Flare Networks, a blockchain project that claims to be the first-ever Turing Complete Federated Byzantine Agreement (FBA) protocol, is set to achieve a major milestone in its aim to launch smart contracts on the XRP ledger. Per sources close to the matter, the startup has rolled out a public testnet code dubbed Coston.
Flare Networks Poised to Launch Smart Contracts on XRP Ledger
In a recent announcement, Flare Networks stated they’ll outline detailed plans to trustlessly integrate XRP with Flare over the next quarter. Through this integration, developers will be able to launch smart contracts with XRP on a next-generation blockchain with settlement on the XRP Ledger.
According to the announcement, the Coston public testnet is designed with primarily two important goals in mind.
First, the testnet will be used by developers who want to integrate Flare with the XRP digital token to develop, implement, and test applications before risking actual value. Secondly, the testnet will function as testing grounds to test various functionality and smart contracts that will eventually form the core utility of the Flare Network.
The announcement reads in part:
“The Flare Network will have a two way trustless integration with XRP. On Coston, this is modelled as a basic one way peg, whereby a user burns test XRP tokens to receive representative XRP tokens. This gives developers and Flare a methodology for building and optimizing applications that account for the interaction between the Flare Network and the XRP Ledger.”
Notably, the Coston testnet’s code structure enables it to function as a network running the Avalanche consensus protocol while leveraging the Ethereum Virtual Machine for smart contracts.
Ripple’s Relationship with Flare Networks
Flare Networks is one of the many distributed ledger technology (DLT) startups Ripple’s investment arm Xpring has invested in, to date.
As reported by BTCManager on November 6, 2019, Xpring’s decision to invest in Flare Networks was in line with its aim to increase the number of use-cases for the XRP digital token.
At the time, it was announced that Flare’s native digital token would be an algorithmic stablecoin created in part by burning XRP. Further, Flare would also be using the XRP address and encryption system to provide XRP users with a seamless way of interacting with smart contracts on the Flare Network.