Summary

Flare is a distributed network with unique properties that can be used to create two-way bridges between different networks, such as bridging Ethereum with the XRP ledger so that Use XRP tokens with smart contracts.

Spark tokens are Flare’s native tokens, part of which are issued via airdrops to XRP holders, including those on Binance. All you need to do is keep your XRP on Binance to enjoy your share of the airdropped tokens.

Introduction

As you know, Ripple’s XRP Ledger (XRPL) is a global payment and foreign exchange trading network. Although the network is constantly optimized and upgraded, its usefulness is very limited when it comes to other types of functions.

The Flare Network emerged as a result, introducing smart contract functionality to the XRP token. Spark is the network’s native token, a portion of which is issued via airdrop to eligible XRP holders. How on earth do you get it? Please read this article to find out.

What is the Flare network?

The Flare network is a distributed network integrated with the Ethereum Virtual Machine (EVM). EVM basically converts smart contracts into instructions that computers can read so that the network can run Turing-complete smart contracts. Turing completeness means that as long as there is enough memory, it can run almost any computing task, so it can combine certain powerful properties to create an ecosystem of decentralized applications. Simply put, Flare is a way to expand smart contract networks.

Flare uses a consensus protocol called "Avalanche", and the modified protocol can be used in conjunction with the Federated Byzantine Agreement (FBA). FBA is the consensus mechanism used by networks such as XRPL and Stellar. We won’t delve into the technical details here, but at least understand that Flare’s consensus algorithm does not rely on economic mechanisms like Proof of Stake (PoS) to maintain network security.

Perhaps you may ask, what exactly are these economic mechanisms? Let’s use the Ethereum network’s Ethereum (ETH) as an example. After Ethereum completely switches to Proof of Stake (PoS) in Ethereum 2.0, network security depends entirely on the validators who stake the tokens. This means that the security of such a network depends on the token (and the amount of it staked). Flare's consensus protocol does not need to be this way.

Why should we emphasize this point? Because this mechanism allows network tokens to gain other uses, some of which even put the network that relies on tokens to ensure security at risk. Flare’s creators say this design approach essentially gives the token more functionality without sacrificing security.

What is Spark Token (FLR)?

Spark is the native token of the Flare network. Its basic use cases are similar to other native tokens and can effectively prevent malware attacks. If transactions are free of charge, attackers can spam the network with useless transactions, easily causing network congestion.

In addition, Spark tokens have the following functions:

• As collateral in decentralized applications (DApps)
• For on-chain oracles Machines provide data
• Participate in protocol governance

These three parts of the function can build a called "Spark Dependent Application (SDA)" for applications that rely on Spark. ecosystem. SDA also supports the trustless presentation of tokens from other networks, even if these networks do not originally support smart contracts. Is this a sign of convergence? Yes, that’s what XRP is all about.

What is the FXRP token?

FXRP is the trustless representation of the XRP token on the Flare network. XRP holders can create and redeem this token through smart contracts.

The system also relies on participants to hand over Spark tokens as collateral and earn fees in the process of creating and redeeming FXRP. This, combined with potential arbitrage opportunities, ensures that XRP and FXRP are pegged at a 1:1 ratio.

As mentioned earlier, Flare can enable smart contracts in networks that do not natively support smart contracts. This is exactly the case with FXRP. It supports the use of XRP in conjunction with smart contracts, eliminating the need for an intermediary to issue wrapped tokens. In other words, it takes a trustless approach.

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How can XRP holders obtain the Spark token airdrop on Binance

45 billion Spark tokens All are distributed to XRP holders through airdrops. You can claim these tokens using your personal wallet or participate in the airdrop through Binance. Binance takes care of all the technical details, you just have to deposit XRP on Binance during the snapshot period.

• How to get Spark airdrop?
  • Deposit XRP on Binance before taking the snapshot.
• When is the snapshot taken?
  • The snapshot will be taken at 8:00 am (Hong Kong time) on December 12, 2020. Specifically, it will take the first verified XRP ledger index value with a timestamp greater than or equal to 8:00 a.m. on December 12, 2020 (Hong Kong time).
• When can I get the airdrop tokens?
  • The airdropped tokens will be distributed later.

To learn more about Binance’s Spark token airdrop, please click on this page.

Summary

Flare Network is a new approach that can be used to extend networks that do not support smart contracts. Flare supports the use of XRP with smart contracts in a trustless manner. A portion of Spark’s token supply will be airdropped to XRP holders, including those holding XRP on Binance.

Do you have any other questions about Flare Network and Spark? Please visit our Q&A platform Ask Academy, where members of the Binance community will patiently answer your questions.