Flare is a layer 1 blockchain platform based on the Ethereum Virtual Machine (EVM). Its goal is to enhance blockchain utility by offering developers decentralized access to reliable data from different blockchains and the internet. This opens up possibilities for new applications and business models, enabling decentralized apps (dapps) to interact with multiple chains through just one deployment.
What sets Flare apart from others?
Flare stands out due to its two unique native interoperability protocols that facilitate decentralized, on-chain access to blockchain, time series, and Web2 API data. These protocols are secured by the network, where independent data providers are encouraged to supply accurate information. This reduces risks for both developers and users on the platform.
The State Connector is designed to safely retrieve event data from other blockchains and the internet to be used in Flare’s smart contracts. It does this in a secure, scalable, and decentralized way, with independent attestation providers needing to agree on an event's validity before the data can be accessed by dapps on the network.
Flare’s Time Series Oracle (FTSO) leverages the network's structure to provide dapps with highly decentralized price feeds and data series, eliminating the need for centralized sources.
By offering reliable access to cryptocurrency prices, detailed transaction data from other chains, and Web2 event information, Flare empowers developers to create applications that offer greater utility to a wider range of users.
What is the purpose of the Flare (FLR) token?
The native FLR token is used for a variety of purposes including payments, transaction fees to deter spam attacks, and staking in validator nodes. FLR can also be converted into an ERC-20 version called WFLR. WFLR tokens have multiple applications: they can be delegated to Flare Time Series Oracle (FTSO) data providers or used in governance participation. These functions are complementary and do not restrict the tokens from use in other EVM-compatible dapps and smart contracts on the Flare network.
Users can create Wrapped FLR (WFLR) by depositing native FLR tokens into a smart contract, which then allows withdrawal of the newly minted WFLR.
How many FLR tokens are currently circulating?
The Flare mainnet launched on July 14, 2022, followed by a public token distribution event (TDE) on January 9, 2023.
At the time of genesis, the total supply was 100 billion FLR, with 12 billion FLR entering circulation right after the TDE.
The public token distribution is set to continue over 36 monthly intervals, ultimately releasing a total of 28,524,921,372 FLR to the community.
Flare is designed as an inflationary network, with 10% of the circulating supply being minted in the first year. These newly minted FLR are allocated to Flare Time Series Oracle data providers and the FLR holders who delegate to them (70%), validators (20%), and State Connector attestation providers (10%), ensuring the secure and decentralized supply of price data across the network.
Who are the creators of Flare (FLR)?
Flare was established by Hugo Philion, Sean Rowan, and Dr. Nairi Usher. They serve as the CEO, CTO, and Chief Scientist, respectively. The trio met while studying machine learning at University College London, where they discovered a shared passion for distributed systems and their various potential uses.
Where can I purchase Flare (FLR)?
You can buy Flare (FLR) on several exchanges, where it is available for trading against both cryptocurrencies and stablecoins.
