Ripple Partner Flare Preparing to Launch Smart Contracts on XRP (Big news!)

https://www.youtube.com/watch?v=M_jEWcaVvAQ

Flare Networks is taking a big step forward in its efforts to launch smart contracts on the XRP Ledger. The startup says it’s about to roll out a public testnet code-named Coston.

Smart contracts are designed to function like contracts written on paper – except they are processed without the need of an enforcer or arbitrator. They can contain specified terms that are then digitally stored in code on a distributed ledger. Once the conditions of the agreement are satisfied, the transaction, such as a payment, is executed and becomes irreversible.