Ripple’s Xpring Invests in Flare Networks | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
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,