Where we stand with Flare one month out from launch

[jbjnr]

15 minutes ago, FTSO_AU said:

A user with 𝑥 amount of Spark (FLR) wraps their FLR into WFLR using the WFLR smart contract to receive 𝑥 WFLR (1:1).

The user then delegates their WFLR vote power to FTSO AU using a method dependant on the wallet the user uses

What you are describing, sounds like a 'transaction' that must be submitted to the network. Does the delegation process burn/cost any kind of fee? if not, how will you stop spam bots from continuously submitting thousands of delegation requests from one provider to another in an attempt to disrupt the network?

[ftso_au]

9 minutes ago, jbjnr said:

What you are describing, sounds like a 'transaction' that must be submitted to the network. Does the delegation process burn/cost any kind of fee? if not, how will you stop spam bots from continuously submitting thousands of delegation requests from one provider to another in an attempt to disrupt the network?

Good question, I hope this covers it ... 

In the whitepaper it states:

3.1 Spark technical use
The Flare Network uses the Ethereum Virtual Machine (EVM) [Woo+]. The EVM defines a transaction’s computational
complexity in terms of units of Gas. To avoid extremely lengthy or interminable transactions, Flare imposes a complexity
limit, defined in Gas units. A Gas conversion rate between Gas and Spark tokens is set by the network. Thus, a
transaction cost is defined as the complexity limit multiplied by the conversion between Gas and Spark. The transaction
cost is burned rather than accruing to some set of participants. Both the complexity limit and Gas to Spark conversion
rate are governance parameters, see section 5 for further information on governance.

[BillyOckham]

36 minutes ago, FTSO_AU said:

Further to the video from Tim (above) and the FTSO Price Provider document I posted in FTSO Matters here's an overview of the Delegation Process. I've removed some information specific to FTSO AU I don't want released yet.

Italics: Theoretical

Definitions:

[1] FTSO AU Smart Contract: Smart contract hosted on EVM (Ethereum Virtual Machine) with functions to interact with blockchain addresses.

[2] FTSO AU App: An interface that users can signup and log into to manage their individual account hosted at app.ftso.com.au. 

Delegation Steps:

A user with 𝑥 amount of Spark (FLR) wraps their FLR into WFLR using the WFLR smart contract to receive 𝑥 WFLR (1:1).

The user then delegates their WFLR vote power to FTSO AU using a method dependant on the wallet the user uses

MetaMask

1. (TBD) Navigate to FTSO AU delegate page
2. In the delegation form, select ‘Delegate All’ or enter the amount of WFLR to delegate to FTSO AU then click  'Sumbit'
3. Follow the MetaMask window prompts to complete the Web3 transaction

Bifrost

1. (TBD) Navigate to Bifrost wallet
2. Open the ‘Delegate’ page and search for ‘FTSO AU’
3. Enter the amount of WFLR to delegate to FTSO AU then click ‘Submit’

Verify that your delegation is complete by visiting ftso.com.au/check-delegation.

Once the delegation is complete no further action is required by the user to earn rewards from their delegation to FTSO AU.

The user always retains full custody of tokens

Tokens remain fully transferable, even without the need to unwrap from WFLR to FLR.

The amount of voting power (weight) provided by the user is found from the users WFLR balance, therefore, the users voting weight provided to FTSO AU is updated automatically.

There was some debate earlier about whether FTSO delegation rewards can be had simultaneously with other FLR rewards opportunities.  I believe the answer decided was yes.  FTSO delegation didn’t interfere with your capacity to use the Spark as part of an agent liquidity pool etc.

But if it needs to be wrapped into WFLR then doesn’t that limit other opportunities for rewards?

[BillyOckham]

Btw @FTSO_AU thanks very much for sharing your insights and knowledge.  It’s much appreciated and at least from me, earning a possible loyalty when it comes time to allocate.   

[ftso_au]

37 minutes ago, BillyOckham said:

But if it needs to be wrapped into WFLR then doesn’t that limit other opportunities for rewards?

Which other rewards are you referring too, as in using FLR on Flare Finance?

[BillyOckham]

8 hours ago, FTSO_AU said:

Which other rewards are you referring too, as in using FLR on Flare Finance?

Yes,  but also I was thinking there might be people who do the heavy lifting of being an agent for f assets but allow you to pool with them for a portion of rewards.  Seemed a possibility,  but I haven’t seen anyone saying they are doing that yet.