Ripple-backed cryptocurrency startup Flare Networks has announced it plans to airdrop Spark (FLR) tokens to Litecoin (LTC) holders and bring smart contract capabilities to the cryptocurrency often referred to as the silver to bitcoin’s gold.

According to a tweet the startup published, Flare will be integration LTC ahead of the network’s launch in Q2 of this year, which will allow LTC to be used “trustlessly on Flare with Ethereum style smart contracts.”

Flare has added more details will be revealed next week, and although a lot is still unclear this likely means developers will be able to use Litecoin on the Flare network to be able to create decentralized applications (dApps) similar to those found on the Ethereum network.

Read Also:   Stellar (XLM) Prints Bullish Breakout, Why It Could Test $0.20

This would allow developers to bring the decentralized finance (DeFi) ecosystem to LTC holders without having to create a tokenized version of the cryptocurrency on the Ethereum network. Flare has revealed it will reduce the token allocation for the Flare Foundation by 5 million Spark (FLR), so the tokens can be airdropped to LTC participants.




The Flare Foundation is a non-profit organization, and has written in its constitution it must be wound down and all of its Spark tokens burned if token holders agree its existence is no longer beneficial to the network.

Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”

Read Also:   'Bitcoin Family': This Dutch Family of Five Went All In on $BTC Four Years Ago

Flare is set to airdrop 45 million FLR to XRP token holders. The network integrates with the Ethereum Virtual Machine (EVM) and does not derive safety from a token. Flare is supported by Ripple’s investment arm RippleX, formerly Xpring.

Featured image via Pixabay.




Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Ripple-Backed Flare Networks Announced Spark (FLR) Token Airdrop to Litecoin Holders

by John R. Potter
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format