flare spark snapshot countdown
Only issued tokens that require collateral, such as FXRP, are secured with Spark. CoinSpot will be supporting the distribution of Spark to users holding XRP. Copyright Cryptocurrency Hub © 2020. The FTSO will be initiated to provide the following prices for: XRP/Spark, USD/Spark, BTC/Spark, and XLM/Spark. Spark token holders can earn a return on their Spark tokens both through committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP and by contributing data to the Flare time series oracle. Spark as it is structured, offers much greater utility and benefit to both the XRP community and to the XRP ledger. Let us call one of the agents Bob. The immediate issue inherent in Proof of Stake is that the consensus design doesn’t yet safely allow for alternate uses of the native token. Spark token is the native token of the Flare network, a blockchain protocol that claims to be the world’s first Turing complete Federated Byzantine Agreement (FBA) network. Of Bob’s remaining collateral 50% is burned as a penalty and the other 50% returned to him. Let’s say that Bob opted to add additional Spark as collateral. To receive the SPARK token airdrop, users must have an XRP balance before December 12, the scheduled date for the FLR distribution. Alice is then compensated with Spark tokens to the value of her redeemed XRP plus a 1% increase to cover transaction costs of buying back the XRP, this is drawn from Bob’s collateral. Fellow Binancians, When Binance performs the snapshot on users’ XRP (XRP) holdings for the Spark (SPARK) airdrop, it will only count XRP positions in spot wallets, savings accounts, and coin-margined futures wallets. Second, and of both short term and long term consequence, there are potential issues with how scaling is being implemented for smart contract networks today. 2020-12-11 08:07. Once snapshot is taken then user will have 6 months to claim Spark token and if not then that token will be burned. If Bob fails by the first deadline but succeeds by the second he is charged a small penalty fee and the rest of his collateral is unlocked. Finally, you'll never receive email notifications about content they create or likes they designate for your content. Proof of Stake and variants can scale transaction throughput but existing implementations can’t scale for value. Crypto investors who register their XRP in an eligible account will receive free Spark tokens in a 1:1 ratio when Flare holds the “snapshot… The FXRP system demands a collateral ratio of 2.5, meaning that at all times an agent must have provided to the system 2.5 times the value of the FXRP the system has apportioned to them in Spark tokens. Owners of Flare's native token, Spark, may send their tokens to a collection of smart contracts on Flare that are referred to as the FXRP system. In this post we aim to highlight what we consider to be the most important aspects of Flare. Though Flare will snapshot XRP balances this month, FLR tokens will not be distributed until 2021. The Spark token is a fundamental pillar of the network and will be airdropped to XRP holders on December 12. 100 Billion Spark tokens will be created to mirror the quantity of XRP that exists. The snapshot of the XRP network will be taken on December 12. Details about the airdrop will be posted this week, a company spokesperson told CoinDesk. Flare is at its core a new way of scaling smart contract platforms that does not link safety with the value of its token. With FXRP, no centralized intermediary is needed. At launch there will be several Flare compatible wallets to choose from. Read on to learn how. The Spark tokens will be delivered to the Flare address specified during the claim process. For example, if person X has 1000 Spark claimable and 4% is picked every month by the FTSO, they receive 1000*15% = 150 Spark at day 1, and then (1000-150)*4% = 34 additional Spark per month for 25 months, coming to a total of 1000 Spark. A list of participating exchanges will be posted on Flare’s website and updated periodically. Those estimates are then processed as defined in section 4 of the Flare whitepaper and output by the system. Two reports per year on its activities and expenditure will be complied and published. Hence Bob’s 5000 Spark tokens allows the system to issue 200 FXRP. For example, say 200 FXRP tokens are issued against Bob’s 5000 Spark tokens and the price of XRP/Spark increases to 12. A key role of the foundation is to help execute upgrades and changes to the network, agreed by governance vote, that cannot be implemented without a code change. Coinbase plans to support Flare Network’s upcoming Spark airdrop. In this example 10 Spark tokens can currently be bought for 1 XRP token. In our opinion Proof of Stake is more of a stopgap than a solution. FXRP is the first example of something we term