The founder and CEO of Flare Networks, Hugo Philion, has updated the $XRP community of the upcoming airdrop of Spark ($FLR) tokens they will receive once Flare Networks launches. Each eligible XRP holders will immediately receive 15% of their claimable FLR tokens at launch, with an average of 3% being claimable per month thereafter.
On social media, Philion noted that Songbird, a canary network described as critical to test the Flare Network’s architecture and core systems, which include a Time Series Oracle, and F-Asset system, is being upgraded before the end of March with two final protocols “required before Flare launch.”
Track live crypto price of 10000+ coins!
A canary network is an operational blockchain with a scarce token supply intended to be used to test features associated with the mainnet. On such a network, users’ balances “cannot be replenished at will” according to Philion, who has in the past detailed Songbird’s use.
Songbird will over the long term be used to test governance changes on Flare and to incorporate new features. It will also allow for “advanced testing and community building for applications that wish to launch on Flare” and be a way for FLR token holders to familiarize themselves with key network protocols.
As CryptoGlobe reported, Flare detailed its plan to airdrop Spark (FLR) tokens to XRP holders after months of planning the airdrop. The airdrop will carry on for a minimum of 25 months and a maximum of 34 months to eligible XRP holders. The slow rollout is reportedly meant to avoid users from selling their FLR tokens on the market as soon as they receive them so the price doesn’t plummet right away.
Philion has also noted that Flare Networks has reached out to the “largest exchanges to get full definition on what they require in order to distribute the [FLR] token.”
Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”
The Flare network itself will bring Ethereum-based smart contracts to non-Ethereum Virtual Machine compatible networks like the XRP Ledger. It will also support the Litecoin (LTC) network.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay