The news was disclosed by Flare Networks, which stated that the tech incubator Xpring is backing it with investments and also has entered into a partnership in order to provide a draw a “wealth of resources and partners to enhance and extend the Flare, Xpring and XRP ecosystems.”
The Flare Network, which has under development for the past two years, incorporates the Ethereum Virtual Machine to facilitate public and private networks to capitalize on smart contracts.
At the earliest, Flare will unveil a draft token whitepaper elaborating the building and decentralized administration of its native coin, which will be a stablecoin administered through an algorithm. Xpring further elaborated:
“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.”
The team behind Xpring also stated that Flare will utilize “the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network,” permitting additional users and coders to capitalize the XRP Ledger in additional use cases, including app building and contract settlement.
Last month, Xpring took a stake in Swedish firm Towo Labs, which facilitates self-custody of cryptocurrencies, to develop firmware for hardware wallet. Xpring stated that the Swedish firm intends to build a fresh version of the XRP Toolkit and firmware that syncs with all kinds of XRP Ledger transactions, and also a non-custodial kind of web interface.
Title: Xpring, Ripple’s Investment Arm, Picks-Up Stake In Smart Contract Platform Flare Networks