In this story, Dick Grayson of Earth-16 is dead.
Richard John Allen is the adopted son of Barry Allen and Lisa Allen (once known as Lisa Snart), from Earth-21.

He, his brother, and his parents were in Central City with Haly's Circus, walking around at night when a vicious gang carrying guns and knifes ambushed them. Dick's family met their demise in an empty alley.

Barry happened to find the small child hiding in a corner of his lab at the CCPD.

Barry took the child in, adopting him as Richard John Allen. He wanted to give the kid the life he deserved. Dick would never forget his family, but he grew to love Barry as his father. They had a very strong bond between them.

Leonard and Lisa Snart were two very good friends of Barry's, Lisa being his girlfriend. Leonard had threatened Barry before he allowed the two to date, because he and his sister had a very close bond especially since their father abused them as children. Dick called Lisa "mommy" and Leonard "uncle Lenny", and refused to call them anything else, even though Lisa and Barry weren't even married.

It was a year later when the particle accelerator at Star Labs exploded and caused many ordinary people, including Barry, Leonard, Lisa, and Dick, to turn into meta-humans.

Leonard became Captain Cold, with the ability to manipulate ice that reached absolute zero. A temperature that could kill an ordinary person instantly.

Lisa became the Golden Glider, with the ability to fly and move at extreme speeds, but slower than Superman.

Barry Allen became the well-known scarlet speedster, the Flash. He was originally called 'the Streak' before Iris West coined his current title. Currently, he is the second fastest living speedster in Earth-21.

Richard John Allen became the first Kid Flash, but due to his incredible speed and his creepy cackles, Iris West coined his current name, 'Static'. With what he had learned from his training with Batman and earlier, Deathstroke, he was considered the best speedster yet. He is the fastest speedster in Earth-21, about 10 machs higher than Godspeed, which made him a very complicated phenomena to Cisco and Caitlin.

Lightning:

'There is something to suggest in the New 52 that the faster you go, the closer you get to white. The order is red, yellow, blue, white in terms of overall speed.

Actually the color of a speedsters lightning in the New 52 is as follows:

If a speedster generates red lightning then they are the slowest on the list (Note that Tharne had to use tachyon enchancement to move at his speeds)

If a speedster generates yellow lightning then they are in the middle and move at a normal speed usually seen by most speedsters.

If a speedster is to generate blue lightning then they are extremely fast and are one of the fastest speedsters. (Green is between this and yellow and simply means a speedsters is close to reaching this)

A speedster who has white lighting has unimaginable power. They can move so fast that they can literally be in two places at once (Godspeed is an example of this)

In the Flash, blue lightning was seen as an indication of a sickness but it did mean that the speedster was very fast. Such as Zoom and Trajectory. I am going along with this. So in this story, white is the fastest. The closer to white, the faster you are.'

Barry has somewhat gold lightning with a small hint of white, so he's near being one of the fastest.

Dick is the closest speedster to white lightning, but has gold mixed in. He was the fastest speedster, until Godspeed came.

Godspeed had beaten the Flash. Static's maximum speed had not been reached at the time so he was the second fastest to Godspeed. Thankfully, they were able to kill him, coincidentally making Static the fastest living speedster.

Wally West is Iris West's nephew and Barry's nephew once removed, therefore being Dick's cousin once removed. He was a big fan of the Flash and Kid Flash, wanting to be just like them. Somehow, he managed to tap into the speed force and gained some speed. His lightning is a mix of red and orange, indicating he is slower than most of the speedsters.

Barry had found out that he was a speedster from Iris, who had been worrying for Wally's well-fare when the kid hadn't returned in 4 hours.

So the speedster got Wally and was lecturing him about misusing his newfound speed, but realized he would have to take him under his wing. So Wally became the second Kid Flash, and trained with Barry.

Wally thought Barry was the fastest speedster, but when he met Static, he realized his mistake. Static was 3 years younger than Wally, yet he had been in the crime fighting business with Barry for years.

People saw the second Kid Flash as the Flash's sidekick, and didn't pay him much mind as he usually didn't do the saving. But Barry and Dick saw his worth and told him he was more than a sidekick.

Costume Schemes:

Barry Allen:

Wally West:
Known as 'The Traffic Light'
Red hair. Green eyes. Yellow suit.

Richard John Allen: