Flare/FLR#67 20

What is Flare (FLR)?

Flare is an advanced Layer 1 blockchain that promises to Strengthen the potential of a decentralized application's ability to access and leverage high-integrity data from other blockchains and the internet, in a secure way. Often referred to as the blockchain for data, Flare promises to be built to be compatible with Ethereum Virtual Machine (EVM), which will further drive compatibility with Solidity-based applications on EVM. Its objective is to make blockchain technology as useful and accessible as possible because of the limitations posed by the on-chain data availability. With advanced protocols such as the Flare Time Series Oracle (FTSO) or the Data Connector, Flare would allow developers to build real-world dApps.

Foundation Block for Flare

Flare architecture has focused on diversifying data systems with decentralized, secure, and efficient data solutions addressing the shortage of diversity in the decentralized data available on-chain which has become a barrier for most blockchain applications when considered in daily life.

Key Features of the Flare Blockchain:

Interoperable: Flare inter-with dApps able to operate across multiple blockchains with one deployment.

Decentralized Data Solutions: Native protocols such as FTSO and Data Connector keep the platform from relying on centralized data oracle, enhancing security and efficiency.

Scalability: Ideal for real-world applications, Flare is built for fast and low-cost transactions. 3. The FLR Coin.

What is FLR?

FLR is the native cryptocurrency of Flare Ecosystem, which constitutes the essential elements of fees for transactions, and payments, as well as the functions of the network.

FLR Use Cases:

FTSO Delegation: Token holders can delegate FLR to the FTSO data providers and earn rewards while supporting the network's decentralized data feeds.

Staking on Validators: The Stake in Flare validators on FLR directs tokens toward securing the network and earns rewards.

Wrapped FLR (WFLR): FLR can be converted into WFLR tokens for purposes like governance participation and connecting dApps with EVM compatibility.

Flaredrops and auto-claiming: All FLR holders earn rewards through Flaredrops they can also set up auto-claiming to allow compounding in their accounts.

FLR has all these and more impacts and innovative technology that facilitate FLR's positioning at the forefront of promising applications of blockchain, thus making Flare a major decider in the decentralized ecosystem.

How does Flare technology (FLR) Work?

Flare combines two important technologies for bringing off-chain data onto its blockchain: the Data Connector and the Flare Time Series Oracle (FTSO)—which allows decentralized applications, or dapps, to access real-world, secure, real-time information.

The Data Connector

This is the doorway by which dapps can consume off-chain data, for example, blockchain transactions or Web2 data, in a decentralized manner. Only identical acknowledgment by independent validation providers would make the data available on the network. In this way, data, such as, whether a Bitcoin transaction has occurred, can be treated as trustworthy and immutable. Data Connector is unique in its approach by being a strong mechanism for bringing real-world data with blockchain.

The Flare Time Series Oracle (FTSO)

In Flare, the FTSO acts as a decentralized oracle, which drives data delivery every 1.8 seconds. Data providers are chosen by a stake-weighted randomness algorithm, whereby those with more stakes of FLR tokens have a higher chance of being selected. FLR holders can delegate their tokens to providers who receive rewards for their accurate submissions. In this regard, delegators also earn, creating a decentralized and economic model of incentivizing accurate reporting.

The FTSO is the best for DeFi applications because it has the greatest speed, the greatest security, and the lowest cost for all data: lending, borrowing, trading, and cross-chain order books. With Flare, there isn't a feed with fewer than 100 independent providers supporting each data calibration, ensuring the integrity and immutability of data. 

Thus by these technologies, Flare is democratizing real-time reliable data in a scalable way for dapps. It has created endless opportunities for blockchain-based applications.

Who are the founders of Flare Network and FLR history?

The three brains behind Flare -  Current(As of 2024)Chief Executive Officer Hugo Philion, Chief Technology Officer Sean Rowan, and Chief Scientist  Dr. Nairi Usher. They met at University College London, where they studied machine learning and forged a common interest in distributed systems and what they could do. 

• Launch date: The flare network launches by giving away its coins to XRP holders through an airdrop on December 12, 2020.

• First Airdrop: Eligible XRP holders were entitled to apply for FLR tokens (formerly called Spark tokens at the time of launching the network).

• Private Observation Mode (July 2022): Beginning with 21 validators operated for the Flare Foundation, the network began to operate officially.

• Public Observation Mode: Professional validators joined, and all data providers could submit data, while validators are not yet able to act.

• Initial Term of Distribution: Distribution of the FLR tokens to registered XRP holders through the exchanges.

• Token Distribution Event: Officially the new airdrop is opened to all users. 

Flare (FLR) coin Tokenomics (As of 2024):

• Total Genesis Supply: 100 billion FLR tokens 

• Public Distribution: 28.52 billion FLR to public token distribution. 

• Incentive Pool: 20 billion FLR allocated for the incentive pool. 

• FIP.01 Proposal: Initial airdrop capped at 4.28 billion FLR, with 24.25 billion FLR allocation made to the Delegation Incentive Pool for network participants. 

• Inflation: Starts at 10% per annum and reduces to 5% for the subsequent three years. 

• Inflation Distribution: 70% to FTSO rewards; 20% to validator rewards; 10% to Flare Data Connector. 

• This is how to ensure participation, governance, and sustainable growth in the network.

• ALL-Time High: $0.0797 (Jan 10, 2023)

• All-Time-Low: $0.008263 (Oct 20, 2023)

• Total Supply: 102.8B

• Circulating Supply: 52.9B

Which Flare Wallet is the best?

Some of the wallets that Support/Store FLR (Flare) coins are.

• Atomic Wallet

• Bifrost Wallet

• CoolWallet

• Copper.co

• D'CENT

• Ellipal

• Exodus

• FoxWallet

• GateHub

• HexTrust 

Where to Buy Flare(FLR) Coin?

Flare is available on at least 15 centralized and decentralized exchanges. More than 10 exchanges are CEX, with the top 5 being Binance, Huobi Global, KuCoin, Kraken, and Bitfinex. There are also over five DEX, with the top five being Uniswap, Sushiswap, Pancakeswap, FlareSwap, and 1inch. The United States also trades Flare in its markets. The top 5 most traded pairs with Flare are FLR/USDT, FLR/BTC, FLR/ETH, FLR/USDC, and FLR/BNB.

Songbird: Flare's Canary Network

Songbird is the canary network of Flare, which allows the testing of new features in a live environment before being pushed to the main Flare Network. Unlike classical testnets, where supplies of tokens are unlimited, Songbird is limited in terms of the token supply to make the testing close to production-like conditions.

In addition to being integrated into its governance structure, Songbird serves as the lower house of a bicameral system within which the community is enabled to submit and vote on its proposals. These may either later be put in to become an idea for the main Flare.

Launched in September 2021, Songbird has become an integral component of the platform that allows developers and users to put their hands on Flare's functionalities. Its decentralized oracle network (FTSO) went live in October 2021, followed by the Data Connector in March 2022. It has a total supply of 15 billion SGB tokens, and it also comes with an initial inflation rate of 10% in its first year before continuing to decline to 5% from year three onwards, capped at 750 million tokens per year.