Reviewing Flare Networks: a two-way integration with XRP and white paper details

Reviewing Flare Networks: a two-way integration with XRP and white paper details


Hello, DeFi Enthusiasts!

Welcome to the fresh review I conducted recently!

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More and more companies want to join the new trend by releasing their tokens on the ERC-20 standard or by making it possible to convert their cryptocurrency into a ‘normalized’ token. Ripple is no exception.

Together with Flare Networks, Ripple is actively working to create a platform that will integrate XRP into the Ethereum blockchain and thus create the desired smart contracts. According to Ripple CEO Brad Garlinghaus, it will be possible to combine the best features of XRP (transaction speed), ETH (smart contract creation) and Avalanche (consensus-building algorithm), based on Flare Networks.

This project is entering the final stage of deployment and this is very pleasant news for XRP coin owners as Flare Networks has announced an airdrop (free coin distribution). Anyone who registers their XRP wallet on the Flare portal will receive one Spark token for every XRP coin they own, following the snapshot that is planned for 12th December.

According to the white paper, XRP coins will not be ‘frozen’, as occurs in many projects, the output is possible at any time after the snapshot. Spark coins will be calculated based on the amount that was ‘photographed’.

Creation of a new generation of blockcheck

The Coston test network has two main goals. The first is to allow developers to try out potential applications that they can create using Flare and XRP token. Secondly, to test the various functions of smart contracts, which will form the core service of the Flare network.

Flare Networks will have a two-way integration with XRP without trust. At Coston, this is simulated as a basic one-way binding where the user burns the XRP test tokens to get representative XRP tokens. This provides the developers and Flare with a methodology to create and optimize applications that take into account the interaction between Flare Networks and XRP Ledger.

In addition, it has been announced that Flare will use the XRP address and its encryption system to provide users of Ripple tokens with a virtually ideal form of interaction with smart contracts in the Flare network. Using the Flare network, XRP Ledger will extend the functionality of smart contracts for both individuals and enterprises.

Hugo Filion, CEO and founder of Flare, is also confident about the project as there are already several other technologies that serve as two-way bridges between Ethereum and third-party networks. For example, last week, the NEAR project launched the Rainbow Bridge connecting NEAR to Ethereum, while the Enjin project created a bridge connecting Hyperledger to Ethereum.

Flare Networks has published the code for the Coston public test network, which will be used by developers who want to integrate Flare with XRP for application development, implementation and testing. In addition, the test network will function as a testing ground for various functionalities and smart contracts, which will eventually become the primary mechanism for Flare Networks.

Additional information 

Hard Fork Ripple: Each XRP will be charged at 1:1 FXRP

Hard Flare in the Ripple network will be announced on December 12th, 2020.

Although the new coin is called Spark, not just by the media but also on the official website, it is designated as FXRP, not SXRP, as would be logical to assume.

The word "Flare" is translated from English as "rocket" and is endlessly written about in exchange chats ("Ripple - rocket!", get it!). "Spark" means "spark", which is also quite symbolic.

Thank you for reading this article!

The article is written by Natalia Semerikova and Mr. Anton Dziatkovskiy, the co-founder and CEO of Platinum Software Development Company.

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Anton Dzyatkovskii
Anton Dzyatkovskii

I am the blockchain leader, cryptographer. Co-Founder and CEO at Platinum Q DAO Engineering (www.platinum.fund). I am a passionate entrepreneur and a skilled negotiator.


antondzyatkovskii
antondzyatkovskii

Anton Dzyatkovskii is the blockchain architect lead. He is a passionate entrepreneur and a skilled negotiator. He is a hardworking business leader with more than 13 years of experience in different positions within the FinTech, Retail, and E-Commerce sectors. He is also experienced in expanding financial businesses to totally new markets.

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