Litecoin will obtain smart contract abilities via Flare Networks, according to a recent tweet. Flare Networks has announced that it will shortly be combining Litecoin (LTC), the fifth-largest cryptocurrency, ahead of its launch in the second quarter of 2021. This will append smart contract functionality to the blockchain, therefore prominently improving its abilities. It will offer Litecoin with interoperability and composability.
However, Flare Networks has not yet declared what developers will be capable of doing with smart contracts. Litecoin developers will probably develop decentralized applications (dApps) comparable to those discovered on Ethereum. It will also airdrop tokens to Litecoin holders.
Flare Networks to combine smart contracts with XRP Ledger
Moreover, after the network launch, everyone will receive 15% of the total airdrop. The distribution of the rest of the tokens will take place over two years. The process may consume a maximum of 34 months. Additionally, the project will reallocate 5 billion FLR tokens from its holdings to pay those who partake in the airdrop. Flare is also operating to combine smart contracts with XRP Ledger in a comparable way. It will issue tokens from that airdrop later this year.
Litecoin Foundation has acknowledged the efforts of Flare. It states that it is fascinating to view the ability of smart contracts and interoperability driving into the mainstream through Flare. Nevertheless, other third parties have attempted similar goals with slight advertisements. In 2018, Litecoin leader Charlie Lee earlier accepted to extend Litecoin’s support for smart contracts by a different platform, Abra. The Abra trading platform restricted those smart contracts to specific functions. Flare’s smart contracts will be much more full-featured. However, it is not apparent whether Flare-based smart contracts will become highly visible when the project goes live.
After the SEC charged Ripple with unregistered security, various significant exchanges, including Coinbase, have either suspended or ultimately delisted XRP. Nevertheless, they will continue with the airdrop of FLR tokens. Flare Network intends to lower XRP’s dependency on its issuer, Ripple Labs, by building a set of new applications for the fourth-largest cryptocurrency.
Follow BitcoinWorld for the latest updates.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.