en
Back to the list

Flare Networks Finally Confirms Token Distribution Timeline For XRP Holders As Validator Code Goes Live

Altcoins

thecryptobasic.com 30 September 2022 09:17, UTC
  
Reading time: ~2 m

The wait for the Flare token distribution is nearing its end.

The Flare Network, in a tweet today, disclosed that it had launched its validator code while revealing the tentative timeline for token distribution for XRP holders in a blog post.

“The Flare Network validator code is now live and publicly available,” tweeted the network.

ℹ️Update: $FLR Token Distribution Event timing

The #Flare Network validator code is now live and publicly available.🚀

Please see the accompanying blog post for more information on the steps and timings for token distribution.⤵️#ConnectEverythinghttps://t.co/33zHJ1Pna5 pic.twitter.com/iE4OSRdAY8

— Flare ☀️ (@FlareNetworks) September 30, 2022

In the blog post, Flare network confirms that the timeline for token distribution is between 24th October and 6th November. However, this depends on whether the network can attract a sufficient number of validators.

“Provided sufficient validators have taken up their role, the Token Distribution Event will take place between 24th October and 6th November,” the blog post reads.

It confirms rumors reported by The Crypto Basic on Tuesday that the Flare token distribution for XRP holders was scheduled between October and November.

Notably, in the statement by the network, it is revealed that Flare will launch in Beta for 6 to 9 months, where network validation will be split between professional partners and Flare Time Series Oracle (FTSO) participants. The Beta launch allows FTSO participants to become adept at validating the network. 

At the Beta launch, the validator structure will be as follows:

Flare Foundation – 5 validators.

Professional Infrastructure Partner 1 – 5 validators.

Professional Infrastructure Partner 2 – 5 validators.

Professional Infrastructure Partner 3 – 5 validators.

FTSO validators – up to 100 validators.

Notably, the professional partners and FTSO validators will split the 20% inflation rewards 50/50. Foundation validators will not be rewarded. In addition, professional partners will be phased out at the end of the Beta phase, leaving FTSO participants entirely in charge of network validation. 

Meanwhile, an agreement with Professional validators has already been reached as per the blog post. These validators are already working on setting up infrastructure. 


   Source
Back to the list