Ripple Chief Says New Crypto Project Combining Best of XRP, Ethereum and Avalanche

Ripple chief executive Brad Garlinghouse says a new crypto platform is combining the best of what XRP, Ethereum (ETH), and Avalanche (AVAX) have to offer.

During the Inaugural Crypto Town Hall event, the head of the San Francisco-based startup shares his insights on the implementation of Flare with the XRP network.

“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.”

Flare Networks, a Ripple-backed blockchain firm, is rewarding XRP holders with Spark, which is a new crypto asset that enables users to leverage the features of smart contracts.

“The Flare Network is a new Turing Complete Smart Contract platform… integrating the Ethereum Virtual Machine. Its native token, the Spark, is generated through a utility fork of XRP. Furthermore, Flare uses the XRP encryption scheme, which can facilitate the usage of XRPL and Flare for XRP users.”

In a blog post, Flare CEO Hugo Philion says investors of the third-largest cryptocurrency, with the exception of Ripple, can claim one free Spark token for each XRP they hold. With Spark, users can generate returns by using their coins to issue and redeem FXRP tokens, which is the gas that runs smart contracts on Flare. Spark also serves as Flare Network’s governance token, giving holders the power to control the future of the crypto asset.

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