Flare Networks has received a strategic investment from Ripple’s initiative to build an ecosystem around the XRP Ledger (XRPL), Xpring.
The company’s network is built on the Flare Consensus Protocol, which is the first Turing Complete Federated Byzantine Agreement (FBA) algorithm. Moreover, the network will incorporate the XRP encryption and address scheme, which means it will use Flare to operate and participate in smart contracts.
Its native token will be an algorithmic stablecoin created in part by burning XRP. The stablecoin is designed to make computation costs stable and predictable, and to provide a useful tool for decentralised finance (DeFi) use cases.
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