What is Spark Token (FLR) and Flare Network? Explain details

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Spark (FLR) token, you must be excited about the FLR token airdrop event, right. XRP holders who are eligible for the upcoming SPARK token airdrop are XRP holders that will receive FLR based on the XRP they have.

The article will consist of 3 main parts:

  1. Introducing Flare Network
  2. Information about Spark token (FLR) and application
  3. Besides, there is some information to know for the airdrop event for XRP holder on exchange.

What is spark flr

What is Flare Network?

Flare Network is a distributed network that integrates the Ethereum virtual machine (EVM). EVM basically converts smart contracts into instructions that the computer can read. This allows the network to run Turing-complete smart contracts. Turing-completeness means it can run almost any computation, as long as there is enough memory to run it.

It can combine several powerful properties to create a decentralized application ecosystem. In short, Flare aims to be a way to expand the smart contract network.

How does Flare Network work?

Flare uses a consensus protocol called Avalanche, which has been modified to work with the Federated Byzantine Agreement (FBA).

FBA is a consensus mechanism used by networks like XRPL and Stellar. The bottom line is that Flare's consensus algorithm is not based economic mechanisms (economic mechanisms) like  Proof of Stake (PoS) to maintain the security of the network.

Regarding economic mechanisms, for example, take a token like ether (ETH) for the Ethereum network. After Ethereum completely switched to Proof of Stake (PoS) in  Ethereum 2.0 , the security of the network will be entirely dependent on the validator token contributors. This means, according to the extension, security will depend on the token (and the amount of tokens that are staking). Flare's consensus protocol does not require this.

Essentially, according to the creators of Flare, this design choice adds flexibility to the token without compromising security.

Spark Token (FLR) price, marketcap, chart, and fundamentals info

Spark is a native of Flare Network. Its basic use case is similar to that of other native tokens - to prevent spam attacks. If the transactions are free, then spamming and clogging the network with useless transactions is also free.

What is Spark Token (FLR) used for?

FLR can be used for the following functions:

  • As collateral in decentralized applications (DApps)
  • To provide data to an oracle on the chain
  • Participate in protocol administration

These three components aim to enable an ecosystem of Spark-based applications called Spark Dependent Applications (SDA). SDA may also allow untrusted representation of tokens on other networks. Even the networks do not support smart contracts.

Basic information of FLR token

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Spark Allocation (FLR)

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Release schedule

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What exchange is FLR traded on?

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What is FXRP token?

FXRP is a trustless representation of XRP tokens on Flare Network. It can be created and acquired by XRP holders through smart contracts.

Watch now: What is Ripple (XRP)?

The system also relies on participants who place Spark Tokens as collateral and earn fees in the FXRP creation and redemption process. This, combined with potential arbitrage opportunities, will ensure that a 1: 1 rate between XRP and FXRP is maintained.

Remember when we talked about how Flare enabled smart contracts capabilities on networks that don't support it? That's what's happening with FXRP. It allows XRP to be used with smart contracts and does not require a central party issuing tokens to be wrapped.

Instructions for participating in Spark Token Airdrop

How do I qualify for the Spark Token Airdrop?

To receive the SPARK token airdrop, users must have their XRP balance by December 12, the scheduled date for FLR distribution. A snapshot of all XRP balances is taken at 12:00 GMT, just before distribution.

The amount of XRP in your balance will determine the number of SPARKs you will receive. It is also important to consider the conditions of each exchange. Because they will determine the amount of FLR that will eventually receive.

XRP lovers bought as much XRP as possible to benefit from the airdrop. Analysts believe that the increased demand for XRP is one of the main reasons behind the recent bull run in the past weeks.

At the time of writing, there is no fixed value for the SPARK token, meaning its price will be determined by the market when the transaction commences.

Exchanges supporting Airdrop Spark Token

Binance

As the world's largest cryptocurrency exchange, Binance announced Token airdrop support on November 25.

According to Binance, XRP transactions will not be affected during the snapshot time. However, the exchange will suspend the deposit and withdrawal services.

Users who want to use Binance to request SPARK tokens need to deposit their XRP before the snapshot.

Register for a Bianance account: https://blogtienao.com/go/binance

OKEx

OKEx is a popular cryptocurrency exchange based in Malta. Platform for spot trading and derivatives. On December 01, OKEx joined the growing list of exchanges to announce support for the upcoming FLR airdrop to XRP holders.

The exchange noted that they will suspend deposits and withdrawals at 12:00 UTC on December 11 until after the snapshot at 12:12 a.m.

Register for an Okex account: https://blogtienao.com/go/okex

KuCoin

KuCoin has now grown into a leading cryptocurrency exchange in the industry. Announcing its support on November 25, KuCoin revealed that it will process the FLR airdrop for its XRP customers.

However, XRP deposit and withdrawal services will be suspended on February 12 at 2:06 (UTC + 00). Purchasing activities will not be affected.

Register for a Kucoin account: https://blogtienao.com/go/kucoin

Other exchanges that will support the SPARK token airdrop include Huobi, Bittrex, Bithumb, Poloniex, Altcoin Trader, Bitrue, Coinspot, Gatehub, Uphold, AnchorUSD and CEX.io, ...

Summary

Flare will soon release a whitepaper detailing the construction and decentralization of native stablecoins. This whitepaper will then form the basis for further internal research. External consultation with partner, validator, community, outside experts. The current expectation is that the stabble coin will be pegged to the USD and allow part creation by burning XRP.

Flare team has been working for more than 2 years with the aim of building a platform that can enable mass migration to decentralized systems. They believe that when they were on Flare launch, they were not bound by economic incentives. The low volatility of native tokens helps to keep the cost of use stable. Flare will then take a good first step in that direction.

Flare has many more steps to take. They want the community to follow them along the way. You might even consider using Flare for your own use case.

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1 COMMENTS

  1. HELLO

    J'ai acquis des XRP en novembre 2020 sur le site KRAKEN.
    Est-ce que je peux réclamer mes SPARK?
    Dois-je les transférer vers Binance?
    thank you for your reply
    Sincerely
    M. Benmansour

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