๐Ÿ’ช๐…๐ฅ๐š๐ซ๐ž ๐๐ž๐ญ๐ฐ๐จ๐ซ๐ค ๐†๐จ๐ฏ๐ž๐ซ๐ง๐š๐ง๐œ๐ž๐Ÿ‘Œ

Flare is governed entirely by Spark token holders through voting.

Some decisions can be implemented on-chain such as:
changing the transaction cost or changing the collateral ratio and creation fee of a F-Asset.

๐Ÿงต[THREAD] Image
Other decisions such as changing network consensus parameters or more complex long-term updates require a code change.

The Flare white paper sets out a proposal, development and testing regime for manual changes which can be initiated and voted on by Spark token holders

2/ Image
To help implement that process & execute the agreed changes there will be a Flare Foundation. The foundation will be a non-profit.

It will be responsible for 5 key areas:

โ€ข Grants
โ€ข Investments
โ€ข Research & Development
โ€ข Education
โ€ข Publicity & Partnerships

3/
The Flare Foundation will be highly transparent and generate two reports each year.

The foundation is intended only to take direction from the Spark token holders and not to set the agenda.

4/
Written into the foundationโ€™s constitution will be the obligation that if a governance vote agrees that the foundation no longer serves a beneficial purpose then the foundation must wind its activities down & burn all of its remaining token holdings at the earliest opportunity.๐Ÿ”ฅ

โ€ข โ€ข โ€ข

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More from @CommunityFlare

10 Jan
#Flare vs. #Ethereum

I hear many people describing the Flare Network as the 'Ethereum killer'.

But few actually consider why that might be.

Let's look at the facts, $FLR vs $ETH

๐Ÿงต[THREAD] Image
Ethereum, once upgraded to 2.0 will reach consensus with Proof-Of-Stake which means the security of the network depends on the price of #ETH.

A fundamental issue with PoS as a consensus algorithm is the inability to scale the fact it remains susceptible to 51% attacks.

2/
To validate transactions on a PoS network, users must stake their tokens which means validation is based on how many you own.

Now, let us consider if the #Ethereum Network wanted to tokenize Gold (estimated market cap of ~$10T) while ETH market cap was sitting at ~$150B

3/
Read 9 tweets
2 Jan
Flare Network token distribution.

@FlareNetworks have blessed #XRP holders by taking a snapshot of the XRP Ledger (12/12/2020) for the token distribution.

Let us discuss further how Spark will be distributed and the important dates associated with the airdrop.

๐Ÿงต[THREAD]
First of it is important to note, Spark will be distributed to eligible wallets, but what constitutes as an eligible wallet?

Eligible address are those who have correctly claiming Spark, details of which can be found here:

flare.ghost.io/claiming-sparkโ€ฆ

2/
If you was storing your #XRP on an exchange at the time, then fear not. You may still be eligible for the airdrop as exchanges may have claimed Spark on your behalf.

You can find a list of supporting exchanges here:
flare.xyz/supporting-excโ€ฆ

3/
Read 7 tweets
2 Jan
#Flare is the worldโ€™s first Turing complete Federated Byzantine Agreement (FBA) network.

It's going to change game!

But I would like to bring your attention to the @FlrFinance ecosystem which will be built upon the Flare Network.

๐Ÿงต[THREAD]
๐—™๐—น๐—ฎ๐—ฟ๐—ฒ ๐—™๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ฒ

Flare Finance is the first DeFi platform built on the Flare Network. It utilizes smart contracts to offer a non custodial environment for trading, farming, loans, insurance, and mining.

2/
Flare Finance offers 6 products allowing the users of the Flare Network to act as their own yield generating bank without giving up custody or control of their assets to
a centralized party, these are:

๐Ÿ”ธFlareX
๐Ÿ”ธFlareFarm
๐Ÿ”ธFlareUSD
๐Ÿ”ธFlareLoans
๐Ÿ”ธFlareMutual
๐Ÿ”ธFlareMine

3/
Read 10 tweets

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