Litecoin Will Get Smart Contracts via Flare Network
Key Takeaways
- Flare Networks is working to introduce smart contracts on Litecoin.
- This feature will introduce application and development capabilities, similar to the functionality found on Ethereum.
- Litecoin users can also participate in Flare Networks’ airdrop.
Litecoin will receive smart contract capabilities through Flare Network, according to a tweet from the latter project.
Flare Networks Add Smart Contracts
Flare Networks says that it will introduce the feature ahead of its launch in Q2 2021. It says that this will allow Litecoin to be transacted on Flare “with Ethereum-style smart contracts,” noting that this will provide Litecoin with “interoperability and composability.”
Though Flare Networks has not yet announced precisely what developers will be able to do with smart contracts, it is likely that Litecoin developers will be able to create decentralized applications (dApps) similar to those found on Ethereum.
Flare Networks will also airdrop tokens to Litecoin holders. The project will reallocate 5 billion FLR tokens from its own holdings in order to pay those who participate in the airdrop.
Flare is also working to integrate smart contracts with XRP Ledger in a similar way. It will release tokens from that airdrop later this year.
Is the Project Viable?
Though Flare is a third-party project, the Litecoin Foundation has acknowledged its efforts, noting that it is “very excited to see the capability of smart contracts and interoperability” coming via Flare.
However, other third parties have pursued similar goals with little fanfare. In 2018, Litecoin leader Charlie Lee previously acknowledged Litecoin support for smart contracts through a different platform, Abra. Those smart contracts were limited to certain functions on the Abra trading platform.
Flare’s smart contracts will seemingly be much more full-featured. Nevertheless, it is not clear that Flare-based smart contracts will be widely used or become highly used when the project goes live.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article