• Flare Networks CEO Hugo Philion shared his perspective on Flare’s FIP01 proposal, which aimed to improve the token distribution model, lower inflation, and promote network usage.
• Philion acknowledged that some people may feel misled by Flare, but emphasized that they are committed to XRP-related projects and that XRP holders are only receiving FLR for merely holding it.
• Philion’s architecture was heavily influenced by Bitcoin and aims to give infrastructure builders more tokens than they previously thought they would receive as compensation.
Flare Networks, the venture-backed project built around the XRP ecosystem, recently released its FIP01 proposal, which sparked a wave of controversy within the community. The proposal sought to improve the token distribution model, lower inflation, and promote network usage. Hugo Philion, CEO of Flare Networks, recently shared his perspective on the proposal and his thoughts on the current state of the XRP community.
Philion began by noting that he understood why some people were upset about FIP01, claiming it felt like a betrayal. He then listed a number of the issues they were facing, but clarified that the goal was not to dismiss these emotions but to address the previous model’s shortcomings to make the transfer of tokens from individuals who don’t want them long-term to those who do easier. The architecture of Philion’s proposal, according to the company, was heavily influenced by Bitcoin. The architecture aims to give infrastructure builders more tokens than they previously thought they would receive as compensation.
Philion went on to emphasize that Flare has been “the only significant VC-backed project built around the XRP ecosystem” and that XRP holders only received FLR for merely holding it. He noted that it had been challenging to persuade venture investors of their commitment to XRP-related projects for them to acquire funding, but that he was proud of the final result. Philion concluded with a call for the community to look beyond their emotions and understand the goals of the proposal and the technical aspects of it.
Overall, Philion’s tweet provided an insightful perspective on Flare’s FIP01 proposal and the state of the XRP community. He acknowledged the controversy and emotions around the proposal, but urged the community to look beyond these emotions and understand the motivations and technical aspects behind the proposal. Philion’s commitment to the XRP community and his willingness to clearly explain the goals of the proposal are admirable, and it will be interesting to see how the community responds.