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Flare
About Flare
Flare Network's native token, FLR, serves multiple crucial roles within its ecosystem. Primarily, it incentivizes the adoption and decentralization of the Flare Time Series Oracle (FTSO), ensuring reliable off-chain data for network use. FLR tokens are also used to secure the network, with data providers staking tokens that could be forfeited for malicious behavior. Furthermore, FLR facilitates network governance, allowing token holders to participate in decision-making processes. It is used as collateral in third-party decentralized apps and pays for transaction fees on the network. Of the total 100 billion FLR tokens, 58% were distributed to the community, while the rest were allocated to the team and associated entities.
Flare is a layer 1 network that centers on blockchain interoperability—the ability for different blockchains to communicate with one another. It is designed to bring smart contract capabilities to other blockchain projects that lack them, such as the XRP Ledger.
Flare Network operates on two main protocols: the State Connector and the Flare Time Series Oracle (FTSO). The State Connector enables the use of external blockchain data on the Flare Network, while the FTSO serves as a reliable source of off-chain data for network use. Additionally, Flare runs the Ethereum Virtual Machine (EVM) for its smart contract development, allowing Ethereum developers to build on Flare with ease.
The native token of Flare Network, FLR, plays multiple roles. It incentivizes the adoption and decentralization of the FTSO, secures the network, and facilitates participation in network governance.
Flare was established by Hugo Philion (CEO), Sean Rowan (Chief Product Officer, former CTO), and Naïri Usher (Chief Scientist). All founders have strong educational backgrounds in fields like machine learning and quantum computing from University College London (UCL).
The team initially introduced the network and its then-named Spark token in their August 2020 whitepaper. The primary intent was to offer smart contract functionality to blockchains that lacked it, particularly Ripple's XRP Ledger. In 2019, Flare received a substantial initial investment from Xpring, Ripple Labs' investment arm. Subsequently, in 2021, they raised $11.3 million from various venture capital firms and individual investors.
In December 2022, an updated whitepaper (Flare v2.0) was published, officially renaming the Spark token to FLR and refining multiple aspects of the project.