UPDATE: In order to ensure the maximum number of exchanges are able to simultaneously distribute the token, the distribution event has been confirmed as 9th January 2023.
ORIGINALLY POSTED: 30th September 2022
The Flare code repository has now been made public. This means that validators can now onboard to the network. We are currently working with exchanges to get them onboarded to Flare such that the distribution to token holders by exchanges is as seamless as possible.
Provided sufficient validators have taken up their role, the Token Distribution Event will take place between 24th October and 6th November. The exact date is dependent on feedback from exchanges.
Flare will launch in Beta whereby validation is split between professional infrastructure providers and validators run by FTSO participants. The network will be structured 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.
Each FTSO may operate a full validator. During the beta period the collective set of FTSO validators will be defined in the codebase to have the effective network power of 2 validators.
The purpose of this structure is to allow a safe shift of validation power from the infrastructure partners to the FTSO group, such that at the end of the Beta the FTSO validators operate all of the validation power in the network.
This gives FTSOs sufficient time to learn to run effective validator infrastructure or outsource this requirement, without putting the burden of launching a new blockchain directly on the FTSO set immediately.
The validator reward, which consists of 20% of inflation, will be split 50/50 between the infrastructure partner validators and the FTSO validators. The Flare Foundation validators are unrewarded.
The required number of Professional Infrastructure Providers have already agreed to participate and are working on setting up Flare Validators. Beta is expected to last 6-9 months. This does not affect the economics of the network, your tokens or your delegations.
Documents on how to run a validator or connect to the network can be found here: https://github.com/flare-foundation/go-flare
- The Token Distribution Event will take place between 24th October and 6th November, subject to feedback from exchanges.
- Flare will launch in Beta for the first 6-9 months. This does not affect the token economics, your tokens or your delegations.