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– TIMESTAMPS –
1:53 Flare Airdrop Recap
5:05 What Is Flare?
11:36 Flare Price Oracle
15:39 SPARK Token
18:51 Flare Roadmap
22:01 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► Flare Telegram: https://t.me/FlareNetwork
► Flare Discord: https://discord.gg/VpAB6K5nD4
► In-depth explanation of the F-asset protocol: https://blog.flare.xyz/creating-and-redeeming-fxrp/
► SPARK token distribution details: https://blog.flare.xyz/further-information-on-the-spark-token-distribution/
► Flare blockchain explorer by Flare Finance: https://www.flarescan.org/
💸Flare Airdrop Recap💸
The Flare “airdrop” that took place on December 12th was actually just a snapshot to prepare for the actual SPARK token air drop that will take place in the first few months of 2020 when the Flare Mainnet goes live. What Flare did on December 12th was take note of all XRP wallet addresses except for those known to belong to Ripple Labs.
🧐What is Flare?🧐
The primary goal of Flare is to make it possible for any cryptocurrency token to be used in smart contracts, starting with XRP. At a conceptual level, you can think of Flare as being a combination of a DeFi lending protocol like Aave and a cryptocurrency wrapping protocol like Ren. The difference is that Flare has its own native smart contract blockchain where tokenized assets will be used.
F-assets are tokenized versions of cryptocurrencies not native to the Flare blockchain. Issuing an F-asset requires two parties: an originator and an agent. An originator is a person who wants to convert their cryptocurrency into an F-asset, and an agent is a participant on the Flare network who will be issuing the F-asset desired by the originator.
An originator provides the original asset to the agent. The agent locks a stake in SPARK tokens that is 2.5x greater in value than the F-Asset they then issue on the Flare blockchain. Flare has put various financial incentives in place to ensure any F-assets are always collateralized by SPARK tokens.
⚖Flare Price Oracle⚖
The Flare Time Series Oracle or FTSO is what the Flare network uses as a financial incentive for participation in lieu of mining or staking. The FTSO is used to repeatedly check that an issued F-asset is properly collateralized by SPARK tokens. This is determined based on the pairing of the original asset to SPARK, such as the BTC/SPARK trading pair.
Each FTSO price estimate involves two groups: holders of the F-asset being evaluated, and SPARK token holders. SPARK token holders can vote on the price of any F-asset, whereas holders of an F-asset are only able to vote for the price of the F-assets they hold.
While F-asset holders are incentivized to participate in the FTSO by their holding of that F-asset, SPARK token holders earn additional SPARK for participating in FTSO voting. This oracle reward depends on the inflation rate of SPARK.
SPARK is a cryptocurrency native to the Flare blockchain that will be used as collateral to issue F-assets, for voting on the prices of F-assets in the Flare Time Series Oracle, as reward for voting in the FTSO, and for governance over the Flare Network and select applications built on it.
SPARK will have a non-compounding initial inflation rate of 10% per year to reward those who vote on the price of F-assets in the Flare Time Series Oracle. When the Flare main-net launches, Flare’s own documentation explicitly states that this inflation will occur as if all 100 billion tokens are in circulation even though only 6.75 billion will be on the market when the Flare main net launches. That is way too much inflation!
The Flare main-net is scheduled to launch in either Q1 or Q2 of 2021 along with the incorporation of the Flare Foundation. Beyond that, there is really not that much information on any additional milestones detailed by Flare. This is primarily because Flare takes a corporate approach that is similar to the entity which funds it, and that’s to avoid all forward-looking statements so as to not mislead investors.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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