The long road of XRP to Spark Token (FXRP)
tabilizing a failed file currency because Ripple is not a blockchain token
Why talk of Ripple? Because it is fascinating to see how the government, banks, and fintech pay attentions to Ripple. Since years the only real product of Ripple is Xcurrent. A message system which is used by partner but not XRP. Ripple XRP is actually under scam focus because of a trial. Ripple is under investigation betraying by saying XRP is a coin but the description shows it is a security token. Ripple has thousands of tx/s but shows no value in these actually. So there is nothing happening on the system, which is not a blockchain. Many people say XRP is overhyped. Now they want to have a DeFi moment raising more capital announcing a new token. In a new blog post, Flare Networks CEO Hugo Philion says XRP holders other than Ripple can use their holdings to claim 1:1 amount of Spark tokens. The cryptocurrency works with the Flare network, which is designed to allow XRP holders to use 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.”
According to Philion, Spark serves as the collateral for the issuance of FXRP tokens, which is the fuel that powers smart contracts on Flare. The Flare Networks executive also says the blockchain features a layer two solution that enables the “trustless issuance, usage, and creation FXRP.”
The next show of Ripple lost in his own society: FXRP. How long do we watch this circus? Read the full story here.