β’ Holder of #XRP since December 2020
β’ Has never heard of $FLR before (Hello, #Spark?)
β’ Has no idea what the fuss is all about
β’ Slept under a rock for two years
Allow me to bring you up to speed w/ this crash course on @FlareNetworks and $FLR. π§΅π
[2/20] If you've been following this topic, you'll recall that there was once a #XRPL snapshot:
β’ 12th December 2020, 00:00 UTC
β’ #XRP Ledger index 60,155,580
. . .
[3/20] . . .
You may recall that you had to claim your #Spark coins by providing your #EVM-based $FLR address in the message key field of your #XRPL account.
β claim period expired on #XRPLedger index 64,204,315
β Message could be changed until 11th June 2021, 23:59 UTC
. . .
[4/20] . . .
Time has passed and the term "#Spark" has been renamed "#Flare ( $FLR )"
Furthermore, the initial purpose of bringing smart-contract capabilities to the #XRPL through so-called "F-Assets (#FXRP)" has been substantially revamped and broadened.
. . .
[5/20] . . .
@FlareNetworks is no longer what it once was, and it is far more innovative than you may recall.
Let's read the most recent $FLR-#Whitepaper 2.0 and go through all the specifics π
πΉ The Network & Token
πΉ State Connector
πΉ FTSO
πΉ Consensus
πΉ Governance
πΉ ...
[6/20] π Introduction
#FlareNetwork is a Layer 1 [E]thereum [V]irtual [M]achine (#EVM) based #blockchain that allows for "data-interoperability" in the same manner as #XRP allows for "value-interoperability"
. . .
The #RCR protocol's objective is to collect user queries & proofs about #blockchains, whereas the branching protocol's purpose is for the network to evaluate these.
. . .
[11/20] . . .
βοΈ Secured on-chain (#consensus) decentralized acquisition of #blockchain or "off-chain"-based external data may now be used to develop any type of #dApp or #App imaginable.
E.g., a #dApp that tips #BTC based on whether $XRP is valued at $589 or not. π
βοΈ Use #DeFi with FDOGE on FBTC through Layer Cake (wait what? π)
βοΈ Trustlesslyβwithout the use of any middlemen
βοΈ Spread risk across members in the system
[18/20] π To recap, nothing appears to be impossible in terms of #data utilization for the @FlareNetworks
[19/20] βοΈ Truely magnificent to say the least βοΈ
With #ILP x #XRP x #FLR / #SGB linking every payment network/Ledger w/ every source of liquidity for faster payments and genuine public data- and #SmartContract interoperability, the sky is truly the limit. π
Ripple has announced plans to launch an enterprise-grade, compliant, multichain-compatible, 100%-backed USD stablecoin, marking a significant milestone in their expansion into new verticals.