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You can purchase SPARK by exchanging XRP for them with a 1:1 exchange rate. The SPARK token was launched in December 2020. The Flare Network has its own native token known as Spark (SPARK). The reason why this is important is that if you're not familiar with a consensus mechanism like FBA, it would be difficult to understand how the Flare Network works. In this case, each node gets to vote on which transactions they want or don't want to be included in the block, and then votes are tallied based on who has the most 'power'. In simple terms, the FBA is a consensus mechanism that works in a similar way to how voting works.
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This protocol has been modified to be compatible with Federated Byzantine Agreement (FBA).įBA is a unique type of consensus mechanism that is mostly used by cryptocurrency networks like Stellar and XRP Ledger. One big benefit of this is that because it is compatible with Ethereum, you can use services that already exist on the ETH network but without having to switch over to ETH tokens.įlare also works with another consensus protocol known as Avalanche. This would mean that you could then use the XRP token for other types of utilities, such as executing smart contracts and decentralizing services. In simple terms, Turing completeness is the property of a programming language where it can simulate any computer algorithm, as long as the computer has enough memory to run it.
#Flare token price code
The Ethereum virtual machine basically converts smart contracts into a byte code that computers can understand.Īs a result, the Flare Network can run Turing complete smart contracts. The Flare network is a blockchain-based project that runs on the 'Flare Consensus Protocol' (FCP).Įssentially, this protocol will enable the network to run smart contract services on XRP using a virtual machine powered by Ethereum. We will then look at whether FLR is worth investing in or not. In this guide, we'll take a look at what exactly the Flare Network and the Spark token are. The Flare Network has its own native token known as Spark (FLR), which was launched in December 2020. In particular, the Flare network tries to expand the utility of the XRP token by making it compatible with smart contracts This is where the Flare Network comes in. And while XRP is great at what it was created for, it has limited use cases making it basically useless for other types of functionalities. Ripple was created to be a global payment network that makes it easy for people to send and receive money quickly and usually utilizes the XRP Ledger (XRPL). Ripple's XRP is one of the most popular cryptocurrencies right now.