Flare Networks today announced it has received a strategic investment from Xpring, Ripple’s initiative to build an ecosystem around the XRP Ledger (XRPL).
The Flare Network is built on the Flare Consensus Protocol, which is the first Turing Complete Federated Byzantine Agreement (FBA) algorithm. Flare’s native token will be an
algorithmic stablecoin created in part by burning XRP. The network will incorporate the XRP encryption and address scheme — meaning using Flare to operate and participate in smart contracts will be a virtually seamless experience for existing XRP users. Today, FBA algorithms are already used successfully for foreign exchange (FX) and payments use cases by XRP Ledger and Stellar.
The Flare Network is the first realization of the highly useful security and cooperation
properties of FBA algorithms for smart contracts, bringing a new way of scaling smart contracts without having to rely on economic incentives to provide safety. A native stablecoin is designed to make computation costs stable and predictable, while providing a useful tool for decentralized finance (DeFi) use cases. The company has been developing the Flare Network for over two years and looks forward to seeing what the community and businesses create on the platform.
Hugo Philion, CEO of Flare Networks, said, “The partnership and investment enables the company to further the technical and business development of the Flare blockchain platform. The partnership with Xpring brings a wealth of resources and partners to enhance and extend Flare, Xpring and XRP’s ecosystems and we look forward to working further with Xpring to serve their partner’s needs beyond payments.”
Flare’s initial users include:
- Securitize, the security token issuance and lifecycle management platform.
- Singularity, the new platform for managing on and off-chain financial assets and identity
- BuenoBit, which builds a remittance network for Latin America through industry consolidation.
- Neuhanse Network, which builds blockchain infrastructure for e-governance networks
- Custody Digital Group, a secure custodial platform.
“Welcoming Flare to the Xpring ecosystem was a natural fit, given the utilization of XRP at the core of its smart contract network,” said Ethan Beard, SVP of Xpring. “Further building on our vision to make it easy for all developers to build on the XRP Ledger and leverage Interledger Protocol, the Flare Network provides a virtually seamless experience for XRP users.”
About Flare Networks
Flare Networks is a new Layer 1 blockchain built on the Flare Consensus Protocol, the first Turing Complete Federated Byzantine Agreement Protocol. Flare is a smart contract network that doesn’t require economic incentives for security and will use a pegged stablecoin as its native token. Flare has been developed to provide a secure and fair substrate for scaling businesses on the blockchain.
Xpring is Ripple’s initiative to develop infrastructure and collaborate with innovative blockchain projects to increase the adoption of XRP. Our objective is to create a robust community of developers, entrepreneurs and companies who are transforming industries using technologies such as Interledger and XRP Ledger.
Ripple’s vision is to enable the world to move money like information moves today, the Internet of Value. With offices in San Francisco, New York, London, Mumbai, Singapore, São Paulo, Reykjavík, Washington D.C., Dubai and Sydney, Ripple has more than 200 customers around the world.