a Spark Dependent Application (SDA). The delegation may be cancelled at any time and when a token is transferred from one address to another the delegation is automatically cancelled such that the voting rights go with the token. The snapshot is due to occur on December 12 at approximately 11am AEDT, with the Airdrop date to be confirmed. The 2.5x collateral ratio must be maintained at all times. Fully customizable realistic lens flare effect for Spark AR that make your projects look more dramatic and dreamy. The snapshot ledger number will be posted to the website when the snapshot has been taken. A longer term issue is that as a Proof of Stake network gains usage and the value built on top of it increases, the value of the staking token must increase or the network will become unsafe. There will be many agents in the FXRP system. The percentage overlap of the UNL is a governance defined parameter, with a lower overlap improving the open-membership property of the network. You must be signed in to continue. If you are an eligible customer holding an XRP balance on Coinbase or Coinbase Pro on the snapshot date and time of December 12, 2020, 00:00 AM UTC, you’ll receive Spark tokens from Coinbase at a later date after the Flare network launch. Cryptocurrency Hub is an online community platform that covers a plethora of topics related to cryptocurrency and blockchain technology. So if Bob has 5000 Spark tokens in the FXRP application, it will delegate the votes from those tokens to an address specified by Bob. Bob now needs to either add 1000 Spark to the system or buy and redeem 33.34 FXRP to reduce his apportionment of issued FXRP to 166.66. FBA is unique as a consensus topology in that it achieves safety without relying on economic incentives that can interfere with high-value and high-risk use-cases. Your claimable Spark amount depends on your XRP balance on 12th December 2020, 00:00 UTC and you have until 11th June 2021 to make your claim. The mechanism also allows SDA’s such as FXRP to delegate Spark votes back to the ultimate owner who can then re-delegate those votes further to entities he wants to vote on his behalf. Countdown 10 to 0 with light leak and optical flare light burst. Furthermore, written into the foundation’s constitution will be the obligation that if a governance vote agrees that the foundation no longer serves a beneficial purpose then the foundation must wind its activities down and burn all of its remaining token holdings at the earliest opportunity. The official distribution date will be announced later by Flare Networks. The reason for this is that smart contracts currently have no adequate way of storing a secret key in a manner that is genuinely secret. This diverts tokens away from staking and cannibalizes the safety of the network. Importantly this means that Bob doesn’t have to choose between earning Spark by providing collateral to the FXRP application and potentially earning the reward from the FTSO, he can do both. Spark Token Snapshot Hi guys, at what point after the snapshot can we sell XRP and still receive the amount in Spark tokens? The best community to own the asset that enables the use of XRP with Turing complete smart contracts is the community that will use it and benefit from it: XRP holders. We think this is a truly powerful combination and a perfect example of utility. For this reason, a specific setting of FBA called a Unique Node List (UNL) topology is prioritized that emphasizes clarity and ease-of-use while maintaining the open-membership property of FBA. For example, if the rate is 10%, there are 365 estimates in a year and a starting number of Spark tokens of 100, then 10 Spark will be created in 1 year and ~0.03 Spark minted and rewarded per day. This way Alice does not have to trust Bob. XRP and Flare are separate networks and the Flare network has not yet been launched, so you cannot manage these tokens right now. 100 Billion Spark tokens will be created at the outset of the Flare network, of which 45 Billion will be … We have specialized discussions board related to Bitcoin (BTC) and to the best altcoins currently being traded in the crypto space such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Cardano (ADA) and many others! The incentive for F-asset holders to provide data to the system is the safety of their application. The general methodology of the protocol and the system that connects Flare to other networks is extendable to any non-Turing complete token. (A highly insightful paper on this topic is here.) Additional time series and their related F-assets can be proposed and accepted through the Governance process. The Spark token comes from a new company, called the Flare Network, which is a distributed network running the Avalanche consensus protocol adapted to Federated Byzantine Agreement and leveraging