November 5: Xpring invests in Flare Networks

Flare Networks is a new blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol. On November 5, Xpring announced it had invested in Flare.

According to the announcement:

“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. A digital asset designed for payments, XRP settles quickly and cheaper for use in transactions than other digital assets today. Users and developers would like to leverage XRP in more use cases, and the Flare Network will enable this capability for more companies and developers eager to leverage XRPL for their needs. Flare Network is currently in the testing phase with early partners including Securitize, Singularity, BuenoBit, Neuhanse Network and many more to be announced.”

For more information on Flare you can read the Introduction to Flare or the whitepaper.