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

The Flare Network plans to build a new two-way bridge connecting XRP to the Ethereum ecosystem.

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On Aug. 26, 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.

The trustless bridge will allow XRP on the Flare Network — known as FXRP — to be used within the Ethereum network while “providing a scaling platform for Ethereum tokens and applications.”

Flare is a network that integrates the Ethereum Virtual Machine in order to provide advanced smart contracts on the XRP network.

The proposal, which needs to be approved by the Ripple Foundation, will be the group’s first governance proposal and has mostly been met with positive feedback from the community, with Twitter user Tristan commenting, “As soon as it’s done. I’m moving all my apps and smart contracts over.”

But some users, like JGrim, question whether a connection to Ethereum was needed at all, saying that “it will only slow down the Flare network.” Ethereum’s fees have hit $99 for some DeFi users recently amid network congestion.

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.”

Flare Network’s collaboration with Ripple began in November last year and was funded by Ripple’s Development arm Xpring. In February this year, Xpring announced its intention to develop a bridge between the two networks and sponsored three challenges during the ETH Denver hackathon, all of which revolved around a bridge between XRP and Ethereum.

Flare’s CEO and founder Hugo Philion is confident about this new proposal since there are already “several projects” that serve as a two-way bridge between other networks and Ethereum. Last week the NEAR project launched the Rainbow Bridge connecting their platform with Ethereum, and Enjin have already built a bridge connecting Hyperledger with Ethereum.

 

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CRYPTOCURRENCY

U.S public listed company allocates $425 million into Bitcoin

MicroStrategy CEO spoke on how the treasury asset would be kept.

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MicroStrategy CEO, Michael Saylor, the leader of a U.S public traded company, has convinced the board to allocate nearly all of the company’s $425 million cash position to bitcoin.

MicroStrategy has made a number of headlines in recent times for its initial $250 million Bitcoin (BTC) investment. The company later poured a subsequent $175 million into the asset—a lengthy endeavor totaling almost 100 hours of work.

“To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC every 3 seconds,” Michael Saylor said in a tweet yesterday.

The MicroStrategy CEO spoke on how the treasury asset would be kept. “If Bitcoin is treated as a treasury reserve asset, based on our model, 99.98% of all transactions will be off-chain, and assets-at-risk will be in cold storage 99.92% of the time.” 

Why Microstrategy is buying Bitcoin

Recall that about a month ago, our source  broke the news on MicroStrategy adopting Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal and it’s good to see BTCs being used as intended—a hard money/savings instrument.

“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael Saylor.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” he added.

There’s never been a better time to buy Bitcoins than now that the government is involved in stimulus packages that are intended to pump money into the system.

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CRYPTOCURRENCY

Ethereum Miners earn a staggering $1 million in 1 hour

ETH miners on the network earned a staggering $1 million in just one hour.

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Ethereum miners seem to be smiling to the bank now. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record. Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $1 million in just one hour.

Following UniswapProtocol’s announcement of the UNI token recently, Ethereum saw a massive surge in miner fees. Almost $1M USD in fees was spent in a single hour, thereby setting a new record high.

This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.

Meanwhile, the median Ethereum gas price has massively spiked as well, reaching levels as high as 700 Gwei.

What is Gas? On Ethereum, all transactions and smart contract executions require a small fee to be paid, called Gas. In technical terms, Gas refers to the unit of measurement on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.

However, the Ethereum network has been having constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases. However, it is not the only network whose fees have been rising.

Is mining Ethereum mining worth it? When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.

However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.

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Major reasons why XRP is better than Bitcoin

Ripple (XRP) plays dual roles as a payment platform and a currency.

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Ripple, the world’s fast-growing crypto payment powerhouse and owner of the fourth most valuable crypto by market size, is showing some of its advantages over the flagship crypto token(Bitcoin).

A popularly known crypto analyst, with the pseudo name Crypto Whale, spoke on XRP’s unique advantages over Bitcoin. Crypto Whale went on, saying;

1.XRP is x1000 faster than $BTC (3-4 seconds)
2.XRP is x1000 cheaper than $BTC (> $0.01)
3.XRP is better for the environment (no mining)
4.XRP is more scalable

At the time this report was drafted the fourth most valuable crypto, XRP price traded at$0.249510 with a daily trading volume of $1,859,495,081. XRP price is up 2.4% in the last 24 hours.

What you should know; Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet). XRP is the digital token that has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.

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