Flare Networks will bring Ethereum-like development capabilities to Litecoin by bringing smart contracts on the token, allowing it to be used trustlessly on Flare.
Flare will also airdrop FLR token to Litecoin holders.
Flare Brings Smart Contracts To Litecoin
The new feature will be rolled out in the second quarter of 2021 and extend the capabilities of Litecoin, providing it more flexibility, interoperability, and composability. The Ethereum style smart contracts would allow Litecoin developers to develop various dApps and other features on the Flare network like Ethereum protocol.
Flare said that they would also reward Flare tokens to the Litecoin holders and allocate 5 billion FLR tokens to pay for the airdrop. The details of the airdrop to Litecoin holders would be furbished in a few days.
Litecoin is one of the biggest digital assets which does not have smart contract capabilities. The Litecoin Foundation has welcomed the integration has said that they are highly excited to see the capability of smart contracts and interoperability coming for Litecoin through Flare. This integration is a step forward for the various initiatives that bring together DeFi capabilities to the non-Ethereum based coins. The Flare smart contracts will apparently be full-featured. However, their complete capabilities and implementation would be clearer after the launch.
Flare is a blockchain protocol that airdropped its SPARK tokens to all the XRP token holders last year. Flare collaborated with Ripple Inc to bring XRP and Ethereum blockchain together. Through its native token Spark, Flares intends to allow smart contracts to scale without the need to attach security to its token value.
Flare took the snapshot of XRP holders in December and award around 1.0073 Spark tokens for each XRP token to the holders as per the snapshot. A total of 45,827,728,412 Spark tokens is set to be distributed to XRP holders by the second quarter of 2021 ahead of the Flare Network launch. Even though XRP and Ripple Inc face a lot of tribulation currently amid SEC Lawsuit, the flare XRP airdrop would go as planned, and the XRP holders would receive the free tokens.
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