Bitcoin has only one future while XRP has endless – it’s that simple. Twitter noise and FUD cant change that. Regardless being an XRP holder right now feel is a lot like drowning lately. Finally, we get a breath of fresh air! As I am sure you know XRP recently had a utility called Spark (FLR). This is likely one of the largest and most successful airdrops in crypto history. All major exchanges participated in this airdrop, which is a rare event. This airdrop took place on December 12th, 2020. As of today, Bitrue one of the larger exchanges has started trading FLR on its public exchange in an IOU form. The IOU version of the FLR token was ranging between .10 – .24 cents. Not a bad free hedge with what the price of XRP is experiencing right now. No one knows what the actual price of FLR will be in the actual initial launch.
If you didn’t see our first article regarding getting your FLR tokens check it out here.
This is a massive development for XRP holders since you are all FLR holders as well via the airdrop. If you have not taken the time to explore what the Flare Network is, I would highly recommend exploring its website. If you want a short and sweet explanation of Flare Network here is an excerpt from their website:
“Flare is a new blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol. Flare’s native token will be an algorithmically managed, pegged stablecoin, aiming to keep network usage costs predictable and providing a primary input for DeFi use cases.
Multiplier effects or why we have built Flare:
The seed drill, the steam locomotive, the internet and countless other successful inventions all have a single unifying feature; they vastly expand outputs for a given input. This is the multiplier effect and it is a model that any hopeful contender for a new product or technology must be capable of achieving.
There are many technical reasons why we chose to develop a protocol that leverages the properties of FBA and subsequent blog posts will focus on breaking down those reasons and highlighting specific use cases. There is, however, a single overarching reason that has led our design thinking – FBA and by extension Flare does not rely on money or economic incentives to secure the network.
To our thinking if the objective is to create a platform that can genuinely host a meaningful percentage of global activity then current scaling technologies that use economic incentives are untenable. The cost of securing a chain whether by direct capital allocation (which could otherwise be invested elsewhere), through excessive energy usage or both for wide scale usage is unfeasible and regressive.
The beauty of building the first smart contract platform that uses FBA consensus is that it can break out of this unscalable economic model. We built Flare to be truly scalable and truly useful.
The Flare Network will have the following properties:
1) It is open, permissionless and Turing-complete.
2) Token ownership does not confer power over the network.
3) Safety does not rely on unscalable economic incentives.
4) Flare will have a single base unit-of-account that is algorithmically stable in value, generated in part by burning XRP.
5) The network adopts the XRP encryption and address schemes so that both XRP and Flare can be used with a single key, providing a virtually seamless experience for XRP users.
Flare integrates the Ethereum Virtual Machine, has fair ordering, flexible trust and fast finality.”
In the Twitter community Flare has been dubbed the “Ethereum 3.0.” Flare Network will offer all the advantages of sophisticated smart contacts, but none of the Ethereum shortcomings. (Low transactions per second, high fees, limited scalability).
Note that the actual FLR token trading will only be available for U.S. customers in Q1 or Q2 of 2021. So you will have to sit tight for the time being. Flare Network is probably the most misunderstood and overlooked development in the crypto space right now. Don’t let this project slip by without seriously considering its long term potential. Regardless, this airdrop might have been one of the most important things to ever happen in your financial life. This journey is just getting started.