Flare FAQ

[WarChest]

Still on the subject of wallets....

Is this one legitimate? 

https://flarewallet.io/

[CountZerpula]

@WarChest that wallet has nothing to do with Flare Networks 

[madmellow]

On 5/28/2021 at 12:23 AM, Seoulite said:

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. 

I am a bit of concerned about Bitstamp cause I wrote them an email in march where I asked about the info mail about upcoming flare and our XRP wallets. They answered to just wait a bit. Nothing happened since then.

[Kiwi]

Hi, they say we will need to do KYC to be eligible for getting YFLR.

Who is responsbile for carrying out KYC procedure? Is it Flare Finance? Any good argument to give all personal data to people we do not know who they are? 

[WarChest]

On 5/24/2021 at 11:08 PM, 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?

I created my Flare address using MEW and Wietse Wind's tool to populate the message key on my XRP account on a Ledger Nano S.

Let's fast forward to when the network is live and I want to sell my Spark tokens.

How do I do this ?

 

 

[Seoulite]

On 7/12/2021 at 2:45 PM, Kiwi said:

Hi, they say we will need to do KYC to be eligible for getting YFLR.

Who is responsbile for carrying out KYC procedure? Is it Flare Finance? Any good argument to give all personal data to people we do not know who they are? 

I've heard that it will be the 'bare minimum' KYC but yeah I'm not sure. 

[Kiwi]

Can someone clarify few things for me please? 

1. Once we get FLR, we can delegate our vote to an Agent. If that agent is doing a good work, he will get payed in FLR and part of the reward will be distributed to us. Correct?

2. Can I move FLR delegated to an agent to Flare Farm, or they are locked? 

3. XRPs we have, we can convert them to FXRP, and "give" them to an agent (?). For doing that, we will also get FLR. Correct? Can I move this same FXRP for Flare Finance or I can make a choice, 50% to an agent and 50% to Flare Farm?

 

 

[madmellow]

Can someone please tell me where we are now? Bitstamp has no informations at all…

[JASCoder]

1 minute ago, madmellow said:

Can someone please tell me where we are now? Bitstamp has no informations at all…

In the next five days or so Flare Network's blog will be posting a significant update for the up-coming rollout and airdrop. 

[brianwalden]

4 hours ago, Kiwi said:

Can someone clarify few things for me please? 

1. Once we get FLR, we can delegate our vote to an Agent. If that agent is doing a good work, he will get payed in FLR and part of the reward will be distributed to us. Correct?

2. Can I move FLR delegated to an agent to Flare Farm, or they are locked? 

3. XRPs we have, we can convert them to FXRP, and "give" them to an agent (?). For doing that, we will also get FLR. Correct? Can I move this same FXRP for Flare Finance or I can make a choice, 50% to an agent and 50% to Flare Farm?

 

 

1. You can delegate your vote to a data provider and whatever rewards they win for providing good data, you will win a proportion of them according to your vote.

2. No. If you put your FLR to work somewhere on the network you can't directly use it to vote. But Flare is using social pressure (not enforced by any protocols) to encourage apps built ontop of the ledger to pass the rewards onto their customers. The key is, FLR has to be sitting in a wallet on the network to vote. So let's say there's 1 million FLR in total in their Flare Farm pool. 1/3 of that might be just sitting there in Flare Finance's wallets (just an example, I have no idea how much they'll keep in reserve). They can use that 333K FLR to vote and pass the rewards onto the people in the pool.

3. If you use your XRP to mint FXRP you will receive a daily FLR reward from Flare just for holding it in a Flare wallet. Agents are never holding FXRP for you. They're only involved in the transition from XRP to FXRP and vice versa. Once you have it, it's yours to do whatever you want with. If you put it into Flare Farm, it's the same as point 2. Only the wallets holding FXRP receive the rewards. Flare Finance should pass on whatever rewards they receive to customers, but that depends on how much FXRP they actually hold. They're a business, they're going to put it to work. Otherwise they'd be paying you for nothing.

[Flintstone]

On 7/12/2021 at 6:45 AM, Kiwi said:

Hi, they say we will need to do KYC to be eligible for getting YFLR.

Who is responsbile for carrying out KYC procedure? Is it Flare Finance? Any good argument to give all personal data to people we do not know who they are? 

KYC will be carried out by Civic https://www.civic.com/

[Kiwi]

8 hours ago, brianwalden said:

1. You can delegate your vote to a data provider and whatever rewards they win for providing good data, you will win a proportion of them according to your vote.

2. No. If you put your FLR to work somewhere on the network you can't directly use it to vote. But Flare is using social pressure (not enforced by any protocols) to encourage apps built ontop of the ledger to pass the rewards onto their customers. The key is, FLR has to be sitting in a wallet on the network to vote. So let's say there's 1 million FLR in total in their Flare Farm pool. 1/3 of that might be just sitting there in Flare Finance's wallets (just an example, I have no idea how much they'll keep in reserve). They can use that 333K FLR to vote and pass the rewards onto the people in the pool.

3. If you use your XRP to mint FXRP you will receive a daily FLR reward from Flare just for holding it in a Flare wallet. Agents are never holding FXRP for you. They're only involved in the transition from XRP to FXRP and vice versa. Once you have it, it's yours to do whatever you want with. If you put it into Flare Farm, it's the same as point 2. Only the wallets holding FXRP receive the rewards. Flare Finance should pass on whatever rewards they receive to customers, but that depends on how much FXRP they actually hold. They're a business, they're going to put it to work. Otherwise they'd be paying you for nothing.

Thanks !

Yesterday I learnt there are Data providers and Agents. I thought they are the same, oops.

Data providers send the price feed to FTSO and they get paid in FLR for doing so. Top and bottom 25% get nothing. Agents are responsible for minting F-assets (providing FLR as collateral), for doing that they get paid in underlying asset (they take small conversion fee). 

*************************

Lets say I have 100 FLR and I delegate 70 FLR to a Data provider. Can I move 30 FLR to Flare Farm or I can move all 100 FLR?

Thanks Brain!

[BillyOckham]

24 minutes ago, Kiwi said:

Lets say I have 100 FLR and I delegate 70 FLR to a Data provider. Can I move 30 FLR to Flare Farm or I can move all 100 FLR?

Despite earlier misunderstandings and erroneous claims from YouTube,  the latest info is “no”.  You cant double up…. you only have 30 left that can be used in another way.

[BillyOckham]

But I meant to add that we are told that more info is about to be forthcoming.  So many questions may soon be resolved.

[WarChest]

Here is where I am at.

in August last year….

I set the message key field on my XRP hardware wallet with an ether address that was created in MEW (but converted to the correct format for the Flare drop).

I have the 24 words recorded too.

When the Network goes live say in October, a corresponding address on the Flare Network to the one in my message key field will exist with some of my air drop flare tokens.

At that time I just need to find a wallet that I can use with my 24 words, plus that converted MEW ether address, in order to access those Flr that are “dropped” to me on the Flare network, is that correct?