What is Flare?
Flare Network is a smart contract platform whose purpose is to allow the interoperability between different blockchains, including Bitcoin and XRP. Flare Token (FLR) is the native cryptocurrency from the Flare network.
What makes it unique?
- The Flare Network was founded by a team of experienced blockchain and fintech professionals, including Hugo Philion, and Sean Rowan, with the goal of enabling smart contract functionality for multiple networks.
- Flare is technically an EVM layer 1, but it is considered a layer 1.5 solution, which means it combines elements of both layer 1 and layer 2 solutions. It operates as a standalone network, like a layer 1 solution, but also allows for interoperability with other blockchain networks through the use of its unique consensus mechanism and integration with the Ethereum Virtual Machine (EVM).
- Flare combines two2 core protocols, the State Connector and Flare Time Series Oracle (FTSO). The State Connector is a bridge between the Flare network and other blockchain networks. The Flare Time Series Oracle (FTSO) is an oracle service that provides time-based data to the Flare network.
- FLR has a fixed total supply of 100 billion tokens, which means there is a finite amount of tokens that will ever exist.
- FLR tokens are used to pay for transaction fees, execute smart contracts, and provide collateral for the issuance of assets on the Flare Network.
- FLR can be used by data providers on the Flare Network to stake as collateral in order to participate in the network's consensus mechanism and earn rewards for providing accurate data.
Flare’s main purpose is to enable interoperability between different blockchain networks, allowing developers to build smart contracts on the Flare network that can interact with assets and data from other networks. This allows for the creation of more complex and powerful decentralized applications (dApps) and provides greater flexibility for users to access and use different blockchain networks. FLR is the native token of the Flare network and is used for staking and governance purposes. Holders of FLR can participate in the network's decision-making process and earn rewards for staking their tokens to secure the network.