Victor Ugochukwu · Dec 14, 2020 . 5min read
Ripple Partner Flare to Develop Trustless Two-Way Bridge between ETH and XRP
The blockchain project Flare Networks, the partner of Ripple, to develop trustless two way bridge for Ripple (XRP) and Ethereum (ETH).
By Komal Joshi · Aug 26, 2020 . 5min read
The blockchain project Flare Networks, partner of the blockchain payments company Ripple, intends to bring together two ecosystems Ripple (XRP) and Ethereum (ETH). The primary purpose is to offer open access to the XRP market into the available applications of ETH. Flare is a blockchain network based on the Flare Consensus Protocol, the first Turing Complete Federated Byzantine Agreement protocol.
Ripple partner Flare has proposed an idea on Twitter to combine a trustless two-way bridge within the Ethereum (ETH) network. According to Flare, the community is most likely to cast a vote on this governance proposal by the blockchain project. However, if the bridge proposal receives the green light, XRPL will become a scaling platform for decentralized applications. It will provide a much higher transaction throughput. In the meantime, XRP will substantially extend the number of its use cases.
Expansion of Ripple’s XRP through Flare
The blockchain project said that it would promote the trustless application of FXRP on Ethereum. Flare’s token is called Spark. Additionally, it will also give ETH tokens a scaling platform. Aside from this, the XRP market will have entrance to ETH applications. Hence, bringing together these two ecosystems is the plan.
According to Flare,
“This would allow FXRP to be used trustlessly on Ethereum as well as providing a scaling platform for Ethereum tokens and applications whilst giving access to the XRP market for existing Ethereum applications. This could bring together the XRP and Ethereum ecosystems.”
Flare Networks is expanding the acceptance of XRP. The CEO of Ripple Brad Garlinghouse emphasized the significance of Flare’s plan in the cryptocurrency town hall. However, it was conducted recently for the first time. During this hall, Ripple CEO said, “From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts), and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.”
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