Flare Network (FLR)

What is Flare Network (FLR)?

Flare is an EVM-compatible smart contract platform and Layer 1 blockchain. It’s a blockchain for data, designed to expand on what blockchains are capable of and can also be used for generating bridges between two or more networks.

And if you were wondering about the consensus mechanism that it uses, that would be Proof-of-Stake (PoS), a pretty standard mechanism that blockchains use nowadays if they care about scalability.

As alluded to earlier, within Flare’s provisions, you’ll find an emphasis on interoperability, which just means that different blockchain networks have it in them to leverage and exchange all sorts of data between each other, allowing several distinct types of virtual assets to be moved.

Not only that, but interoperability may even birth powerful new services and products capable of simultaneously leveraging the benefits of several blockchain networks.

All in all, interoperability within the blockchain realm is important, and Flare seeks to add in its own touch to the equation.

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The Origins of Flare Network

This project’s origins are straightforward as you can get; it was initially founded in 2019 by Sean Rowan, the Chief Technology Officer, Hugo Philion, who’s the Chief Executive Officer, and finally, the Chief Scientist, who would be Naïri Usher. They met when Hugo began studying machine learning (ML) at University College London.

However, it was only after two years spent in development that the airdrop for the Flare Network occurred, and that happened exactly on January 9, 2022. As for the actual launch of the project, it occurred sometime later during the same year on September 30, 2022. 

The initial goals that Flare’s team had when developing the network had to do with offering decentralized application (dApp) builders secure access to various decentralized data.

But on-chain data will undoubtedly be limited so interoperability has always been a major focus. So, the aim that underlies Flare is offering data as this public good in that it won’t be controlled by centralized entities and therefore will be available to all.

And in case you were curious about its growth so far, it has not disappointed in that regard, as just this year, the wallet addresses on it total approximately 482,000, which is 60,000 more when compared to the volume recorded last year in December. Not to mention that it has been making a pivot towards the AI scene.

Integration with XRP Ledger

This is where we should mention that Hugo Philion recently went on the X platform (formerly Twitter) to state that XRP will be coming to the Flare Network via the FXRP asset. According to Philion, this integration will be executed with the aid of LayerCake, the decentralized protocol that’ll expand XRP’s integration with other protocols besides Flare. 

Given its nature as an oracle or a bridge between networks, through Flare the XRP ledger will gain access to more cross-chain data, which will ultimately give developers more to work with and enhance the ledger’s functionality in the process.

Core Technologies Behind Flare Network

There’s a lot that goes into making Flare work the way it does. However, here, we’ll briefly look at two protocols that are fundamental to its operations, namely the State Connector and the Flare Time Series Oracle (FTSO).

What is the State Connector? Well, it allows any application to be constructed above Flare, giving it the means to utilize non-changing data from the internet and external blockchains securely.

Moreover, it can run various interoperability solutions that could help developers create applications that are cross-chain or multi-chain in nature. With this developers may access the liquidity, value and information of several ecosystems through just a single deployment!

As for the FTSO, that would be the native oracle on Flare for off-chain time series data like cryptocurrency prices. The FTSO seeks to provide applications with data that’s reliable and decentralized. Not a single party has control over the process, and disrupting it would require enormous effort.

Ethereum Virtual Machine (EVM) Compatibility

It goes without saying that Flare is compatible with the EVM (Ethereum Virtual Environment). Because of that, developers on Flare may work within an environment similar to Ethereum.

Even Ethereum’s Solidity smart contracts may be directly used. This, in turn, enhances Flare’s own smart contract deployment since it’s giving developers the tools with which they’ll be most comfortable. 

Flare Network Tokenomics (FLR)

So, what is FLR? It’s Flare’s native token, and it used to be called the Spark token at one point until the name change in October 2022.

Like other native tokens, this token can be used to engage with smart contracts and pay your transaction fees.

Other than that, it can also be used within governance, giving users a voice in how things can be run.

And due to Flare’s consensus mechanism, the token plays an instrumental role in security as well, in that it can be staked to determine who gets to validate transactions.

Token Distribution

On to the tokenomics now, the total supply of FLR sits at more than 100 billion tokens and its circulating supply is more than 36 billion.

As for the token distribution model, 22.9% of FLR is allocated to Flare development and investment entities, 58.3% to the community, 16.7% to the early backers, team, and advisors, and finally, 2.1% to burned backer tokens.

