Future of Crypto?

The Flare Network is Coming, and Could Change the Face of Crypto

In recent months as Bitcoin (BTC) has risen in price to beat its all time high, XRP has also come out of a years-long down trend and has gone up over 150%. XRP is a digital asset created by Ripple Labs and is meant to be used on the XRP Ledger, a decentralized blockchain with transaction speeds of mere seconds as opposed to BTC and Ethereum (ETH) in which could take minutes or hours.

Flare Networks, a startup that is being backed by Ripple Labs, introduces a new way of scaling smart contract platforms that is fully integrated with XRP, using its native token, Spark (FLR). They have announced that they will be distributing FLR to eligible XRP holders.

There is currently a total supply of 100 billion FLR tokens, though 45 billion will be distributed to XRP holders at a minimum of 1:1 FLR to XRP. Because of all of the XRP held by Ripple employees who are ineligible to participate in the airdrop, the remaining amount of tokens will be distributed based on how much XRP is in your wallet compared to everyone else when the snapshot is taken, which will be at 00:00 UTC on December 12th.

There is a large list of eligible wallets and ledgers in which you can hold your XRP in, to claim the FLR airdrop. On Saturday, Coinbase had finally announced that they will allow the airdrop on their platform as well. However, they will not be allowing customers to add or remove XRP within a short period before and after the airdrop. You can find the comprehensive list here. You can also use an XRP wallet such as XUMM, or use a Ledger Nano if you prefer storing your digital currency in physical form. You will need to make sure that your XRP Ledger account is prepared to receive the airdrop. You can find a tutorial here.

15% of the distribution will occur at once at a not yet specified date after the snapshot, and the rest of the amount will be distributed over the next 2-3 years. Having such a long time for the token to be distributed could mean good things for it’s price long term, although the coin is expected to be worth less than a cent upon distribution.

Make sure not to miss the FLR airdrop. FLR is expected to solve a lot of problems in the crypto space surrounding trust, with the fastest transactions in the crypto space.

This site references only our opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.