Flagship currency, Bitcoin has every chance of becoming an F-asset: all that is required is community approval. The Flare (FLR) team and community offer yet another technique for avoiding “proof of work” consensus in and integrate Bitcoin (BTC).
Bitcoin Might Integrate To Flare Network
A Flare panel member inquired about the potential of the Flare (FLR) smart contracts platform integrating Bitcoin (BTC). According to @BakkupBradley, this integration would be a tremendous opportunity for the king currency.
#BTC can be added via governance. If it was added, transacting FBTC on Flare or issued trustlessly from Flare to the XRP ledger could be a useful and trustless alternative to lightning. https://t.co/X9AHCWWQeb
— Flare (@FlareNetworks) July 15, 2021
Flare Networks, the startup behind Flare’s blockchain technologies, reacted and informed the user that this integration is feasible.
As mentioned in the team’s most recent tweet, the inclusion of Bitcoin (BTC) as an F-asset must be authorized by the governance process.
Flare Networks previously held a series of community-driven polls to choose assets for inclusion in Flare.
Following similar referendums, the tokens of memetic Litecoin (LTC) fork Dogecoin (DOGE) and PoS-based Ethereum (ETH) killer Cardano (ADA) were integrated.
Flare Might Benefit From ADA Integration
Flare Networks, including the XRPL utility fork, have already included support for prominent cryptocurrencies like Ripple-affiliated XRP, Bitcoin’s hard fork Litecoin, and LTC’s hard fork DOGE, which Elon Musk adores.
Stellar’s XLM is also on the list.
Following this, the price of Dogecoin increased by a staggering 55%. Early in January, plans to incorporate LTC were disclosed.
It is now contemplating integrating ADA, the third biggest cryptocurrency.
The Flare (FLR) Mainnet WIll Launch Soon
If approved, this proposal will enable Bitcoin (BTC) transactions on Flare (FLR) or XRP Ledger a viable alternative to the Lightning Network, the first-ever mainstream scaling option for Bitcoin (BTC).
Bitcoins (BTC) are transmitted over a network of payment channels on Lightning, significantly reducing the strain on the Bitcoin (BTC) mainnet.
Flare (FLR) is an EVM-compatible Turing-complete smart contract platform that will provide programmatic functionalities to the XRP Ledger.
The project is now undergoing stress tests on the Coston testnet, with the mainnet expected to start in July.