Quick Guide about Flare and Its Native Token $FLR
Flare is a layer 1 EVM blockchain that has 2 core protocols, the State Connector and Flare Time Series Oracle (FTSO). These protocols allow developers to create an ecosystem of robust and decentralized interoperable applications.
What is Flare (FLR)?
Flare is an EVM tier 1 blockchain with two key protocols: the State Connector and the Flare Time Series Oracle (FTSO). These protocols enable developers to build a comprehensive and decentralized interoperability ecosystem.
The Flare Time Sequence Oracle
Provides highly decentralized price and data feeds to Flare Dapps, eliminating the need for centralized sources. Information from other blockchains and the internet may be used safely, scalable, and trustlessly with smart contracts on Flare thanks to the State Connector protocols.
Flare’s fundamental protocols can make it easier to create interoperable Dapps with a wide range of potential creative use cases by encouraging groups of independent providers to query, acquire, and process data without relying on solitary, centralized sources.
$FLR Token and Its Utilities
For native payments and network-level spam prevention, Flare’s native FLR token is necessary. Each $FLR token has a corresponding, assignable vote that can be used to participate in the FTSO. The technological goal of $FLR is to charge for transactions in order to discourage unnecessary transactions, or network spamming. Transaction fees are used to do this. The Ethereum Virtual Machine (EVM), which is used by Flare Network, describes the computational complexity of a transaction in terms of units of gas.
Additionally, $FLR can be wrapped into $WFLR, an ERC-20 variation. $WFLR tokens are used for a variety of purposes; they can be staked to take part in governance or delegated to FTSO data providers, for instance. These two uses are not exclusive of one another, and they do not exclude the use of the tokens in other EVM-compatible Dapps and smart contracts on Flare.
10% of the current supply of Flare was minted in year 1, making it an inflationary network. To secure the decentralized distribution of pricing data to the network, these newly created $FLR are distributed to Flare Time Series Oracle data providers and the token holders that delegate to them (70%) as well as validators (20%) and State Connector attestation providers (10%).
Songbird — the canary network for Flare
A working blockchain with a fixed token supply known as a “canary network” enables new features to be tested in real-world settings before being introduced to the main network. In comparison, a Testnet often contains an infinite supply of tokens.
Songbird use cases include:
- Before deploying Flare on the Mainnet, test it in a live setting
- Provide a live testing environment for Dapp developers
- Act as the lower house in a bicameral system of government
Team
Hugo Philion, Sean Rowan, and Dr. Nairi Usher, who are currently the CEO, CTO, and chief scientist, respectively, established Flare. They met while pursuing their interests in distributed systems and their applications while studying machine learning at University College London.
Where to Store Flare (FLR)
To store your Flare tokens securely and offline we recommend using the leading hardware wallet providers Ledger or Trezor.
Other options include:
- OKX Wallet
- Bitfrost Wallet
- Metamask Wallet
- D’CENT Wallet (Cold)
Where to Buy and Sell Flare (FLR)
You can Buy & Sell Flare (FLR) here at BC Bitcoin.
You can Buy Flare by heading over to the Buy Coins page of our website. Flare (FLR) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Flare (FLR) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, Flare (FLR) will be sent directly to your wallet.
If you choose to Sell Flare (FLR), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.
Flare (FLR) Resources
Website: https://flare.network/
Block Explorer: https://flare-explorer.flare.network/
Medium: https://medium.com/flarenetwork
Twitter: https://twitter.com/FlareNetworks
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
