Former Ripple CEO defends utility of $XRP, says smart contracts are coming

Attorney Matt Hamilton, a former lead developer at FinTech company Ripple, defended the usefulness of the $XRP token and said that smart contracts are coming to the cryptocurrency ledger. They can be used to run decentralized applications just as they are used in other networks such as Ethereum and the BNB chain. 

 Hamilton, currently lead developer advocate at Protocol Labs, continues to spend time on Twitter to help clear up the confusion surrounding XRP and the XRPL Ledger. In response to a user who said that $XRP "has no utility and is highly centralized," he replied that it is "used literally every day to monetize cross-border payments, NFTs, e-commerce, etc." 

When a user pointed out that the cryptocurrency ledger does not support smart contracts, Hamilton said that most of the required features - including tradable tokens, NFTs, escrow, decentralized exchanges and more - are already built in, and true smart contracts are coming. . . 

 Well, most of the features you need (token exchange, NFTs, escrow, multisig, DEX) are all built in. 

 But yes, smart contracts are being developed 
 — Matt Hamilton (@HammerToe) December 22, 2022 

 Hamilton previously said that "In the early days of Bitcoin Talk, you could make 5 BTC posting FUD that XRP was centralized and fraud, and that it is "the source of much of the misinformation about XRP that is still being spread today".

 Regarding smart contracts, it is unclear whether the former Ripple executive was referring to smart contracts directly on the $XRP ledger or through. some other means. 
 According to CryptoGlobe, Flare Drops Spark XRP (FLR) Tokens holders. When the network is launched, each eligible holder will immediately receive 15% of their redeemable FLR tokens and can then redeem an average of 3% per month.

 The Spark tokens are used to power the Flare network through voting mechanisms, and token holders can earn income from their holdings by pledging Spark FXRP tokens as collateral. The protocol is designed to enable the reliable issuance, use and secure redemption of XRP is Flare. ." 

 The Flare network itself brings Ethereum-based smart contracts to compatible non-Etheruem networks of virtual machines, such as the XRP Ledger. It also supports XLM, LTC and DOGE support. 

 Additionally, analysts said that Ethereum's development of a virtual machine-compatible blockchain for the XRP Ledger could be "very bullish" for the cryptocurrency, as it has been for some of its competitors.

Source : cryptoglobe

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