developers make smart contracts for decentralized finance (DeFi) apps. The platform uses the Federated Byzantine Agreement (FBA) consensus algorithm, which makes it possible to process transactions quickly and safely while decreasing the impact that other blockchain technologies do on the environment.
Flare Network's unique architecture also enables easy interaction with other blockchain networks, allowing users to get the benefits of many systems at the same time. This interoperability is important for the DeFi business because it lets developers make complex financial products that can be used on different networks.
Hugo Philion and Sean Rowan established Flare in the year 2019.
Hugo Philion is a skilled entrepreneur and investor with a background in technology, finance, and business strategy. He used to be a partner at The Oxford Science Innovation Fund, a venture capital company, and a co-founder of Magnr, a digital asset exchange.
Sean Rowan is an entrepreneur and a software engineer who has worked on building blockchain and decentralized apps. He previously co-founded a blockchain firm called Blockfreight and worked as a Senior Software Engineer at Cargosmart, a logistics software enterprise.
Flare was made to solve some problems that have been bothering the
market for a long time. The developers knew that the industry was divided into different areas. They designed Flare in a way that allows programsrs to make distributed interoperability software. This structure facilitates the production of digital assets that are compatible with multiple ecosystems. In this way, developers may take advantage of the best aspects of many assets.
Developer Onboarding: Another key issue for developers was making sure that innovators could easily join and build on the network. They achieved this by combining current EVM technology with Ethereum's Solidity programming language. This framework implies that any Ethereum-compatible asset can be readily converted and launched on Flare.
High Fees: Flare wants to lower the high fees that early network users had to pay. As a result, the platform charges modest gas and transaction fees. Users can send money to other countries for often a lot less than moving fiat currency or Proof-of-Work blockchain assets like Bitcoin.
The Ethereum Virtual Machine (EVM): The Ethereum Virtual Machine
(EVM) provides a platform for the creation of decentralized applications (dApps) on the Ethereum network. In the Flare Network, the EVM performs the same function by performing smart contracts and hosting dApps. This enables Ethereum developers to utilize the network.
Flare State Connector Protocol: The Flare State Connector Protocol enables the Flare Network to retrieve information from any connected blockchain through the use of a smart contract. Decentralized and secure achievement is possible through the use of independent attestation providers. These providers get information from a blockchain separately. The Flare network makes this information public once there is enough consensus.
Flare Time Series Oracle Protocol (FTSO): Flare Time Series Oracle Protocol (FTSO) is another way that the Flare Network collects and checks data from across chains. FTSO gathers time-specific data. FTSO makes sure that data gathering is decentralized and safe by using independent data providers.
Some of the ways Flare Network can be used are:
Prevention of Spam Attacks: The main goal of FLR is to avoid spam attacks by using transaction fees. After all, if transactions were totally free, users would be able to spam and burden Flare Network with transactions that don't matter.
Oracles: Flare Network uses oracles to bring external data into smart contracts, which makes it possible to make advanced apps like prediction markets and insurance contracts.
Governance: Flare Network offers a governance mechanism that enables token holders to participate in platform growth and evolution decisions.
| DATE | NEWS/EVENTS | IMPACT |
| 28/03/2023 | Coinbase announced that it will soon add FLR to its platform | +27% Increase |
| 09/01/2023 | Flare Network plummets as the long-awaited XRP Airdrop goes live | -94% Decrease |
| 08/06/2021 | Flare Network receives $11.3 million in funding from Kenetic and DCG | +49% Increase |
In conclusion, Flare Network is a promising project that wants to
make smart contracts possible on a number of blockchain networks, including Bitcoin and XRP. By using the Ethereum Virtual Machine, Flare Network lets developers build decentralized applications on top of these networks. This improves interoperability and opens up new opportunities for blockchain technology. Flare Network's native token, FLR, is used for both network governance and to incentivize users. Overall, Flare Network has the ability to completely transform the blockchain ecosystem by establishing a more interconnected and efficient network of decentralized applications.
Flare