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Ripple's investment department Xpring has supported the Flare Network project, which will add smart contracts to the XRP network, iHodl Russia reports.

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Flare Networks is developing a Turing-complete protocol based on the Federated Byzantine Agreement (FBA) consensus mechanism. It allows you to integrate the Ethereum virtual machine (EVM) into private and public networks, with which it will be possible to use smart contracts.

The Flare native token will be an algorithmic stablecoin, partially created by burning XRP.

Sending and receiving payments in smart contracts can be carried out in XRP through the Interledger protocol, which will be integrated into the Flare system.

In addition, the startup uses the XRP addresses and encryption scheme to provide better compatibility. Ripple notes that smart contracts will help XRP further delve into the decentralized financial services (DeFi) industry, of which developers announced an interest in September.

Earlier iHodl reported that the former counselor to Secretary of the Treasury Steven Mnuchi, Craig Phillips, joined Ripple's board of directors.

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