To model fracture of a bundle of fibers, the Fiber Bundle Model was introduced by Thomas Pierce in 1926 as a model to understand the strength of composite materials. The bundle consists of a large number of parallel Hookean springs of identical length and each having identical spring constants. They have however different breaking stresses. All these springs are suspended from a rigid horizontal platform. The load is attached to a horizontal platform, connected to the lower ends of the springs. When this lower platform is absolutely rigid, the load at any point of time is shared equally (irrespective of how many fibers or springs have broken and where) by all the surviving fibers. This mode of load-sharing is called Equal-Load-Sharing mode. The lower platform can also be assumed to have finite rigidity, so that local deformation of the platform occurs wherever springs fail and the surviving neighbor fibers have to share a larger fraction of that transferred from the failed fiber. The extreme case is that of local load-sharing model, where load of the failed spring or fiber is shared (usually equally) by the surviving nearest neighbor fibers.