XRP+ETH – Combine and Conquer Mission By Flare Network

DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.

Can you imagine what will happen when the Top 2 and 3 cryptocurrencies of the world, by Market Capitalization category, working together in harmony? That would be mind-blowing! BOOM!!! :-)

Sorry Bitcoin, you’re already the King crypto coin. ;-) Enough said.

Image courtesy of Cryptogazette.com

Combine and Conquer. That’s the term I want to use as Flare Network reveals its plan to bridge XRP’s on-demand-liquity power to ETH’s smart contracts technology.

Let’s forget first the prices of the 2 cryptocurrencies as they are down against the USD at the moment of my writing.

-0.54% and -0.36% respectively in Bitstamp.net exchange.

While XRPETH is down by 1.53% in Binance.com exchange.

Let’s focus on this one idea right now that there is a possibility to bridge 2 different cryptocurrencies together knowing that they are working from 2 different ecosystems. I know this hurts our brains a lot right now! This is a very mind-boggling topic. I give you one example, the Flare Network in analogy is trying to mix the WATER and OIL together in harmony! I’m not a chemist and my grades are mediocre in Chemistry subject way back in college. :-(

XRP has the XRP ledger and using Proof-of-Consensus while Ethereum uses an “open source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain”. I quoted here at https://en.wikipedia.org/wiki/Ethereum

If this bridging by Flare Network is possible and succeeds, what could be the challenges ahead?

Like:

• Can the transactions using this bridge be faster or slower?

• The transaction fees be cheaper or more expensive?

• The Flare’s network stability issues in handling these 2 different cryptos that are working on its respective ecosystem.

• The effect on XRP and ETH prices against the USD and their trading itself?

• And others more to be discovered!

Alright, I am just featuring the main article here because recently last August 26, 2020 which is just yesterday:

Ripple (XRP) partner Flare Networks revealed details of a proposed new bridge connecting XRP with the Ethereum (ETH) blockchain. Ripple’s CEO Brad Garlinghouse and the XRP Army have expressed support for the first two-way bridge to bring the ecosystems together.

Ripple’s CEO Brad Garlinghouse said that Flare will offer users the best of both worlds:

“From my point of view Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and defi”.

To find out the full details, visit the link below:

Flare proposes new bridge to allow XRP to be used on Ethereum

Hope you enjoyed reading this article. Thank me later. ;-)