Flare Networkis an interoperable blockchain based on a Layer 1 Ethereum Virtual Machine (EVM) built on a proof-of-stake (PoS) consensus mechanism. Flare Network consists of two interoperable protocols. These are State Connector and Flare Time Series Oracle.
The State Connector allows direct on-chain consensus on data from external blockchains, and Flare Time Series Oracle (FTSO) is a decentralized oracle that provides off-chain time series data such as cryptocurrency prices that are quickly updated at 3-minute intervals. . Taken together, decentralized applications (DApps) on the Flare Network can easily use timely information across blockchains, but the main use case for this network includes providing input for DeFi platforms.
The reason Flare Network is highly anticipated by crypto investors as well as DeFi platforms is because of the difficulties of achieving consensus in a standard decentralized system. The most advanced decentralized networks are tasked with applying incentive models and cryptographic proofs to exhibit fault tolerance and synchronization. Flare Network is well equipped to handle these tasks as a Federated Byzantine Agreement protocol with its own system of trusted nodes allowing for true decentralization. Federated Byzantine Agreement is a consensus mechanism used by networks like Stellar and XRP.
How to Use Flare Network (FLR)
Flare Network’s native token, formerly known as Spark (FLR), is now referred to as Flare (FLR). The purpose of this is to ensure the flow of the blockchain network. While still known as the Spark token, FLR had the additional function of providing data via an on-chain oracle. Along with delegation and governance uses, it can be used to build the Spark Slave Application (SPA) that hosts trusted token representations across different networks. An example of this is the FXRP token, which is an insecure version of the XRP token. However, this application has become unnecessary with the introduction of FAssets.
The Flare Network was to be launched in stages. After more than two years of development, Flare Network was finally launched in soft beta on July 14, 2022 in a private observing mode. As of September 30, Flare Network has switched to public observation mode.
airdrop Around 4.28 billion FLR Tokens were distributed. The distribution was given to investors holding at least 1 XRP in December 2020. The airdrop was carried out at a ratio of 1:1. Distribution completed as 1 XRP = 1 FLR.
Flare Network’s FLR tokens already have strong links to established cryptocurrencies, so you can be confident when investing in an FLR. There are many advantages to investing in FLR tokens:
- Ripple (XRP) cryptocurrency have a direct connection to the unit.
- Having a strong team led by Hugo Philion and Sean Rowan.
- It is already listed on many major exchanges.
- Having a predictable governance system.
- Having many practical use cases.
- Compatibility with multiple wallets.