Flare Networks is defining the extent of the project’s capabilities, claiming that its protocol could bring smart contract functionality to Bitcoin.
“We are a network that is based around utility, about providing utility to other networks such as XRP, potentially one day, Bitcoin, potentially other networks. Any asset can be represented, any blockchain asset can be represented on Flare. The point is that, yes, we are trying to put forward a very strong idea for each participant about how utility works, and why they need to participate.”
Flare Networks aims to be a new scalable and safe blockchain network that can bring decentralized finance (DeFi) and smart contracts to blockchain networks, starting with XRP and Litecoin (LTC) and then possibly to the king crypto itself.
The co-founder adds that the process to integrate Flare with new networks is one that takes time to set up, as the project aims to be fully decentralized and to have its governance Spark token maintain utility.
The team plans to grow its ecosystem, says Phillion, while also carefully growing into a value network.
“Flare is creating a network. Then once it creates a network, that network has a foundation. After that point, there is a governance process for everything. Flare will not be just continually adding new things without governance form a network. Because specifically we cannot. That is not the way this works. It has to be a decentralized network. It has to have governance and also, we cannot as a foundation, and even as a sponsor, potentially related commercial entity, we cannot undertake to do anything for the network. Because as you have seen as many, many different cold cases, we make no undertaking that we have any responsibility towards building.
This is not a security you are not bing an equity and we are not going to be providing the value to that. We are setting up a network. It is going to run like an automaton and hopefully it provides utility and it bulls an ecosystem around it.”
Flare is set to launch in Q2 of 2021 and will airdrop its Spark token to Litecoin holders who qualify for the airdrop ahead of the launch.
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