Algorand to be proposed as the next F-asset, vote after launch

[Seoulite]

Some people are saying that Flare is adding ALGO but this is not the case just yet. All that has happened is that Flare Networks (who after the launch will just be another participant, not controller, of the network) has said that they support this idea and think it would pass a governance vote.

I don't see why any F-asset proposal would be rejected, as they all add value to the network. The only exception might be BTC, people might hesitate a bit more because the sheer size of BTC could capsize the Flare boat if it is added too quickly.

Anyway I don't see why every crypto asset couldn't become an F-asset sooner or later, including ETH itself. Apparently in the most recent DogeMilitia interview, Hugo has talked more about what it takes to add F-assets in a technical sense, and apparently it is very, very easy. I haven't heard the interview yet but our super non-lazy friend Mickey says he's going to put the recording on his youtube channel so let's wait and see.

Edited June 8, 2021 by Seoulite
posted wrong twitter link

[WrathofKahneman]

Very interesting, though tbh, ALGO has its own value proposition as a smart contract unlike DOGE, LTC, etc?  It's good that it's easy to bring assets on board.  Would be interesting if Flare got big enough that it became the network where smaller or dying chains go to retain their value by shifting onto Flare.  It might end up banking necro chains.

[Seoulite]

4 minutes ago, WrathofKahneman said:

Very interesting, though tbh, ALGO has its own value proposition as a smart contract unlike DOGE, LTC, etc?

I heard a similar thing when people were talking about adding ADA, and I remember the response from someone (may have been Flare themselves, it was someone with clout) said yeah they have smart contracts but they don't have EVM smart contracts, and we can bring that. 

But honestly I think even that is a little bit of marketing, just like with DOGE, LTC, etc. I don't see a problem with adding any F-asset, regardless of the utility of the original chain. But I think they are being strategic about it: for example if they had announced they were adding ETH first and foremost, it would've created quite a stink. In the end I think the plan is for everything to be an F-asset.

[brianwalden]

1 hour ago, WrathofKahneman said:

Would be interesting if Flare got big enough that it became the network where smaller or dying chains go to retain their value by shifting onto Flare.  It might end up banking necro chains.

[brianwalden]

1 hour ago, Seoulite said:

I don't see a problem with adding any F-asset, regardless of the utility of the original chain.

I would throw a few bucks into FALGO just because it was available on Flare. Even if it may not be a huge interest to Algorand users, the people using Flare for DeFi will enjoy the exposure to it. And the Flare Network may make a handy middleman if someone wants to, for example, pay someone on Stellar from their Algo wallet.

[Seoulite]

1 hour ago, brianwalden said:

I would throw a few bucks into FALGO just because it was available on Flare. Even if it may not be a huge interest to Algorand users, the people using Flare for DeFi will enjoy the exposure to it. And the Flare Network may make a handy middleman if someone wants to, for example, pay someone on Stellar from their Algo wallet.

Can you foresee any downside at all of adding any f-asset for flare users? I can’t see any myself.

[brianwalden]

1 hour ago, Seoulite said:

Can you foresee any downside at all of adding any f-asset for flare users? I can’t see any myself.

Other than pacing yourself to make sure you're not adding more than you've got agents to support it, no. Hugo calling Flare a utility fork of Ripple was one of the most unfortunate and confusing things he ever said, but I think what he was saying it's that he saw Flare as taking the concept of Ripple and implementing it as a smart ledger.

That concept is to be a hub where many other ledgers can connect to so that value can flow through you from ledger to ledger. If you're a hub, the more connections flowing in and out of you, the better. Unfortunately, the XRPL is a pretty good example of a hub that failed to make connections, but it's not too late.