Ripple’s Xpring Invests in Flare Networks
Xpring, the investment arm of the Ripple distributed ledger technology (DLT) project, has invested in Flare Networks, a newly launched project that claims to be the first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol, according to a blog post on November 5, 2019.
Flare Networks Welcomes Xpring
In line with its objective of making life easier for startups creating real use cases for Ripple’s XRP token, Xpring has invested in Flare Networks, a project that claims to be the world’s first blockchain network powered by a Turing Complete Federated Byzantine Agreement (FBA) protocol.
According to a blog post by the Flare team, the Flare ecosystem comes with a single, algorithmically stable base unit of account that is partly generated by burning XRP tokens.
The team says the Flare network adopts the XRP encryption and address schemes, making it possible for both its native token and XRP to be used with a single key, thereby providing a virtually frictionless experience for XRP holders.
Commenting on the development, the Xpring team said:
“We are proud to announce our latest investment in smart contracts with Flare Networks, the first-ever Turing Complete Federated Byzantine Agreement protocol. The Flare Network integrates the Ethereum Virtual Machine, enabling public and private networks to leverage smart contracts.”
The Flare Advantage
Per the Flare team, the FBA consensus algorithm that powers the network stands it apart from other blockchains with unscalable economic models, as Flare does not rely on money or economic incentives to secure the network.
The team has revealed plans to release a “draft token whitepaper “ that will provide users with detailed information about the construction and decentralized management information of its native stablecoin.
Flare claims its stablecoin will be very useful for businesses and entrepreneurs, as it comes with stable pricing and low volatility.
“Flare stablecoin’s safety doesn’t break down if your business grows large, if your security token represents billions of dollars of value or if the ramifications of failure of your system are unquantifiable,”
As reported by BTCManager earlier in August 2019, Xpring invested $260 million into Coil, to boost content monetization on the platform and in October, Xpring invested in Towo Labs, a platform that’s focused on facilitating the integration of XRP into hardware wallets.
At time of writing, the price of XRP is up by 0.23 percent at $0.301194, with a market cap of $13.03 billion, as seen on CoinMarketCap.