Ethereum Smart Contracts available on Ripple’s XRP Ledger?

  • Xpring, Ripple’s venture capital company, has invested in the Flare Networks project to expand the scope of XRP.
  • In the future it will be possible to create Smart Contracts on the XRP Ledger by using Flare Networks.

Ripple‘s recent investments were aimed at increasing the adoption and interoperability of XRP. Ripple has always given high priority to extending the use cases of XRP for practical use, beyond the pure processing of cross-border payments. The cooperation with a new partner will bring Smart Contracts to the XRP Ledger.

Xpring invests in Flare Networks

Xpring has announced that Ripple has entered into a collaboration with Flare Networks. Flare Networks is the first Turing Complete Federated Byzantine Agreement (FBA) protocol. The Flare Network integrates the Ethereum Virtual Mashine, enabling public and private networks to use and execute smart contracts.

Just like the XRP Ledger, Flare does not require potentially unscalable economic incentives to ensure network security. Xpring further states that a stablecoin from Flare is used:

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Flare’s native token will be an algorithmic stablecoin created in part by burning XRP, and payments for a contract can be made and received in XRP via Interledger, which will be integrated with Flare. Flare will also use the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network.

Ripple further describes that both users and developers have asked XRP to increase the interoperability of XRP and its scope of use. By using the Flare Network, the XRP ledger will be enhanced with the functionality of Smart Contracts for both individuals and businesses. The Flare Network is currently in the testing phase.

Ripple on expansion course

In the last weeks and months the news around the ecosystem of Ripple has not stopped. Ripple is investing in the Vega Protocol to gain access to the decentralized financial system (DeFi). This new marketplace offers great potential, which is only gradually being recognised and developed by other companies. With this investment, Ripple has been involved right from the start.

A few days ago, Ripple acquired Strata Labs to enable developers to implement and pilot additional protocol standards. Furthermore, Ripple has opened up a new payment corridor from Japan to Vietnam, which will soon be extended to South Korea. Ripple’s smart investments are helping to strengthen the adaptation and acceptance of XRP.

It remains to be seen whether further expansion will have an impact on the price of XRP. Within the last 24 hours, the price of XRP has tended sideways (+ 0.41%) to a price of USD 0.30. The price of XRP is expected to rise to USD 0.30 in the near future.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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