Flare (FLR)
Flare is a blockchain platform that has been developed to facilitate the creation of applications which are interoperable with other blockchains as well as the internet. Its innovative design and protocols aim to provide decentralized access to high-integrity data, thereby enabling new use cases and monetization models for developers.
What is Flare (FLR)?
Flare operates as an EVM-based (Ethereum Virtual Machine) Layer 1 blockchain. This means that it is designed to support the deployment of smart contracts similar to those on the Ethereum network. The primary goal of Flare is to enable developers to build applications that can interact seamlessly with both blockchains and the broader internet. By doing so, Flare addresses the challenge of interoperability and seeks to integrate decentralized applications (dApps) with external data sources in a trustless manner.
| Ticker | FLR |
| Category | Smart Contract Platform |
| Website | https://flare.network/ |
| @FlareNetworks | |
| Telegram | FlareNetwork |
| https://www.reddit.com/r/FlareNetworks |
What makes Flare unique?
Flare distinguishes itself through its native interoperability protocols, namely the State Connector and the Flare Time Series Oracle (FTSO). These protocols are integral to the network's ability to deliver data from a diverse array of off-chain sources in a decentralized manner.
State Connector
The State Connector protocol is a key feature of Flare, enabling secure and scalable interaction with data from other blockchains and the internet. This protocol ensures that information can be used trustlessly with smart contracts on Flare, thereby expanding the potential for innovative dApp development.
Flare Time Series Oracle (FTSO)
The FTSO provides highly-decentralized price and data feeds to dApps on the Flare network without relying on centralized data providers. This decentralization is achieved by leveraging a wide array of independent data providers, which minimizes risk and enhances the reliability of the data infrastructure.
Incentivization of data providers
Flare's architecture incentivizes a set of independent providers to query, acquire, and process data from various sources. This approach prevents reliance on single, centralized entities and supports the development of interoperable dApps with a wide range of potential applications.
What is the Flare (FLR) token used for?
The FLR token is the native currency of the Flare network and serves several important functions:
- Payments and transaction fees: FLR is used to pay for transactions on the network, which helps prevent spam attacks.
- Staking in validator nodes: Users can stake FLR to participate in network validation and consensus processes.
- Delegation and governance: FLR can be wrapped into an ERC-20 variant known as WFLR. Wrapped FLR tokens can be delegated to FTSO data providers and staked for participation in governance. These functions can be performed simultaneously, and the tokens remain usable in other EVM-compatible dApps and smart contracts on Flare.
Wrapped FLR (WFLR)
WFLR represents FLR tokens that have been wrapped into an ERC-20 format. This conversion is achieved by depositing native FLR tokens into a smart contract, thereby minting WFLR tokens that can be utilized for various functions within the network and beyond.