On August 26, Ripple (XRP) partner Flare Networks announced specifics of the planned new bridge linking XRP to the Ethereum (ETH) blockchain. Brad Garlinghouse, CEO of Ripple, and the XRP Army have pledged support for the first two-way bridge to bring ecosystems together.
The Trustless Bridge would enable XRP on the Flare Network — known as FXRP — for use on the Ethereum network thus "offering a scalable framework for Ethereum coins and apps." Flare is a network that incorporates the Ethereum Virtual Machine to deploy sophisticated smart contracts to the XRP network.
The plan, which has to be accepted by the Ripple Base, would be the group's first governance plan and has largely met with supportive input from the crowd, with Tristan 's Twitter user saying, "As soon as it's completed. I'm transferring all of my smart applications and contracts away.
But some users, including JGrim, doubt why a link to Ethereum was required at all, claiming that "it's only going to bog down the Flare network." Ethereum's fees have recently reached $99 for some DeFi users in the midst of network congestion. Brad Garlinghouse, CEO of Ripple, said that Flare would give consumers the best of all worlds:
"Flare, from my point of view, combines the best of XRP (Very Fast Settlement), Ethereum (Smart Contracts) and Avalanche (Consensus) which assists XRP expand its utility and enables programmers to build smart contracts for new uses such as lending and defi."
The CEO and founder of Flare, Hugo Philion, is optimistic of this latest idea because there are already "several ventures" that act as a two-way link between several networks and Ethereum.
Source: CoinTelegraph
