A Former Executive at Ripple Defends $XRP’s Value and Predicts the Future of Smart Contracts
Matt Hamilton, a former Principal Developer Advocate at the FinTech company Ripple, has defended the value of the $XRP coin and predicted the implementation of smart contracts on the cryptocurrency’s ledger.
These tokens might be used to fuel decentralized apps, as they are on other networks like Ethereum and the BNB Chain.
Hamilton, who is presently the Principal Developer Advocate at Protocol Labs, continues to use Twitter to clear any misunderstandings around XRP and XRPL Ledger. In response to a user’s claim that $XRP has “no usefulness and is very centralized,” he said that it is “daily used for cross-border payments, NFTs, site monetization, etc.”
When a user pointed out that the cryptocurrency’s ledger does not allow smart contracts, Hamilton said that the majority of the required functionality – such as fungible tokens, NFTs, escrows, and decentralized exchanges – is already there, and smart contracts are on the way.
According to Hamilton, “much of the misinformation circulated about XRP to this day” originates from the “early days of Bitcoin Talk you could make 5 BTC by posting FUD claiming XRP was centralized and a hoax.”
As for smart contracts, it is unclear if the former Ripple official was referring to smart contracts on the $XRP Ledger directly or via another solution.
Flare will distribute Spark (FLR) coins to XRP holders, as reported by CryptoGlobe. As soon as the network becomes online, each qualified holder will get 15% of their claimable FLR tokens, with the ability to claim an average of 3% every month afterwards.
Token holders may earn interest on their investments by pledging Spark tokens to ensure the trustless issuance and redemption of FXRP, a protocol developed to “safely allow the trustless issuance, use, and redemption, of XRP on Flare.” Spark tokens will be utilised for governance on the Flare network via voting processes.
The Flare network will introduce Ethereum-based smart contracts to non-Ethereum Virtual Machine-compatible networks, such as the XRP Ledger. XLM, LTC, and DOGE will also be supported.