The crypto space could have begun with recovery as most of the tokens including XRP price witnessed a decent rebound. XRP holders may get some benefit in the coming days, as a reward to hold XRP through the Flare Network.

Flare network works on the Avalanche consensus protocol. It uses a modified form of the Federated Byzantine Agreement. The platform is also EVM compatible and hosts numerous uses including scaling smart contracts without relying upon economic safety mechanisms.

Flare has been in the works since 2017 and is readying with its canary network Songbird. It is set to bring fortune to the network. Although Flare is relatively late to the game, it is opting for a unique approach.

Also Read: XRP Price on a downtrend! A steep fall to $0.60 level expected

The ‘AIRDROP’ For XRP Holders

Flare will be launching a beta version of the live network on a testing ground for the main network. Flare’s canary network Songbird is currently under observation, the FTSO contracts (Flare Time Series Oracle) that provides externally sourced data estimates to the Flare network in a decentralized manner.

The FTSO system is all set to begin very soon. And the observation mode is to allow exchanges as well. The network intends to take a different approach by enabling smart contracts to chains that lack the same and are already worth billions of dollars, which can be impactful for the network. 

Another important addition that the network will be testing is its F-asset protocol, which intends to bring Turing complete smart contracts to each integrated chain. Following this, the movements of compatible assets into Songbird, and vice-versa will be easier. Currently, DogeCoin, XRP, Litecoin, and Stellar F-assets will be available at launch.

Also Read: Bitcoin On-Chain Metric Reveal Interesting Data! Is BTC Price Back on Track?

How Other Chains Will Be Benefited?

The network is going to bring smart contract functionality to Doge, along with XRP, Stellar, and Litecoin. Hopefully, we can expect more to join in. Moreover, XRP holders get to rejoice as anyone who held XRP on December 12th, 2020, will get Songbird’s native coin SGB. 

The XRP holders will be getting about 30% of the total initial supply of 100 B tokens. While they will be distributing another 22% via liquidity mining in the course of the next seven to eight years to those who move assets from compatible chains to the network. The four prominent blockchains in connection with Flare, are worth billions, and these can bring fortunes to the network.

Summing up, it is to note that the network is under the beta program, and it is advisable to go steady. The platform has set a few guidelines for the exchanges with SGB, that they can distribute, burn, hold with an intention to distribute later or keep for themselves. Collectively, the network’s approach is quite amusing and if things go as expected things can turn fruitful to the platform.

Also Read: Satoshi Street Shows Signs of Rebound! LINK, DOT, EGLD, and AVAX Eyeing Massive Gains

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Source: https://coinpedia.org/news/everything-you-need-to-know-about-airdrop-for-xrp-holders/