A senior executive at the crypto startup and Ripple partner Flare says the XRP Ledger is poised to dive into a new realm with the launch of smart contract integration.
In a new TokyoCrypto interview, Flare’s head of business development Mohamed Taysir says the company’s effort to bridge smart contracts and XRP will open the door to a multi-billion-dollar market.
“Why that is very exciting is because it opens up a lot of possibilities to a big, big market that is just sitting there with a huge market value of $10 billion today.”
As for what makes Flare unique, Taysir explains how it adds smart contract functionality to the fourth-largest crypto asset.
“Flare is a new network. So we’re the first Turing complete FBA (Federated Byzantine Agreement) network and we’re using the Ethereum virtual machine for our smart contracts…
We added the Ethereum virtual machine so that we can bring in at launch one of the protocols that we’ve been working on is the FXRP or the Flare XRP, basically. It’s a trustless representation of XRP on the Flare network so that it can utilize smart contracts. In short, we’re basically adding smart contract functionality that can run with XRP.”
Taysir also offers his take on how gamers will eventually rely on blockchain and non-fungible tokens (NFTs).
NFTs are special cryptographic tokens that serve as verifiable proof of ownership of a particular digital asset such as gaming items or collectibles. Unlike crypto assets such as Ethereum (ETH) and Bitcoin (BTC), NFTs are assets that are not interchangeable. Each non-fungible token holds the identifying characteristics of a certain asset stored in the blockchain.
With smart contract capabilities, XRP can enter the world of NFTs, which Taysir says has the potential to be big.
“It’s not just going to catch on. I think blockchain and NFTs are just going to be a part of the new ecosystems of the VR world because it’s one of the ways you can safely manage ownership over digital assets within that space essentially.”
In addition, Taysir highlights that Flare’s smart contract functionality can also be integrated with other non-Turing complete cryptocurrencies like Bitcoin.
“So essentially with Flare what is super exciting is that what we’re doing with XRP transcends just XRP. It can be done with any of the non-Turing complete assets that lie out there. So we’re starting with XRP because it’s a big community, it’s well developed, and it’s really big value.
But also there are others like 75% of the crypto world, like the actual value of the crypto lie in non-Turing complete assets ie BTC, Stellar, Litecoin. So what we’re doing with FXRP can be generalized into an F asset that can be issued to run with smart contracts on Flare.”
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