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welcome back flair community i would like to start today's video by saying a big thank you to everyone who has supported the channel so far you are very much appreciated today we'll be taking a deeper look into f assets and more specifically how they come into existence on the flare network as we know one of the main missions of the flare network is to give smart contract functionality to turing incomplete assets it does so by converting the underlying assets such as xrp litecoin durgecoin in addition to sparca's collateral to their f asset equivalent on the flare network shortly we will go through a brief walkthrough of the process of both creating and redeeming fxrp as an example but before we do i would like you to know that this information can be found on the flair network blog if you're interested the link can be found in the description below with that being said let's jump in the originator first let us identify the originator on the xrp ledger coming all the way from japan hey hey everybody it's eddie from tokyo crypto eddy holds xrp and wishes to participate in some of the services which flair finance offer and she will require fxrp to do so agents now let us identify the agents on the flair network agents provide collateral to the system in return for a small commission mickey be fresh hello this is matt on the moon lambeau channel in this example mickey b fresh and moon lambo both provide 2 500 spark tokens each into the fxrp system as collateral system parameters the next component is the flare time series oracle if you wish to learn more about the ftso you can do so using the link above the flair time series oracle is essentially the heartbeat of the flair network providing data for each of the f asset systems in a decentralized manner in this example the ftso is providing price estimates for xrp to spark which will help determine both the collateral required and how many fxrp can be issued by the fxrp system for this example let us assume the network parameters are as follows the xrp to spark rate is 10 meaning the value of 10 spark is equivalent to just one xrp the required collateral ratio is 2.5 and the system collateral is 5000 spark which is being provided by both mickey b and moon lambo with these parameters we are able to calculate the issuance capacity of the fxrp system with the following equation the issuance capacity equals the available collateral divided by the xrp to spark rate multiplied by the collateral ratio if we plug these numbers in we get 5000 divided by 10 times 2.5 this gives us a figure of 200 this means the fxrp system has sufficient collateral to issue 200 fxrp on the flare network collateral reservation transaction crypto erie also has an account on the flair network in order to safely use the fxrp system eddy must reserve collateral against the amount of fxrp she wishes to originate this is called the collateral reservation when initiating the collateral reservation transaction eddie has to specify a number of things the amount of fxrp she wishes to create the originating accounts of the xrp ledger the flare account to receive the fxrp and the collateral reservation fee itself which is currently 0.1 of the value of xrp she wishes to convert to fxrp collateral needs to be reserved so that from the moment the collateral reservation transaction is finalized there is 2.5 times the value of xrp being minted into fxrp locked in spark tokens a fee needs to be paired because if the originator eddy doesn't complete the transaction the collateral could instead have been used against a successful origination and the agents could have earned a creation fee transaction formula after completing the reservation transaction crypto eddy will receive the transaction formula from the fxrp system the transaction formula specifies the transaction that eddie needs to make on the xrp ledger to create the fxrp in addition the transaction formula will also specify a ledger index number on the xrp ledger by which point any xrp must reach the agents if for some reason the transaction on the xrp ledger does not finalize by the last ledger index specified then eddie returns here xrp and loses the 0.1 spark fee that she paid to reserve the collateral creation transaction on the xrp ledger eddie sends to the agents listed in the transaction formula the amount of xrp that she wishes to mint into fxrp plus the pre-specified creation fee in this case eddie wants to mint 100 fxrp and the creation fee is set at 5 therefore eddie needs to send a turtle of 105 xrp to the agents that's 52.5 each in this case the transaction formula specifies that the origination is set equally between the agents but this may not always be the case the state connector system the fxrp system receives the state of the xrp ledger from the state connector system state connector nodes are run independently by every flare network validator and they observe the state of an external system in a safe and decentralized manner eddie's creation transaction is input to the fxrp system via the state connector system eddie receives her fxrp when the state connector system reports to the fxrp system that crypto erie's transaction has been finalized on the xrp ledger fxrp is minted and sent to the flare address she specified in the collateral reservation transaction fxrp usage eddie uses our fxrp on flair finance's flair loans application to learn 50 fxrp to the working money channel fxrp redemption for xrp the working money channel wishes to redeem his fxrp for xrp sends his fxrp back to the fxrp system along with the xrp address he wishes to receive the xrp along with his flair address to credit in spark in case of redemption failure more on this later once the working money channel's transaction to the fxrp system is completed the agents are sent an urgent redemption formula which specifies the transaction they need to make on the xrp ledger and by which ledger index the transaction needs to have finalized now let us look at two different scenarios starting with a successful redemption the agent sent the working money channel 50 xrp by the ledger index number specified in the urgent redemption formula this transaction is then observed by the fxrp system through the state connector system which unlocks the spark they used as collateral this assumes agents have the xrp wish to be redeemed now let us consider the alternative case redemption failure now imagine if an agent for example moon lambo spent all of his xrp on well a lamborghini and neglected his duty as an agent as a result the working money channel only receives 25 xrp opposed to the 50 he is due to allow the working money channel to replace his missing xrp the fxrp system sends him the value of the missing xrp in spark at the prevailing rate of 10 spark to 1 xrp plus a one percent compensation fee to account for transaction costs moon lambo is penalized heavily for his failure as an agent drawn from moon lambo's collateral is the compensation of the 252.5 spark that is sent to the working money channel and a further 186 spark which are burnt as a penalty the working money channel may now go to an exchange and trade his 252.5 spark to buy the missing xrp although he may have had a frustrating experience he is not out of pocket this is the basic summary of the creation and redemption of fxrp this example could be translated into any present or future f asset on the flare network as mentioned a more detailed blog post by the flared network can be found in the description of this video which is where i acquired the material for this video if this video brought you some new knowledge regarding the creation and redemption of assets on the flare network and please feel free to share it if you enjoyed this walkthrough then please make sure to subscribe for more educational videos on the flair network that's all i have for you today as always thanks for watching i'm out you