The official Flare Network twitter account released a couple of tweets on 1/8/21 with some big news. Prior to the the Flare Network launch in Q2 2021, Flare Network will be integrating its smart contract functionality with the Litecoin blockchain. Litecoin holders are now able to utilize all of the functionalities on Flare Network by locking their Litecoin in a smart contract and trustlessly minting the f-asset, FLTC, onto the Flare Network. Check out these two tweets from Flare on this major announcement.
Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability. #LTC #Unlockingvalue @LTCFoundation @litecoin /1 of 2
— Flare (@FlareNetworks) January 8, 2021
Flare Networks decision to integrate Litecoin with their network may come as a surprise to some as the original marketing to XRP holders was that owners of Spark ($FLR), the native asset of Flare, would vote on future integrations to other blockchains. It is easy to speculate that Flare may now be hedging their bet on XRP with the recently announced SEC lawsuit against Ripple for selling XRP as an unregistered security. However, Flare’s CEO, Hugo Philion, has stated adamantly on Twitter that they have received extensive legal guidance saying that XRP is indeed not a security. Additionally, regulatory agencies in the United Kingdom, Japan, and Singapore have all ruled XRP as not a security. Regardless of the reasoning behind the recent announcement for integration with Litecoin, this is a huge step for Flare and all future Spark holders as this will only drive more value to the network. It was always in the plan that Flare would integrate with other non-turing complete blockchains in the future, but the speed at which Flare is somewhat of a surprise to the general crypto community. Santiago Velez of RealVision announced the same day that he had finished recording an interview with Hugo Philion, which will be released the following week. Velez’s tweet announcement hints at a discussion on the integration of Litecoin.
Airing next week where we discuss this & other announcements / design choices:
1. Avalance / BFT
2. Ethereum Virtual Machine
3. Solidity smart contracts
5. XRP/LTC/BTC https://t.co/eCRsZQVY0Y
— Santiago Velez (@Santiag78758327) January 8, 2021