Flare Network to Support Litecoin Ahead of Q2 Launch

By Ibiam Wayas January 09, 2021 In Crypto News, Litecoin

A decentralized network, Flare, which wants to bring full smart contract utility to the fourth-largest cryptocurrency Ripple (XRP), will also support Litecoin (LTC), according to the information shared on Friday. This should be a good development when launched, as it will open up more access and value for Litecoin. Also, the Flare network team mentioned on Twitter that LTC holders would equally receive the Spark (FLR) token.

More Interoperability for Litecoin

Flare is a distributed network that integrates the Ethereum Virtual Machine (EVM). The team precisely noted that they would integrate Litecoin ahead of the Flare network launch, which is scheduled to hold later in quarter two of this year. When the network finally launches, LTC holders will be able to use the cryptocurrency with “Ethereum style smart contracts,” although only on Flare. 

The development will give Litecoin “interoperability and composability,” Flare said. Additionally, the Flare foundation agreed to allocate about five billion Spark tokens to LTC holders. There wasn’t any more information provided regarding the FLR distribution method for LTC participants. However, Flare Foundation noted that its token allocation would be reduced to support the LTC holders. Hence, the estimated amount of FLR to be distributed to XRP holders won’t be changed. 

Bitcoin Next?

Having announced plans to add Litecoin to the network, Bitcoin (BTC) could be the next digital currency in line. When Flare began pushing the initiative with Ripple, the CEO, and co-founder, Hugo Philion, mentioned that they would expand the network to include other cryptocurrencies – Bitcoin and Litecoin. Meanwhile, some people think there’s some sort of rule change, as Flare previously noted that more coins would be supported only when voted by the FLR holders.

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“[…]and then also in that Flare paper, it’s defined something called the Spark-derived applications, and these will allow that system to expand such that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the same way that FXRP is being put onto the network. That is something that will have to be a governance issue and something that Spark token holders will vote on overtime.”

Ibiam Wayas
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Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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