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HomeCrypto NewsMarketFlare Network Attains Decentralization Status; Distribution Event for XRP Holders Comes Next

Flare Network Attains Decentralization Status; Distribution Event for XRP Holders Comes Next

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According to the roadmap, the Flare network has successfully crossed the decentralization threshold, with the FLR distribution event for XRP holders coming next.

Flare recently attained decentralization as the official launch of the network gets closer. The Flare Network currently has up to 20 validators, according to a tweet from the official Twitter handle of the project. Amongst these 20 validators, the Flare Foundation runs 4, signifying 20% of the total number of validators.

The remaining 16 validators are currently run by other partners, including independent blockchain infrastructure Blockdaemon; web3 blockchain infrastructure provider, Figment; crypto staking service provider, Staked; and crypto intelligence firm, IntoTheBlock. Each of the four partners runs four validators.

“Decentralization achieved; Beta Mode engaged🪐

20 validators on mainnet, 4 run by the Flare Foundation, 16 run by validator partners

  • FlareNetworks (Foundation) = 4
  • BlockdaemonHQ = 4
  • Figment_io = 4
  • staked_us = 4
  • intotheblock = 4,” Flare noted in the tweet.

Controlling 20% of the total number of validators on the network indicates that the Flare Network has eclipsed the decentralization threshold of 33% and can be considered fully decentralized.

Additionally, the team revealed that the network has successfully entered the beta mode. Consequently, the team said that the distribution event, which the XRP community eagerly anticipates, will come into effect immediately after a consensus on the distribution date amongst the exchange partners.

As earlier reported by The Crypto Basic, the Flare Network roadmap, which was released in early October, indicates that the Initial Distribution Period is the next event to occur following the confirmation that 66% of validator power is independent of the Flare team once the exchange partners agree on a date for the event.

During the distribution, the Flare Time Series Oracle (FTSO) providers that are qualified will receive an opportunity to make validator contributions to the network. Holders of the FLR asset can then delegate their tokens to desired FTSO providers. 

Conclusively, the Flare team disclosed that the mainnet had been made open for any sort of observation from the community. Consequently, the public can choose to set up observation nodes on the Flare network without any restrictions.

As reported, Flare recently confirmed that  XRP token Distribution event would take place between 24th October and 6th November.

The backdrop for the distribution of the FLR tokens for XRP holders has been set up after an elongated period of anticipation. To this end, several top exchanges have also declared support for the airdrop. recently announced support for the airdrop, as highlighted by The Crypto Basic on October 20. All left now is a consensus from the exchange partners on a date for the distribution.

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Albert Brown
Albert Brown
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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