Flare

Flare is a Layer 1 blockchain that operates on the Ethereum Virtual Machine (EVM). It is specifically designed to facilitate the development of applications that can interact seamlessly with other blockchains and the internet. Flare's core functionality revolves around providing decentralized access to data of high integrity, thereby enabling innovative use cases and monetization models.

Distinctive Features of Flare

What sets Flare apart are its native interoperability protocols - the State Connector and the Flare Time Series Oracle (FTSO). These protocols are secured by the network itself, ensuring reliable delivery of data from a diverse range of off-chain sources in a decentralized manner. The FTSO provides highly-decentralized price and data feeds to dapps on Flare, eliminating reliance on centralized providers.

The State Connector protocols allow information from other blockchains and the internet to be securely, scalably, and trustlessly used with smart contracts on Flare. By incorporating this decentralized data infrastructure directly into the blockchain, powered by numerous independent data providers, risk is minimized. The system incentivizes groups of independent providers to gather and process data without depending on single, centralized sources. This facilitates the creation of interoperable dapps with a wide array of potential innovative use cases.

Functions of Flare (FLR) Token

The native token for this network is FLR. It serves multiple purposes including payments, transaction fees for spam attack prevention, and staking in validator nodes. Additionally, FLR can be converted into an ERC-20 variant known as Wrapped FLR (WFLR). WFLR tokens have various functions; they can be delegated to FTSO data providers or staked for participation in governance. These uses do not prohibit tokens from being utilized in other EVM-compatible dapps and smart contracts on Flare.

WFLR can be created by depositing native FLR tokens into a smart contract, from which the newly minted WFLR tokens can then be withdrawn.

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