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.
🧵[THREAD]
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
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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:
• Grants
• Investments
• Research & Development
• Education
• Publicity & Partnerships
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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.
#Flare is the world’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.
🧵[THREAD]
𝗙𝗹𝗮𝗿𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲
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.
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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: