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About Flare
Key Points
- Flare is an EVM-based layer 1 blockchain that enables decentralized access to high-integrity data from other chains and the internet.
- Flare has two native interoperability protocols: State Connector and Flare Time Series Oracle (FTSO).
- FLR is the native token used for payments, transaction fees, and staking in validator nodes.
- Wrapped FLR (WFLR) can be used in EVM-compatible dapps and smart contracts on Flare.
- Total available supply of FLR at genesis was 100 billion, with 12 billion in circulation immediately after the public token distribution event.
- The public token distribution will continue for 36
About Flare Networks
Introducing Flare (FLR): A Revolutionary Delegated Proof of Stake (DPoS) Consensus-Based Blockchain
Flare is an EVM-based layer 1 blockchain that seeks to amplify the utility of blockchain technology by providing developers with decentralized access to high-integrity data from other chains and the internet. This innovation unlocks novel use cases and monetization models, while empowering dApps to seamlessly serve multiple chains through a single, unified deployment.
What Sets Flare Apart?
Flare has pioneered two native interoperability protocols, enabling seamless, on-chain access to blockchain, time series, and Web2 API data. These protocols are safeguarded by the network itself, with decentralized, independent data providers incentivized to furnish accurate information, thereby mitigating risks for users and developers.
The State Connector facilitates the secure acquisition of event information from disparate blockchains and the internet, which is then utilized in smart contracts on Flare. This data is obtained in a secure, scalable, and decentralized manner, wherein a collective of independent attestation providers must reach a consensus on the validity of an event prior to its availability for utilization by dapps on the network.
The Flare Time Series Oracle (FTSO) leverages its decentralized network architecture to provide highly reliable and decentralized prices and data series to dapps on Flare, eliminating the need for reliance on centralized data providers.
By furnishing dependable access to cryptocurrency prices, exhaustive transactional insights from disparate chains, and Web2 event data, Flare empowers developers to craft applications that can deliver enhanced utility to a broader spectrum of users.
What is the Purpose of the Flare (FLR) Token?
The native token, FLR, serves a multifaceted purpose, facilitating payments, covering transaction fees to thwart spam attacks, and enabling staking in validator nodes. Furthermore, FLR can be wrapped into an ERC-20 variant, dubbed WFLR. The WFLR tokens assume diverse roles, including delegation to FTSO data providers and participation in governance. Notably, these functions are not mutually exclusive, and the tokens remain compatible for utilization in other EVM-compatible decentralized applications and smart contracts within the Flare ecosystem.
Wrapped FLR (WFLR) can be effortlessly created by depositing native FLR tokens into a sophisticated smart contract, which, in turn, facilitates the withdrawal of the freshly minted WFLR.
The Circulating Supply of FLR Tokens: An Overview
The genesis of the Flare mainnet was marked on July 14, 2022, subsequently followed by the highly anticipated public token distribution event (TDE) on January 9, 2023.
At the genesis of the FLR ecosystem, a total of 100 billion tokens were created, with 12 billion FLR immediately entering circulation following the Token Distribution Event (TDE).
The public token distribution will unfold over a 36-month period, allocating a cumulative total of 28,524,921,372 FLR to the community.
Flare operates as an inflationary network, where 10% of its circulating supply is minted in the inaugural year. The freshly minted FLR tokens are allocated to Flare Time Series Oracle data providers and their delegating token holders (70%), who collectively ensure the decentralized provision of price data to the network, as well as validators (20%) and State Connector attestation providers (10%).
The Visionaries Behind Flare (FLR): Meet the Founders
Flare was co-founded by Hugo Philion, Sean Rowan, and Dr. Nairi Usher, who now serve as CEO, CTO, and Chief Scientist, respectively. The trio’s paths converged while pursuing machine learning studies at University College London, where they discovered a shared fascination with distributed systems and their vast potential applications.
Acquiring Flare (FLR): A Comprehensive Guide to Exchanges and Marketplaces
Flare (FLR) is presently listed on multiple exchanges, offering a diverse range of cryptocurrency and stablecoin pairing options.