The specific F-assets upon the launch of Flare will be XRP, Litecoin and Elon Musk fave, Dogecoin. You can think of them as representations of digital assets that live on other networks, but “wrapped” to function within the Flare network. Spark (FLR) is Flare’s native utility token and will be used to collateralise F-assets and provide liquidity for the smart contract network.į-assets are wrapped tokens. Many other blockchains, including Ethereum, Polkadot, Cosmos and Cardano are building out interoperability functionality as well.įlare is also being used to airdrop various additional crypto assets to XRP holders. One of Flare’s main goal’s is network interoperability – the idea of a system that can become a fully compatible crypto melting pot of cross-chain activity. This means that Ethereum applications will be able to be deployed on the Flare network. Thanks to the sharing-is-caring nature of open-source technology, it’s built on the back of Ethereum’s Virtual Machine (EVM) that enables the creation of decentralised applications.
#Flr token price full#
More on that further below… What’s Flare?įlare is a blockchain protocol that is going to bring full smart contract and decentralised finance utility to the XRP ecosystem. The SEC (the US Securities and Exchange Commission) has its own beef with Ripple Labs and XRP. Ripple Labs owns a huge amount of XRP and the argument is that the company has too much influence on the value of the token. It’s also a crypto that generates a lot of hate in the decentralisation-loving cryptoverse for its aims of engaging and increasing the efficiency of traditional centralised banking, and for its perceived centralised nature itself. It’s different from Bitcoin (Proof of Work) and Ethereum (soon to be fully Proof of Stake) in that it can’t be mined and relies on a consensus protocol to validate account balances and transactions. It’s since down 83.6% from those heady days of moons and Lambos, although to be fair, many other cryptos are currently a very long way off all-time highs as well. It helped kickstart the bullrun of 2017 and became the best-performing crypto asset that year, with a stupendous 36,018% gain over 12 months. It was created by Ripple Labs, receiving a $US55 million funding round in late 2016, attracting huge hype and a loyal, almost cult-like fan base of HODLers that has come to be known as the XRP Army. XRP is a cryptocurrency built to speed up payments between financial institutions. It is a bit, but let’s break it down as simply as we can. While Ripple Labs is in the trenches battling an ongoing SEC lawsuit, much of the XRP Army is set to be airdropped two different tokens via the Flare network – Spark, and the newly announced Songbird.įlare, Spark, army, battle… it all sounds dramatic (Songbird kinda ruins it) and a lot to unpack.
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