Like Bitcoin, Ripple is about to develop new technology for its Blockchain. The FinTech company has announced the imminent arrival of Smart Contracts in the cryptocurrency ledger. These smart contracts will be used to power decentralized applications and improve the quality of services within its network.
Ripple: between misinformation and innovation
Matt Hamilton, former attorney for crypto firm Ripple, has confirmed the arrival of the smart contracts on its blockchain by defending the usefulness of the token $XRP.
First, he wanted to clarify the imbroglio between XRP and XRPL Ledger that is currently plaguing the industry. Thus, he stated that the XRP token “was literally used daily for cross-border payments, NFTs and web monetization ». This in response to a user who claimed on Twitter that XRP “has no use » because of its strong centralization.
For the current lead lawyer of Protocol Labs, the advent of new smart contracts brings its share of surprises. Indeed, these could be used in certain decentralized applications, as evidenced by the experience on the ethereum network and on the BNB channel.
However, the former leader was keen to shed light on the causes of most of the misinformation being spread about XRP. Indeed, during the Bitcoin Talk, it was possible to earn 5 BTC posting that XRP is a scam with strong centralization.
In a completely different analysis, CryptoGlobe announced that XRP holders benefit from the Spark tokens (FLR). Indeed, Flare promises 15% of its tokens to each eligible holder, who can claim 3% per month.
According to CryptoGlobe, these tokens are nothing more than protocols designed to secure the issuance, use and redemption of XRP on Flare. To this end, their use will serve for governance on the Flare network through voting mechanisms. To get a return on their holdings, holders must pledge their tokens as collateral when trading on this network. Finally, the developers will bring smart contracts to other networks compatible with Ethereum VirtualMachine as XRP Ledger, XLM, LTC and DOGE.
Conclusion
Ripple has announced the successful arrival of smart contracts within its Blockchain. Only, it provokes a wave of reactions to which Matt Hamilton responded. The development of these smart contracts will bring more security during purchases and other transactions in the cryptocurrency ledger. Finally, several analysts claim that a Sidechain compatible with Ethereum Virtual Machine could be very bullish for the XRP Ledger crypto.
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