Monday, May 10, 2021

Flare Community Approves Dogecoin (DOGE) As New Asset for Flare Networks

Flare Networks, the development team behind the soon to be launched Flare blockchain, conducted a poll on Twitter, asking whether to bring the cryptocurrency created out of meme, Dogecoin (DOGE), to Flare, the same way Ripple’s XRP and Litecoin (LTC) were incorporated.

Considering the outcome of the Twitter poll, which is a direct decision of the Flare community, Dogecoin (DOGE) would join the likes of XRP and LTC as a new Flare asset.

Read Also: Elon Musk Acknowledges His Position as the Former CEO of Dogecoin (DOGE)

Dogecoin (DOGE) Implementation Approved by the Flare community

On 21st January 2021, Flare Networks launched a community referendum with only one question. Flare Networks asked its over 62,000 followers on Twitter to specify their position on the possibility of adding Dogecoin (DOGE) as an F-Asset on Flare.

The poll was concluded a few hours ago. The outcome makes it clear that the Flare community members are looking forward to welcoming DOGE into the ecosystem. 53.1% of respondents show their optimism in the meme token as a third F-asset alongside XRP and Litecoin (LTC).

According to the CEO of Flare Networks, Hugo Philion, the value behind a digital currency protocol is the core criteria for the implementation of new assets.

The poll meant to decide whether to incorporate Dogecoin (DOGE) garnered thousands of interests among Flare Network community members on Twitter. 11,546 crypto enthusiasts featured in the popular poll.

Read Also: Elon Musk Shares His Thought about Bitcoin (BTC) and Money

What Does F-Assets Imply in the Flare Community?

Going by the official explanation by Flare Networks, F-Asset should be referred to 1:1 representation of Flare on any token from another chain.

Due to the trustless design of Flare, the bridge between the two protocols is established in a decentralized manner without involving any third party.

Flare is a programmatic blockchain, so bridging to it enables smart contract functionality for every connected blockchain. FXRP, an XRP-pegged token, will be the first one to go live on Flare. Also, recently, Flare Networks announced the integration of the Litecoin-based FLTC token.

Read Also: Dogecoin (DOGE) Listed On Three Exchanges within 24 Hours

Moreover, Flare will be Ethereum-compatible from inception. Flare, a Turing-complete blockchain, utilizes FBA mechanism and Avalanche consensus. Flare’s first mainnet release is expected in the first quarter of 2021.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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