and will reward holders of XRP with Spark. Spark, in turn, stands as a new crypto asset that allows its users to leverage smart contracts and their various features within the Flare ecosystem.
Garlinghouse described the Flair network as a new Turing Complete Smart Contract platform. He stated that it integrates the Ethereum Virtual Machine into it, as well. He explained that the Spark, its native token, is generated thanks to a utility fork of XRP. Alongside this, Flare makes use of the encryption scheme of XRP, which allows for the usage of XRPL and Flare for users of XRP itself.
Some Stipulations About It
Hugo Philion stands as the CEO of Flare, and gave a statement about the matter as well. He stated that investors of XRP, the third-largest cryptocurrency out there, will be capable of claiming one free Spark Token for every XRP token they hold. This, however, doesn’t extend to Ripple as a company itself, which would provide a rather unfair advantage.
Philion explained that users could generate returns by using Spark to issue, then redeem, FXRP tokens. This, in turn, is the gas that runs the smart contracts on Flare Network itself. Alongside this, Spark serves as the governance token of Flare Network, allowing holders to control the future of the cryptocurrency.
This stands as quite an interesting development for XRP. Only time will tell how successful this venture is, but this could very well be the next step in maintaining staying power for the cryptocurrency.