Flare, a partner of the blockchain payments startup Ripple, has announced the launch of its new public network using XRP integration.
According to the official update published on August 10, Flare has announced detailed plans for the deployment of its public Flare Network. The new platform will utilize a native token, dubbed Spark, as well as trustless integration for XRP.
The post claims Flare to be the world’s first “Turing complete Federated Byzantine Agreement (FBA)” network. The new platform will integrate the Ethereum Virtual Machine (EVM) and use a layered protocol to enable trustless issuance and redemption of XRP on Flare (FXRP), as opposed to deriving safety from a token.
Flare intends to create 100 billion spark tokens at the outset of the network’s launch, with 45 billion being claimable by existing XRP holders.
The post continues,
Spark token holders can earn a return on their Spark tokens both through committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP and by contributing data to the Flare time series oracle. These functions do not compete with each other.
In addition to providing incentives, spark will also serve as a governance token for the network and allow users to vote on the direction of the platform.
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