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Flare Releases Schedule For Spark (FLR) Giveaway For XRP Holders

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  • Spark tokens are native to Flare blockchain
  • 15% of claimable tokens to be distributed immediately.

Positive news for XRP holders

In a blog-post, Flare announced that the Flare code repository was now public. This means that validators can now connect to the chain. Exchanges are being onboarded onto Flare so that transactions with token receivers are ‘seamlessly smooth.’

According to the post, the beta version is supposed to last for 6-9 months; and this will not affect the economics of the network, the tokens or the delegations.

Flare’s creators created Flare to improve the functionality of blockchain networks by introducing smart contract capabilities beginning with XRP and subsequently, Litecoin.

A smart contract is essentially an agreement the terms of which are written in the form of computer code. The contract is between a buyer and a seller and exists in a decentralized way across the chain.

Validators on a blockchain are computer systems (nodes) that verify transactions. These are not random systems. People can volunteer to become validators; however, the process may need unusual computing power.

The giveaway schedule

Earlier plans indicated that the distribution event is scheduled from October 24th to November 6th. However, the schedule will kick in only if the required number of validators participate in the event. 

However, Flare shared recently that the drop airdrop will occur when “66% of validator power is independent of Flare, OR January 14th, 2023 (whatever comes first).”

The Flare code is in beta stage and the validation load will be split between Flare Time Series Oracle or FTSO validators and professional infrastructure providers. 

The network infrastructure:

> Flare Foundation – 5 validators.

> Professional Infrastructure Partner 1 – 5 validators.

> Professional Infrastructure Partner 2 – 5 validators.

> Professional Infrastructure Partner 3 – 5 validators.

> FTSO validators – up to 100 validators.

The structure is designed to enable ‘a safe shift of validation power from the infrastructure partners to the FTSO group, such that at the end of the Beta the FTSO validators operate all of the validation power in the network.’

“This gives FTSOs sufficient time to learn to run effective validator infrastructure or outsource this requirement, without putting the burden of launching a new blockchain directly on the FTSO set immediately.” 

Flare explained FTSO in a tweet:

“#FTSO is the Flare Time Series Oracle. This is the ‘heartbeat’ of the #Flare network, bringing applications to life through the provision of rapidly updating, accurate price data via a network of decentralized data providers.” Essentially, an FTSO will source data from different exchanges to determine the price of the token, which in this case are FXRP and FLR.

Note: all crypto assets on the Flare blockchain have ‘F’ as their prefix (for instance, Litecoin on the Flare chain is called ‘FLTC’)

Earlier, Flare revealed that each XRP holder will receive 15% of their claimable Spark tokens immediately; and 3% every month after that. This will proceed for a minimum of 25 months and maximum 34 months.

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