Purchasing FLR Tokens

Looking to buy some FLR? There are many exchanges that offer you the option of doing so, but to list the more popular ones, you can buy it on Uphold, Kraken, KuCoin, Gate.io, and HTX Global. Depending on the exchange you’ve chosen, the process may vary, so if you’re not planning on using the exchange that much besides buying FLR pick an option that’s more hassle-free.

Staking and Incentives

Once you’ve bought some FLR, there’ll be a couple of things you can do with it. Simply holding on is a good option too, but you can consider some staking as well, as you won’t only be playing a part in securing the network but you’ll also earn some rewards in the process too, which Flare offers to those staking its native token.

Flare Network’s Innovative Features

If you’re wondering about the more innovative features of the Flare Network that would definitely be F-assets and the Songbird Network. With F-assets, non-smart contract tokens like BTC, DOGE, etc., can be trustlessly used within the smart contracts in Flare.

And Songbird, on the other hand, is the canary network that allows for the testing of new features before they’re actually deployed on the mainnet. In other words, it’s a testnet of sorts.

Governance and Community Involvement

Like many cryptocurrency networks these days, Flare has its own governance model, so community participation is encouraged. So, if you feel like there’s something that needs to be changed you can open a proposal about it.

How to Engage with Flare Network

Depending on the role you’re playing as a participant within the Flare network the way you can potentially engage with it will change as well. Let’s say you’re a developer. Well, if you are then you can build apps through Solidity.

Or if you’re a normal user or investor, there are staking options that you can consider that will allow you to receive rewards or participate in governance.

And if you want to learn more about the network and what you can do with it, there’s plenty of resources available online that you can utilize to get a better understanding of what it has to offer, like YouTube or some of that official documentation that Flare provides.

Challenges and Considerations

While focusing on interoperability is fine and all, it should be noted that any solution geared towards achieving that may come with its own set of challenges, which you cannot avoid, and a lot of these involve security.

Cross-chain bridges, in particular, can be quite susceptible to this since they have two ends through which hackers may potentially infiltrate or exploit any vulnerabilities.

Besides security, you can have scalability limitations as well with certain multi-chain bridges as those transactional volumes rise. And Flare is not quite exempt from these challenges. So, if you’re bridging assets using it, tread cautiously.

Future Prospects and Developments

The future of Flare appears promising when it comes to its expansion, as the number of projects looking to build on it seems to be an ever-increasing number, up to 42 projects, in fact, including the likes of dApps, Metaverse applications, and gaming applications. Besides that, though, you have the usual improvements planned for the protocols it uses, like the FTSO.

Conclusion

Interoperability is a well-known challenge within the blockchain landscape, and Flare is just one of the many platforms out there working to fix that, so there is a ton of competition even within that segment.

While it has grown considerably since its launch, it is still up against the likes of Chainlink, which has the largest market share by far in this segment. So, while it’s off to an alright start, it remains to be seen if it will continue this momentum or even surpass it.

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Therefore, we are not responsible for the investment decision in Flare Network (FLR) and the resulting loss.

Flare Network (FLR) Basics

Here are some factors that investors should consider before investing in Flare Network (FLR).

Cryptocurrency Features	Flare Network (FLR) ()
Publisher or Developers
Headquarters (Registration Number)
Symbol
Platform
Published Date (CMC Registration)	2024-10-02
Max Supply	958,691,258,152,859

Reliability Score of Flare Network (FLR) in 2024

These are indexes mesuring the investment reliability of Flare Network (FLR) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 0 Exchanges
Number of Available Pairs Worldwide	1 Pairs
Market Cap of the Cryptocurrency	6,683,329 USD (Rank #1295)

The table above shows the result of investment suitability evaluation for Flare Network (FLR).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Flare Network (FLR) Price

Here are the price and recent trading volume of Flare Network (FLR). (Data of 2024-10-03 00:15:00)

Price Items	Price and Trading Volume of Flare Network (FLR)
Flare Network (FLR) Price	0.000 USD
Price Change 24h	-5.48%
Price Change 7d	-4.99%
Trading Volume 24h	11 USD
Trading Volume Change 24h	-82.47%

Cryptocurrency Metadata

You can check the development status and social media information of Flare Network (FLR) through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Flare Network (FLR)

Here are the top ten world crypto exchanges where traders can buy Flare Network (FLR) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions