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Seoulite
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I had my XRP on my Ledger Nano S at the time of the snapshot. The Ledger Nano S is from 2017 and has old firmware. As I understand it, I have to update my Ledger Nano S in order to claim my Flare tokens with the XRP Toolkit (I have connection problems). I'm not doing this since I lost the passphrase of this particular Ledger Nano S.

I recently bought a new Ledger Nano S because of the increase in XRP price and value of my stack. This new Ledger Nano S is still empty. Can I claim the Flare Tokens with the new Ledger Nano S by transferring my XRP to this ledger? Or can I claim the Flare tokens in another way (without taking any risk)?

Edited by Renekez
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52 minutes ago, Renekez said:

I had my XRP on my Ledger Nano S at the time of the snapshot. The Ledger Nano S is from 2017 and has old firmware. As I understand it, I have to update my Ledger Nano S in order to claim my Flare tokens with the XRP Toolkit (I have connection problems). I'm not doing this since I lost the passphrase of this particular Ledger Nano S.

I recently bought a new Ledger Nano S because of the increase in XRP price and value of my stack. This new Ledger Nano S is still empty. Can I claim the Flare Tokens with the new Ledger Nano S by transferring my XRP to this ledger? Or can I claim the Flare tokens in another way (without taking any risk)?

It sounds like you're looking to move your funds from your old ledger to your new ledger, right? I've never used a Ledger, can you get the secret key for your XRP wallet from the ledger? If you can, you can use XUMM to import your wallet from your old ledger and use that to claim your FLR. You can keep your XRP wherever you want, you just need to be able to sign a transaction using the wallet that had them for the snapshot.

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  • 3 weeks later...

Hello, thank you for keeping this updated! Greatly appreciated. 

I have few questions:

Lets assume the price of xrp is 2$ and I decide to transfer 1000 XRP to flare network. This 1000 XRP will be "locked" and I will get 1000 FXRP, to get 1000 FXRP I also need 5000$ in Spark as collateral.   (2000 dollar in XRP multiplied by 2.5 = 5000$ in spark as collateral )

1. Is the above statements correct?

2. If I do not have enough in Spark, I cant get FXRP. Correct?

Lets assume the second scenario, I have 1000 FXRP and 2500$ in spark.

3. What happens if XRP price goes to 4$? Do I need to provide additional 2500$ in spark to keep 1000 FXRP? Do I lose FXRP?

 

Thank you  :)

 

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1 hour ago, Kiwi said:

Hello, thank you for keeping this updated! Greatly appreciated. 

I have few questions:

Lets assume the price of xrp is 2$ and I decide to transfer 1000 XRP to flare network. This 1000 XRP will be "locked" and I will get 1000 FXRP, to get 1000 FXRP I also need 5000$ in Spark as collateral.   (2000 dollar in XRP multiplied by 2.5 = 5000$ in spark as collateral )

1. Is the above statements correct?

2. If I do not have enough in Spark, I cant get FXRP. Correct?

Lets assume the second scenario, I have 1000 FXRP and 2500$ in spark.

3. What happens if XRP price goes to 4$? Do I need to provide additional 2500$ in spark to keep 1000 FXRP? Do I lose FXRP?

 

Thank you  :)

 

No, they're two separate things. To get 1000 FXRP you'll need to pay 1000 XRP plus a transaction fee (probably less than 5 percent) to the agent. If all you're doing is holding FXRP, you don't have to worry about the collateral backing it. The agents who mint FXRP need to back it with $5000 worth of FLR. If the price of XRP increases relative to FLR, the agents will have to provide more collateral to back the FXRP that they've issued. Flare has mechanisms to fix things when the ratios get too low, but I haven't read up on the details of how that works.

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On 2/22/2021 at 8:56 PM, Seoulite said:

(Please respond in the thread if you think there is anything big that I missed or any important points that I got wrong)

 

What is Flare?

In simple terms, Flare is a smart contract platform that aims to give smart contract functionality to assets that currently do not have that capability, such as XRP, LTC, DOGE, and XLM. It also has several new innovative features related to settlement, governance, and participation that make it significantly different from Proof of Work or Proof of Stake chains. 

While Flare is entirely separate from Ethereum, the technology utilises the Ethereum Virtual Machine which means that any projects developed on Ethereum can be easily ported to the Flare network. An example of this that we already know will happen is Gala Games.

 

How is Flare different from other networks?

Flare claims to avoid all of the problems of scaling that PoW and PoS networks encounter, due to their new version of the Avalanche consensus protocol. It is technically complicated but if you want to learn more go here. Flare also claim to have solved the Oracle problem.

 

Who is behind Flare?

The core Flare team met while studying Machine Learning at University College London. The CEO of Flare Networks Ltd (for-profit entity) Hugo Philion previously worked as a commodity derivatives trader for $1 billion+ funds. The Flare network has been under development for over three years and received funding from Xpring (Ripple's investment arm). 

 

What is Flare Finance?

Flare Finance is an entirely separate entity from Flare Networks. Flare Finance is building a DeFi ecosystem on the Flare network which is similar to applications that already exist on Ethereum. Flare Finance has its own tokens which will be airdropped to FLR holders after the Flare network goes live.

 

Who is behind Flare Finance?

The group of developers behind Flare Finance have decided to remain anonymous, however they have had extensive contact with the Flare developers, and have already established themselves as a key part of the early Flare ecosystem.

 

What is the FLR token used for?

The Spark token (FLR, yeah confusing...) is used in the governance of the network, in the Flare Time Series Oracle that provides price feeds to the network, and for collateralising F-assets on the network. FLR is not used to secure the network. Holders of the FLR token can earn yield (similar to staking, but without locking coins) through participation in the network. FLR will also be available to use in all Flare Finance suites, DeFi applications and smart contracts.

 

What is the Flare Time Series Oracle (FTSO)?

To learn in more detail what the FTSO is, read this Flare blog post. The FTSO provides externally sourced data estimates to the Flare Network in a decentralised manner. In simple terms, think of it like a decentralised, far more accurate and sophisticated version of Coinmarketcap or Coin Gecko. The FTSO provides realtime data on prices of assets, and this price data allows stable coins, smart contracts, DeFi applications, and decentralised applications to function. 

The FTSO will have 'signal providers' which are participants of the network who will source data from outside the network and provide it to the FTSO. The structure of signal providers is a little complex but for the average user, all you need to know is that you can delegate your votes to a signal provider who will share a proportion of the rewards they receive for providing the data. This is just one way participation in the functioning of the network is incentivised.

 

What is the real world utility of the Flare network?

The Flare network opens XRP and other assets up to the world of DeFi and smart contracts. Just one early example of the use of Flare is with gaming. An NFT platform 'Sparkles', as well as a blockchain community bank (in a similar way to Nexo) called Trustline are being built on Flare so far. 

 

When will the network go live?

The network is expected to go live sometime in June or July 2021.

Flare Finance has announced a second public beta for their project which began on Monday April 12, 2021.

 

How do I get hold of FLR?

Holders of XRP in non-custodial wallets and/or participating exchanges will receive a little over 1-1 FLR for the XRP they hold via airdrop when the network goes live. There is an XRP chat FAQ about the airdrop here.

You cannot buy FLR tokens at this time. FLR IOUs are currently being traded on Bitrue and Poloniex. These IOUs will be converted to FLR once the network launches (please note that Bitrue IOUs will be converted to FLR 100% and Poloniex IOUs will only be converted at 15%, in accordance with the distribution schedule - this explains the difference in prices on the exchanges).

 

What do I need to do to get the airdrop?

A snapshot of the XRPL was taken on December 12, 2020. If you did not own XRP on this date, then you are not eligible for the airdrop. If you held XRP on a nano ledger or other non-custodial wallet, you need to claim your spark.

If you had XRP on a participating exchange, contact your exchange for details about the airdrop. 

 

What is the distribution schedule of FLR?

15% of your FLR will be airdropped on the first day of the network going live. Then 3% will be airdropped each month for a period of 2-3 years. This is done to prevent dumping and incentivise participation in the network.

 

What will the price of FLR be at launch?

Good question.

 

What are F-assets?

In simple terms, F-assets are claims to locked up tokens from other cryptocurrencies. For example, FXRP is simply XRP represented on the Flare network, and available for use in smart contracts. FXRP always has 1-1 value with XRP, and this is collateralised using the value of the FLR token. The F-asset function is what enables XRP to become a smart contract asset. 

The F-assets available at launch will be FXRP, FLTC, FDOGE and FXLM. Further addition of F-assets will be subject to governance vote. LTC, DOGE, and XLM holders are not going to receive FLR via airdrop. However there are rewards available for holders who mint F-assets, meaning that XRP, LTC, DOGE, and XLM will become yield-earning assets as well as smart contract assets.

 

Will BTC become an F-asset?

The question of whether BTC will become an F-asset will be subject to a governance vote. However, the CEO of Flare Networks Hugo Philion has explicitly stated that the decision to add LTC as an F-asset was made with BTC in mind. He said that because LTC and BTC are so technically similar, adding FLTC means that technically it would be very easy to add FBTC in the future should the community vote for that.

 

What is the total supply of FLR?

The initial supply of FLR is 100 billion, the same as XRP. However there are also inflation mechanisms built into the network, which will add to the total supply at 10% a year. (This should not be confused with the reward pools that are part of the original supply). The tokenomics of the network are specifically designed to incentivise use and participation in the network. The rewards of inflation are not distributed to miners or node operators like other networks. Instead, the rewards of inflation go to the participants in the network. Holders who do not participate in the network will have their value inflated away. Think of it like an XRP escrow that is periodically paid to you, instead of to Ripple. 

 

What does 'participate in the network' mean?

You will be able to delegate your vote to a 'signal provider' for the Flare Time Series Oracle at no risk to your coins. This will earn you rewards on a very regular basis (possibly daily or multiple times a day) according to the tokens you hold as a proportion of the whole. The exact rewards have not yet been announced. Again, in simple terms this is similar to staking but without locking your coins. 

There will also be other ways to earn yield from your FLR tokens, but these will involve some risk and may require some management on your part. It is likely that entire ecosystems of signal providers, F-asset agents, and delegate services will arise around the system which may handle these services for you. A number of signal providers have already publicly declared themselves, but much of the ecosystem is yet to appear.

 

What should I do now?

If you held XRP on a ledger, you must claim your spark before June 11 2021, otherwise you will lose it. You have several months to learn about the network and decide what you will do with your FLR once the network goes live. While certain aspects of the Flare network are complex, the 'user end' of the network is not really that difficult to understand. When the network launches there will be a wallet from which you can delegate votes and earn rewards. There are a number of youtube channels listed in the other pinned post which will give you much more detail about the network. You can also take part in the Flare Finance public beta.

 

sorry in not tech savvy , how secure is to claim the flare tokens on the ledger by claiming with the process of https://flare.wietse.com/ ? can the xrp tokens be at risk when you connect with xrp tool with ledger wallet and put the MessageKey field on the XRP ledger??

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4 hours ago, kyo said:

sorry in not tech savvy , how secure is to claim the flare tokens on the ledger by claiming with the process of https://flare.wietse.com/ ? can the xrp tokens be at risk when you connect with xrp tool with ledger wallet and put the MessageKey field on the XRP ledger??

I’m not tech savvy either but as far as I understand it no there is no risk. You are not doing anything except changing the message key field. I did it, a bunch of other guys here have done it. If that is holding you back from claiming your flare I would say you don’t need to worry. Remember the only way your xrp are at risk is if you are sending them somewhere or if you are doing something with the private key. That is not the case here, so don’t worry.

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Quick question for all you Flare gurus. I created an Eth compatible account on MEW as was originally suggested and set my address and set up and claimed my flare. All is correct and working but where will my flare go? Will Mew generate an account for flr or am I missing something?

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30 minutes ago, B088IN said:

Quick question for all you Flare gurus. I created an Eth compatible account on MEW as was originally suggested and set my address and set up and claimed my flare. All is correct and working but where will my flare go? Will Mew generate an account for flr or am I missing something?

 

On 5/21/2021 at 8:58 PM, BillyOckham said:

No the Eth wallet is purely just to get an Eth compatible address.  The ETh network and the new Flare network are completely seperate.  Think of them as continents.  You now have an address 12 East St Harbourtown.   That is a valid address in North America and also in UK.

So the ETH wallet is on the USA and the new wallet wallet will be for UK.

You own the address because you own the keys.  You do own the keys don’t you?  The 12 words or 24 words or whatever?

If you don’t own the keys you need to do it again with an address that you DO have the keys for.

 

When Flare starts up you will get a new software wallet or hardware wallet that is for the Flare continent.  You will create it with the keys that you have from the ETH wallet because the keys match the address.

 

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11 minutes ago, BillyOckham said:

 

 

Legend thanks, just wanted to double check. Wonder if the Nano S will end up supporting FLR. I have the keys for my ETH address 👌

Do we have any confirmed wallets yet or will they come after the distribution?

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Posted (edited)
15 minutes ago, B088IN said:

Legend thanks, just wanted to double check. Wonder if the Nano S will end up supporting FLR. I have the keys for my ETH address 👌

Do we have any confirmed wallets yet or will they come after the distribution?

In a very recent interview that Brian linked to, Hugo says he is aware of several wallets in development. He also mentioned Ledger. By the way he said it, I would expect ledger support to either be available at launch or soon after.

Edited by Seoulite
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39 minutes ago, B088IN said:

Legend thanks, just wanted to double check. Wonder if the Nano S will end up supporting FLR. I have the keys for my ETH address 👌

Do we have any confirmed wallets yet or will they come after the distribution?

 

23 minutes ago, Seoulite said:

In a very recent interview that Brian linked to, Hugo says he is aware of several wallets in development. He also mentioned Ledger. By the way he said it, I would expect ledger support to either be available at launch or soon after.

Can't wait for these last remaining details to emerge, and there are indeed many wallets that will support Flare. Towo Labs is building the Ledger app.

Coston is live again

https://docs.flare.network/en/coston-testnet

Explorer:

https://explorer.flare.network/

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2 hours ago, Chocobo said:

Do exchanges need to claim FLR as well? I noticed the XRP address holding my stack on Bitstamp doesn't have a Flare address or message key setup.. 

https://flare.tools/spark/rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv

I think someone in another thread brought this up as well. The conclusion was it would be very surprising if Bitstamp didn't do what they needed to do before the deadline. 

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