the Ethereum Virtual Machine. Note: if you proceed, you will no longer be following, Flare network spark token airdrop countdown. Flare brings together the value of the non-Turing complete tokens with the transformative power of smart contracts on a network that can scale for value as well as transaction throughput. Because Spark doesn’t have network safety implications it is well suited to enable the trustless usage of non-Turing complete tokens with smart contracts. Flare Network’s Spark (FLR) tokens will be distributed based on XRP holdings at 00:00 UTC Dec. 12. Countdown ten seconds light leak and optical flare burst. All rights reserved. Trustless interoperability with other networks is feasible, both through interoperability protocols such as Cosmos and Polkadot or with Ethereum via well defined bridge protocols. If a token holder can obtain a higher yield (and with no possibility of slashing) by providing collateral to create a stablecoin than they can from staking, then as economic rationalists, they will likely do so. This will result in XRP holders most likely receiving the Spark token at a higher ratio than 1 XRP = 1 Spark, as Philion noted: Futuristic 10 seconds Countdown for show openers, sporting events, music events, movie trailers, social media title, opening events. This number corresponds to a percentage of the initial remaining Spark claimable. In short: Flare can be used as a smart contract platform for XRP or as a trustless pipeline for XRP to other networks. However, user need users to need to create wallet before snapshot. Bob retains any remaining collateral after this operation. The foundation is intended only to take direction from the Spark token holders and not to set the agenda. On Saturday, December 12, 2020, at 00:00 UTC, the Flare network will be taking a snapshot of XRP addresses for a potential airdrop of their Spark token (FLR). The network does not use Spark for safety in coming to consensus. XRP Army soldiers can move their riches to supporting exchanges before Dec. 12. Flare’s token is called Spark. When a holder of FXRP wishes to redeem it for XRP ( a redeemer) they send it back to the FXRP smart contracts on Flare. The precise mechanics are set out in the white paper. XRP safely and trustlessly becomes FXRP, on Flare, secured by Flare's native token, Spark. The agents then send the XRP to the redeemers address on the XRP ledger. XRP Ledger Snapshot At the inception of the Flare Network 100 billion Spark will be created, 45 billion Spark will be claimable by XRP holders. FXRP safely allows an XRP holder (an originator) to send their XRP to a set of addresses (called agents) on the XRP Ledger. The global cryptocurrencies community has only three days left before the snapshot of XRP balances required for Spark (FLR) distribution. 100 Billion Spark tokens will be created at the outset of the Flare network, of which 45 Billion will be claimable by existing XRP holders excluding Ripple Labs. The Flare Network leverages the Ethereum Virtual Machine (EVM), enabling the network to run Turing complete smart contracts. However, Spark token is quite different from this, and actually has nothing to do with Ripple. The creation fee is the vast bulk of the money Bob will earn for locking up his Spark collateral, note that his earnings are predominately in XRP. If there is available capacity in the FXRP system, collateral to secure the amount of FXRP being created is locked for a certain period against Alice's upcoming transaction. Any user of an asset issued by this multisig address would then have to trust that collection of users and thus the asset would be neither trustless or decentralized. The FXRP is then minted by the system and delivered to Alice’s nominated address on Flare. Flare is the world’s first Turing complete Federated Byzantine Agreement (FBA) network. Flare’s token, Spark is created through what may be the first ever utility fork whereby the origin network, in this case the XRP Ledger, benefits through increased utility. Importantly all Spark token holders are implicitly staked in the system as if they do not earn the reward either through non contribution or providing “incorrect” estimates they lose value to token holders who are rewarded. This is in addition to boasting a variety of other crypto related subjects such as blockchain tech, decentralization, crypto trading and mining, technical analysis, jobs in the fintech space, etc. Importantly, written into the foundation’s constitution, will be a bylaw that the foundation must be wound down and all Spark tokens held by the foundation burned, if the Spark token holders agree that its existence is no longer beneficial to the network. There should not be changes that materially deviate from the overview provided below. Final countdown to snapshot. 51 online (0 members The Flare white paper sets out a proposal, development and testing regime for manual changes which can be initiated and voted on by Spark token holders. This will result in XRP holders most likely receiving the Spark token at a higher ratio than 1 XRP = 1 Spark, as Philion noted: I'm not the best at math. The penalty fee is burned. They are termed agents. The FTSO is structured to provide many estimates of individual time series. Alice then sends the correct amount of XRP plus a creation fee in XRP to Bob’s address on the XRP ledger. XRP Army soldiers can move their riches to supporting exchanges before Dec. 12. Not every Spark holder will want or be able to run hardware to contribute to the FTSO and separately they might not be interested in voting for network governance. This protocol is called FXRP. The purpose of the FTSO is to form accurate estimates of data on Flare from off-chain whilst retaining decentralization. 25 Bn Spark will go to Flare Networks Limited which is Flare’s for-profit organization. Any SDA that makes Spark tokens unavailable to their underlying owners, provided there is a definition in the application as to whom the underlying owner is, can implement the delegation procedure. On top of this is built a protocol to safely enable the trustless issuance, usage and redemption, of XRP on Flare. We have specialized discussions board related to Bitcoin (BTC) and to the best altcoins currently being traded in the crypto space such as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Cardano (ADA) and many others! Flare Networks is a blockchain platform designed to bring the benefits of smart contracts and decentralized finance to blockchains that don’t have smart contract capabilities. 30 Bn Spark will go to the Flare foundation. The FXRP smart contracts on Flare then issue the originator FXRP on Flare which is 1:1 convertible with XRP and secured with Spark. The objective of the distribution is that XRP holders other than Ripple can claim approximately a 1:1 amount of Spark to their XRP holding. We believe it’s the first of its kind. This snapshot is then used to extract the known addresses that belong to Ripple Labs and “certain former employees of Ripple Labs”, as well as all the exchanges that have not confirmed their support for Flare. As such, it may not: contribute to the FTSO in any way, deploy any of its Spark holdings as collateral for any application on the network and it may not use its Spark holdings to vote in any governance vote. If the price of XRP increases against Spark, such that the value of Bob's collateral falls below 2.5 times the FXRP issued against it, then Bob has a limited time to either add more Spark tokens as collateral or buy and redeem FXRP tokens to bring his collateral ratio back in line. Taken to the logical endpoint, if smart contract networks using proof of stake were to become the ubiquitous method of doing business, the scale of diversion of capital required from other endeavors, just to secure the value built on these networks, would make the cost of commerce unfeasibly high. Thus if Bob doesn't have additional capital to purchase Spark tokens he can either sell sufficient XRP for FXRP on an exchange such that he can redeem at least 33.34 FXRP or remaining in a purely decentralized environment if there are other agents in the FXRP system with sufficient excess collateral in he can mint sufficient FXRP and immediately redeem it. The Spark tokens will be delivered to the Flare address specified during the claim process. The XRP/Spark price is an example of a single time series. Replies and comments they make will be collapsed/hidden by default. If Bob wants a dedicated data provider to contribute to the FTSO on his behalf, Bob can then re-delegate his votes for the FTSO to the data provider. Alternatively, assuming there are other agents on Flare with issued FXRP and people who wish to sell it, Alice can buy more FXRP on Flare and redeem it against those agents. An SDA is defined as an application that uses in its construction some combination of: Spark for collateral, The Flare Time Series Oracle and Spark token holders for governance. First, and of immediate importance to the building out of our industry is that 75% of the value that exists in public blockchain cannot currently be used in a trustless manner with smart contracts. In the FXRP application the F-asset is the FXRP token itself. We're sorry. Thank you! The oracle reward is an annual rate split uniformly across each FTSO estimate period. Each time series output by the FTSO will generally have two groups of participants: the first being Spark token holders and the second being the holders of the dependent application token, which is termed an F-asset. You CAN set your on ledger XRPL account MessageKey with XUMM, but it might as well be any other non custodial XRPL client.