The Flare Network announced that they will be integrating Litecoin smart contracts through its platform. This is expected to allow the LTC cryptocurrency trustlessly on Flare using Ethereum-style smart contracts. Litecoin smart contracts will give interoperability and composability to Litecoin.
Litecoin Smart Contracts Through the Flare Network
The Flare Network announced a few hours ago that they will be integrating Litecoin ahead of the Flare network launch in the second quarter of this year. In addition to it, the Flare foundation informed that they will be reducing their token allocation by 5 billion in order to distribute FLR to LTC participants.
Although Flare Networks didn’t release further details about the funds being distributed to LTC users, we could expect a similar thing to what Flare Networks did with XRP holders in December 2020. Last year, a snapshot was taken of XRP holders that connected their wallets to the Flare Network.
Users that held XRP in some exchanges and wallets were selected to receive Spark (FLR) tokens. Although these coins were not yet released to the market, they will be shared with XRP holders that participated in the Snapshot. The Flare Network is also working to add smart contracts to the XRP Ledger. In this way, XRP users will have the possibility to interact with a wide range of solutions related to the decentralized finance (DeFi) market.
Litecoin (LTC) is one of the largest cryptocurrencies in the market. At the same time, it has been working since 2011 and attracted a large number of users since then. Nowadays, Litecoin has a market valuation of $11 billion and a price per coin of almost $170.
The Litecoin Foundation considers that they are very excited to see the possibilities offered by Flare. It is worth pointing out that this is not the first time that smart contracts come to Litecoin. In the past, the Abra trading platform offered limited solutions to Litecoin users that wanted to handle smart contracts.
In the future, new functionalities could be added to Litecoin via Flare Networks. This could be a great way for the Litecoin community to find new and exciting solutions for the LTC virtual currency.
Litecoin developers are now working on privacy solutions to help the LTC community to have more privacy while handling digital currencies. By using the MimbleWimble privacy solution, Litecoin will have the possibility to provide users with fungibility and privacy. This would make LTC the largest cryptocurrency with privacy features.