Since the creation of Bitcoin in 2009 by Satoshi Nakamoto, the cryptocurrency space has taken the world by storm. The space has become one of the go-to ecosystems for investors. This is because it has proven itself to be very valuable. Alternatively, the creation of Bitcoin is also the first real application of blockchain. Presently, we have seen massive growth in popularity globally. However, that invention has birthed many other blockchains and cryptocurrency applications, building a large community simultaneously. Cryptocurrencies like Ethereum, Litecoin, Cardano, and many others are now popular amongst crypto investors looking to earn huge returns. However, Spark (FLR)- the native token of the Flare network, is one of the cryptocurrencies crypto investors are looking forward to in 2022.
What Is Flare Network?
Flare Network is a blockchain designed for other blockchains to improve participation from a grassroots level. The Blockchain network is the first blockchain to create a Turing complete Federated Byzantine Agreement (FBA). It has also seamlessly used smart contracts to onboard non-Turing entire blockchain into its model. The native token of the Blockchain is Spark (FLR), and it is vital for everything in the blockchain. FLR holders can also participate in Flare Time Series Oracle (FTSO), not governance and payment of gas fees.
FTSE is the decentralized on-chain mechanism that provides time-series data estimates to the Flare Network to ensure accurate pricing. FTSE is also known as the inflation mechanism of the Flare network. FLR holders to participate in FTSO are expected to have wrapped FLR in a smart contract. FLR holders who participate in FTSO will also earn rewards for providing accurate price feeds. The inflation mechanism of the network will reward FTSO participants who provide 50% of data estimates. Other participants on Flare can also enjoy FTSO on conditions that a governance vote goes in their favor.
How Does Flare Network Work?
The design of the operations of the Flare network rewards participants who are active in the activities of the blockchain. Participants must participate in FTSO, F-Assets system, and the minting of F-Assets. The F-Asset System is a borderless decentralized exchange (DEX) that allows value from other Blockchains to represent Flare. Agents and Originators are the major participants of the decentralized system. The role of Agents is to provide FLR collateral for the asses represented on-chain. Alternatively, originators must also give the assets minted on Flare as F-Assets. The digital assets minted on Flare are XRP, Litecoin, Dogecoin, and Stellar, with more set to come. Fortunately, there is no limit to user participation on Flare and no hindrance to how many rewards one can earn.
What Is Spark (FLR)?
Spark (FLR) is the native and governance token of the Flare Blockchain. It is a unique asset that empowers its users to contribute to the Flare ecosystem and participate in FTSO. FLR holders can vote on proposals that influence f-asset collateral ratio, inflation rate, and network gas fees. Token holders can participate in FTSO by providing price data feeds to signal providers on Flare. However, to participate in activities such as FTSO, holders will be required to pay a small fee. The original minted supply of FLR is 100 Billion tokens, with a 3% increment yearly.
It is currently unavailable for trading. Flare will share the initial 100 billion tokens via airdrop to the Flare ecosystem and some XRP holders. There is currently no maximum supply of the token. The annual inflation rate of FLR is around 10%, and traders expect it to be distributed via the FTSO reward mechanism. At the time of writing, Spark is not available for trading. However, it is available on eToro and Bitrue.
How To Buy Spark (FLR)
Unfortunately, FLR is currently unavailable for trading or purchase. However, If you want to buy FLR on an exchange like Bitrue, you will follow the simple steps below;
Step 1
Log in to your Bitrue account. If you are a new user, you will need to sign up. The process is relatively straightforward and you can complete it after supplying a few KYC details. In most cases, you will need to verify this information.
Step 2
After successfully logging in or signing up, you will then proceed to purchase Bitcoin or Ethereum. It is vital to have enough funds in your account to make the purchase seamless to complete this step.
Step 3
After successfully buying BTC or ETH, you will search for FLR/BTC or FLR/ETH pairing on Bitrue. This will enable you to use your BTC or ETH to purchase FLR. In addition, you can now send the token to your wallet pending when it will be live.
Will Spark (FLR) Be A Good Investment?
The current price of FLR is unavailable, as the token is not yet live. Although there are rumors that the token will likely go live in 2022. The first rollout of FLR will be via airdropping to eligible XRP holders and core participants of the Flare network. Crypto analysts and investors are optimistic about FLR’s future, as they believe that it would be a worthwhile investment. There are rumors that FLR will be available for trading in 2022, and the crypto community awaits. At this time, investors can only keep their fingers crossed.
Conclusion
Flare Network is a blockchain that allows other blockchains to improve participation from a grassroots level. The design of the operations of the Flare network rewards participants who are active in the activities of the blockchain. Spark (FLR) is the native token of the Flare network and is currently unavailable for purchase or trading. However, there is so much optimism around the Flare ecosystem, believed in making FLR a successful token when it launch.
Don’t miss a thing, sign up for our newsletter
