- Flare Networks defines the scope of the project’s capabilities, claiming that its protocol can bring smart contract functionality to Bitcoin (BTC).
Flare Networks defines the scope of the project’s capabilities, claiming that its protocol can bring smart contract functionality to Bitcoin (BTC).
Hugo Philion: Flare Networks could bring smart contract functionality to Bitcoin (BTC)
Flare’s co-founder Hugo Philion said in a recent interview hosted by Real Vision that their projects could potentially bring smart contract capabilities to the Bitcoin blockchain after XRP. Hugo Philion adds the following to his comments on the subject:
WE ARE A PROJECT BASED ON AN ASSISTANT PROGRAM ON BENEFITING BITCOIN POTENTIALLY TO OTHER NETWORKS LIKE XRP, POTENTIAL TO OTHER NETWORKS. ANY ASSET CAN BE REPRESENTED, ANY BLOCKCHAIN ASSET CAN BE REPRESENTED IN FLARE. ISSUE THAT YES, WE ARE TRYING TO BRING A VERY STRONG IDEA ON HOW THE UTILITY PROGRAM WORKS AND WHY THEY SHOULD PARTICIPATE.
Flare Networks’ new target seems to be Bitcoin
Flare Networks aims to become a new, scalable and secure Blockchain network that can bring distributed finance (DeFi) and smart contracts to Blockchain networks, starting with XRP and Litecoin (LTC) and possibly shifting to Bitcoin.
The co-founder adds that the process of integrating Flare with new networks takes time, as the project aims to fully deploy and protect the usefulness of the Spark management token. Hugo Phillion says the team is planning to grow its ecosystem while also carefully planning to grow towards a value network. Hugo Philion adds the following to his comments on the subject:
FLARE IS TO CREATE A NETWORK. AFTER YOU CREATE A NETWORK, IT BECOMES A FOUNDATION FOR THE NETWORK. THERE IS A MANAGEMENT PROCESS FOR EVERYTHING AFTER THAT POINT. FLARE WILL NOT CONSTANTLY ADD NEW THINGS WITHOUT CREATING A NETWORK. BECAUSE WE CAN’T. THIS DOES NOT WORK THAT. THERE MUST BE A DECENTRALED NETWORK. WE MUST BE MANAGEMENT AND ALSO WE CANNOT DO AS A FOUNDATION AND ALSO AS A SPONSOR, WE CANNOT COMMIT ANYTHING TO THE NETWORK AS A POTENTIAL RELATED COMMERCIAL ASSET. THIS IS NOT A SECURITY, YOU WILL NOT TAKE A SHARE AND WE WILL NOT ADD VALUE TO IT. WE ARE BUILDING A NETWORK. IT WORKS LIKE A AUTOMAT AND I HOPE BENEFITS.
Flare airdrops Ripple and Litecoin holders
Earlier this year, Flare announced that it will hold an airdrop for Litecoin holders, in addition to the Spark token airdrop for XRP holders. Flare will be launched in the second quarter of 2021 and will airdrop the Spark token to Litecoin holders who qualify for the airdrop prior to launch.