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The founder of the crypto project, Flare, talks about “betrayal”!

The founder of the crypto project, Flare, talks about “betrayal”!

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Answer The founder of the crypto project, Flare, talks about “betrayal”!

In a thread posted on Twitter yesterday, Flare Networks CEO Hugo Fillion shared his thoughts on Flare’s controversial FIP 01 proposal.

The proposal aims to improve the cryptocurrency distribution model and reduce inflation while encouraging participation in the network.

Fillion begins by acknowledging how this suggestion might make some people feel betrayed by Flare.

He then seeks to make clear that his and his team’s intent is not to ignore these sentiments, but instead to address the problems of the previous model to facilitate a smoother redistribution of cryptocurrencies from those who do not want them in the long run to those who do.

Read:After the upgrade and merge approach… Ethereum fees drop to their lowest levels in 2022

Fillion also shared that his proposal is inspired by bitcoin and intends to reward those who build the project’s infrastructure with more cryptocurrencies than initially expected.

The CEO of Flare then confirmed that XRP holders received FLR exclusively just to hold XRP for what Ripple means to the Flare project.

Fillion provided additional insight into how difficult it is to convince venture capitalists of their commitment to XRP-related endeavors in order for them to obtain funding.

However, he stated his belief in the FIP01 proposal despite the adversities because he believed that if implemented properly it could provide value to the entire industry and perhaps even expand it entirely.

Ripple CTO David Schwartz, a very influential voice within the XRP community, has repeatedly criticized Flare’s proposal on redistribution of coins.

Schwartz also accused Flare Networks of taking advantage of the XRP community for growth before weakening its commitment when it no longer felt it needed its members.

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