On Friday we announced that Litecoin (LTC) will be integrated as an F-Asset on the Flare Network at launch. This post is intended both as a guide for anyone new to Flare and as specific information for Litecoin holders.
For those familiar with Flare, jump to the bottom to see an update on the general rewards pool.
For those new to Flare, to understand what “integrate” means, an F-Asset is a 1:1 representation on Flare of any token from another chain. Flare’s F-Asset protocol can be thought of as a pure trustless and non custodial bridge from one chain to Flare and back again. F-Assets are created and redeemed without relying on a third party.
In short the F-Asset protocol is designed to allow any asset from any chain to be used with full Ethereum style smart contracts on Flare without relying on a centralized third party.
Flare has already announced the integration of XRP for network launch, with the addition of LTC Flare can bring smart contract utility to both networks at launch.In a nutshell what is Flare offering? Smart Contracts, scalable for TPS and value.
A scalable smart contract platform that uses the Ethereum Virtual Machine. Smart contracts are written in the same language as is used on Ethereum. Any smart contract that runs on Ethereum can run on Flare.
Flare’s consensus protocol doesn’t require value to secure the network. To summarize why this is useful: Deriving security from value (PoS) means that the value locked on the network must scale as the value expressed or built on the network increases. This makes such a network economically inefficient and presents a new barrier to mass adoption, that of scaling for value. Flare doesn’t suffer from this.Brings smart contracts to XRP, LTC and potentially any blockchain asset. Genuinely trustlessly.
The F-Asset protocol allows any token from any chain to be trustlessly represented on Flare without making any modifications to the un...