The Flare Token Distribution Event is happening today, Monday 9th at 23:59 UTC, on the bit4you trading platform! Every registered user can participate in the airdrop and get FLR tokens for free! That’s an excellent opportunity to diversify your crypto portfolio. Keep reading the article to learn more!
What is Flare?
Flare is a new blockchain and decentralized network to bring smart contracts and dApps to other blockchains and cryptocurrencies. Among other features, its system is protected via Byzantine consensus. Any blockchain project may utilize the Flare protocol to develop decentralized apps and smart contracts for various purposes.
Moreover, Flare allows the creation of two-way bridges between networks such as Ethereum and XRP Ledger.
To be short, Flare is:
the world’s first comprehensive Turing-based FBA network;
scalable and independent network;
low transaction costs;
interoperability with the Ethereum virtual machine.
Features of Spark (FLR) token
Spark (FLR) is the native coin of the Flare Network cryptocurrency ecosystem, and it is required for smart contracts for XRP to operate on a subnetwork. Smart contracts, for example, exist in the Ethereum blockchain environment, but they operate within the blockchain itself.
Spark is used :
as collateral;
to contribute to Oracle’s Flare Time Series and on-chain data evaluation;
as a management token.
Details of airdrop
Since bit4you is a partner platform, all its users can participate in the FLR airdrop starting today till the 9th of February, 2023. The sole requirement is that a user possessed XRP in its bit4you wallet on December 12, 2020, at the moment of the snapshot.
According to Flare Networks, the Flare public distribution will take place in several stages. In turn, Hugo Filion, CEO, and co-founder of Flare Networks stated that the XRP/FLR ratio is nearly 1:1, and 15% of the eligible amount is claimable today. Flare will give 1.0073 FLR tokens for 1.0000 XRP a user holds on December 12, 2020. The remaining 85% of the FLR will be distributed over the next 36 months in different stages. In case of changes, Flare Networks will announce them.
How to claim FLR on bit4you?
You should be a registered user of the bit4you trading platform. After you have logged into your account, please proceed to your Wallets and type ‘FLR’ in the list. Then, if you had some XRP on your balance on 20 December 2020 at the time of the snapshot, you can claim the FLR tokens and participate in the airdrop. Hit the Claim icon to secure your airdrop.
In conclusion, the growing interest in leveraging smart contract platforms to enable decentralized applications has prompted efforts to create new consensus algorithms with improved computing bandwidth. Flare Networks’ revolutionary protocol and unique features provide new opportunities for every blockchain and cryptocurrency, making them more useful and enticing. The Flare airdrop is a favorable opportunity to test out new features without extra expenses.