Once the network goes live, Flare is planning a slow rollout: each eligible holder will immediately receive 15% of their claimable Spark tokens. The first of two initiatives recently announced is a massive airdrop of 100 Billion Spark (FLR) Tokens to XRP holders. The XRP system is backed by the Flare token, Spark (FLR).
With this, XRP possesses smart contract capabilities on Flare with the Ethereum Virtual Machine, utilizing all the same smart contracts that are built on Ethereum. Anyone who holds XRP can mint FXRP trustlessly and bring it onto the XRP ledger. The first network to be connected to Flare is the XRP ledger, with XRP as the first asset to be trustlessly issued onto Flare as FXRP.įXRP is a 1-1 representation of XRP. The concept behind Flare is to bring over or release trapped financial value that is sitting dormant on other networks and not being utilized. It integrates the Ethereum Virtual Machine (EVM) with a protocol (FXRP) built to safely enable the trustless issuance, usage, and redemption of XRP on Flare.Īs explained on a Flare Twitter feed titled “ Episode #1: “What Is the Flare Network”, Flare is a utility network or fork that acts as a “two-way bridge between two networks” connecting it to other blockchains and crypto-assets. Flare Network's Airdrop Connection to XRP Holdersįlare is the first Turing complete Federated Byzantine Agreement (FBA) network.
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