Ripple’s XRP’s late spike in 2020 was due in part to a massive airdrop of Flare (FLR) tokens. Now the smart contract solution also offers support for Litecoin (LTC). A FLR Airdrop for Crypto Bank scam users is in the works.
XRP wallets included in the December Snapshot receive the Flare Token (worth a lot of money, at least potentially).
Now Flare writes that they will „reduce“ the number of flare tokens for the founders of the project by 5 billion. This extra will be distributed to „Litecoin participants“.
The tweet promises to be clarified in the coming week.
Flare for airdrops
Tokens on the Flare network, known as Spark, will be used for governance and collateral after the expected token drop in Q2 2021. The company plans to bring smart contracts to Ripple’s XRP.
So far, Ripple has been seen as a vehicle for transferring money – and Flare claims that the Spark tokens will add value.
With this tweet, the company is now announcing something that was rather unexpected: that the network will support other cryptocurrencies in addition to Ripple’s XRP, namely Litecoin.
Flare received a huge amount of press and hype upfront. However, the company also calls its FLR tokens XFLR tokens (for XRP) on their website. There can also be LFLR tokens for Litecoin. And it may not end there.
Flare could add support for other currencies.
According to Flare, they want to support other networks in the future, but that was hardly considered. Support for, say, the Bitcoin network could have a big impact.
Smart contracts and Ethereum competition
The short version of Flare’s purpose is to enable smart contracts on protocols that don’t have them built in. Flare is powered by Ripple’s XRP, and the airdrop on most XRP-holding wallets puts flare in the spotlight.
There has been a huge amount of interest in Ethereum over the past few weeks, and since it’s the tried and tested and secure smart contract chain, that’s no surprise. The number 2 of cryptocurrencies could attract new investors who feel that they have „missed the boat“ with Bitcoin, many analysts see an increase to over $ 10,000 (Get in now? Buy Ethereum here with PayPal instructions).
But the technology behind Ethereum’s value is the smart contracts. Although there are many other similar protocols that are potential competitors (DOT, ADA, EOS), Ethereum is still at the top.
However, if other networks (like XRP or LTC) could support smart contracts, that would make them more attractive. If these protocols could be interoperable over the Flare network, that would be a coup for Spark tokens (Flare hasn’t indicated they have any plans for that).