A two-way bridge between XRP and Ethereum
Blockchain project Flare Networks, funded by Ripple’s investment arm Xpring, has announced plans to integrate the XRPL and Ethereum ecosystems. Through Witter, Flare Networks said it would submit its first governance proposal to build an untrusted two-way bridge between Ethereum and Flare :Flare Networks has announced plans to build an untrusted two-way bridge between Ethereum and Flare, and has submitted a government proposal to determine whether it will be implemented. Bridging would be a way for etherbody-based applications to access the XRP ledger, and vice versa.
Likely one of the first governance
proposals that the foundation is going to be asked to consider is integrating a
trustless 2 way bridge between Ethereum and Flare.
As reported by CNF, Flare Networks began its partnership with Ripple late last year with the Xpring funding. The goal of the partnership is to integrate smart contracts into the XRP Ledger. The investment was a means to extend the functionality of the XRP Ledger to more advanced smart contract based applications. Thus Flare Networks, the first Turing Complete Federated Byzantine Agreement (FBA) network, will implement a new use case for the XRP digital asset. To achieve this, it integrates the Ethereum Virtual Machine.
According to Flare’s CEO and founder Hugo
Philion, the proposal seeks to let users decide, through the network’s
governance model, whether they should invest resources in the proposal. At the
same time, Philion said that there are already “several projects” that serve as
a two-way bridge between another network and Ethereum. Therefore, they are
confident that the project is viable.
Flare Networks also announced on Twitter
that the two-way bridge would enable the use of the Flare Token (FXRP) on
Ethereum, allowing existing Ethereum applications to access the XRP market:
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
Within the crypto community, the user
responses were mixed. Some celebrated the announcement and integration of the
two ecosystems by highlighting the benefits for the entire crypto space. Others
reacted negatively by stating that Flare Networks can exist on its own and that
the developers of the Ethereum will migrate “anyway” to the Flare network.
Just a few days ago, Ripple’s CEO Brad
Garlinghouse highlighted Flare’s advantages at the Crypto Town Hall, held in
the United States:
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.
Author : Reynaldo