- Flare Networks has claimed that its developing protocol will integrate smart contracts with Bitcoin
- This function’s availability will follow XRP’s successful initiation of the same
- The network is also going to make its Spark token available to Litecoin and XRP holders
Following XRP’s footsteps, Flare Networks is gearing up for the launch of its new protocol which will make the usage of smart contracts possible in Bitcoin’s blockchain.
Flare To Amalgamate Smart Contracts With Bitcoin
Flare Networks is characterizing the degree of the undertaking’s abilities, guaranteeing that its novel protocol could bring smart contract utility to Bitcoin.
In a new interview facilitated by Real Vision, Hugo Philion, the co-founder of Flare, says that after XRP, their incentive might actually bring smart contract abilities to the Bitcoin blockchain.
He shared that the organization is based around utility, about providing the same to different organizations. This could also be extended to cryptocurrency like Bitcoin and XRP, which might be possible one day. Both of these are conceivably different digital coins. He claimed that any asset can be addressed. This specifically includes blockchain assets which can be showcased on the network. The platform is attempting to advance a solid thought for every member about how utility functions, and why they need to partake in this integration.
Flare Networks expects to be another versatile and safe blockchain network that can bring smart contracts and decentralized finance (DeFi) to blockchain networks, beginning with XRP and Litecoin (LTC) and afterward perhaps to the biggest crypto itself.
Blockchain Network Which Is Scalable And Secure
Philion added that the process to incorporate Flare with new organizations is one that will require a certain amount of time as well as effort to formulate. This is because the venture aims to be completely decentralized and to have its Spark token overlook utility. The group intends to develop its ecosystem while simultaneously developing into a valuable organization.
The company is oriented towards creating an accessible network which integrates all aspects of digital finance. Once this is achieved, the network will have a solid foundation on which it can function. An administrative cycle for everything will follow. Flare is not looking at introducing novel aspects without any monitoring from various parties. An authoritative structure is required by all organisations for their efficient functioning. Flare is set to become a decentralised platform. Therefore, without any responsibility, no undertaking can be carried out which may promise the development of new and enhanced protocols without any backing. The team is hopeful that the network will be successful in building a utility-based ecosystem for users.
Recently, Flare reported that notwithstanding its Spark token airdrop to qualified XRP holders, it would play out an airdrop for qualifying Litecoin holders as well.
Flare is set to dispatch in Q2 2021 and will airdrop its Spark token to Litecoin holders who fit the bill for the airdrop before the launch.
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