What is Flare Network?

Arden Huels
| Editor:
July 2, 2023
4 min read

Flare is a distributed network that is utilized as a means of creating bridges between two networks. The native cryptocurrency used to power the network is known as FLR, and the cryptocurrency is used to interact with the smart contract on the network and for the payment of the transaction fees.

Today, we are going to go over everything you need to know surrounding the Flare Network, from its overall functionality to the broader use cases surrounding FLR.

History of Flare Network

The project was originally founded in 2019. However, after two years of development, the Flare Network airdrop occurred on January 9, 2022.

The project launched for the very first time on July 14, 2022, in a mode that was intended for private observation. However, the launch date for the public observation phase occurred on September 30, 2022.

Flare was founded by Hugo Philion, the Chief Executive Officer, Sean Rowan, Chief Technology Officer, and Naïri Usher, the Chief Scientist.

Main Features of Flare Network and The Native Token

The Flare Network is essentially a Layer-1 network that's fully compatible with the Ethereum Virtual Machine (EVM).

It was purpose-built as a means of promoting interoperability alongside interconnectivity throughout the Web3 space and letting users bridge cryptocurrencies between networks.

The project features two protocols at its core, such as the State connector and the Flare Time Series Oracle (FTSO).

Additionally, the EVM is utilized to run Touring-complete smart contracts whilst also providing smart contract functionalities for non-programmable tokens.

The State Connector has the ability to essentially come to a consensus on information from external blockchains, as well as the internet, in a way that it can be utilized on top of Flare.

It does this security in a way that is decentralized. It's a technology that provides a solution to interoperability problems.

The State Connector uses two tools through which it achieves its functionality, and these include the Request-commit-reveal (RCR) protocol and the Branching protocol.

The Request-commit-reveal (RCR) protocol lets users request information from another blockchain, which then gets verified by users that can provide attestations, or proofs, by leveraging the power of a cryptographic tool known as a Merkle tree.

Additionally, after the data gets requested and then verified using the aforementioned RCR protocol, the branching protocol can check if more than 50% of the attestation providers agree, which helps decentralize the procedure.

As such, the data from other blockchains, which can include transactions and information about which assets are held in specific wallets, can be brought to Flare and recreated, which can enable functionality within the native dApps on the network.

On the other hand, the Flare Time Series Oracle (FTSO) is the native oracle for time series data, such as cryptocurrency prices. The goal of FTSO is to provide applications that are built on top of Flare access to rapidly updating as well as decentralized data.

To achieve this, FTSO is reliant on a set of independent data providers, which can receive price pair information from external sources. This can include centralized and decentralized exchanges. Once this data is gathered, a final price estimate gets computed.

Additionally, each data provider's submission is weighted by its stake and any stake delegated to it by holders of Flare. Decentralized price feeds are rapidly updating and extendable whilst also being accurate and incentivizing participation.

Flare Network Token (FLR) Uses

The Flare Network Token (FLR) is essentially the native cryptocurrency utilized across the Flare ecosystem. It was known as the Spark token at the point of release but was renamed in October 2022.

Aside from having similar functionality to other native cryptocurrencies seen across other networks, it can be used as a blockchain oracle. A blockchain oracle is a third-party provider that’s used as a bridge between smart contracts and outside systems that feature software.

It can also be used as collateral at the point in time when users conduct trading on top of decentralized applications (dApps). Additionally, LFR enables users access to participation within the protocol governance. The network uses the token’s property as a bridge between networks to define how the nodes across two systems can interact. It can also influence how data is routed between two ecosystems, and these are key actions within the governance of the protocol.

Flare Network Token (FLR) Price Movements

On January 25, 2022, FLR had a value of $0.0003832.

In the last 24 hours, its low point was at $0.000379, while its high point was at $0.0004086.

Meanwhile, In the last seven days, its low point was at $0.0003765, while its high point was at $0.0004263.

As for the monthly performance, it saw its highest point at $0.0004729.

Flare (FLR) Price Prediction

Flare Network, and its native cryptocurrency, FLR, are still relatively new within the blockchain space. It is impossible to guarantee that a prediction can be correct, as it is all based on speculation.

Remember that there is always some level of risk involved with making cryptocurrency investments.

With that in mind, the Flare Network Token (FLR) can climb to $0.0005 at some point throughout the first quarter of 2023 or even go above that point by the end of 2023.

Flare Network’s Overall Performance and Token Distribution

At Genesis, or in other words, in the beginning, the total token supply for FLR is at 100,000,000,000 (100 billion).

How many FLR tokens are in circulation?

When it comes to the token distribution, as well as circulation, it goes as follows:

  • The public token distribution was at 28,524,921,372 FLR.
  • The cross-chain incentive pool features 20,000,000,000 FLR.
  • The month 0 circulating supply was at 12,000,000,000.

58.3% of the genesis Flare Network Token (LFR) was allocated to the community through public token distribution, cross-chain incentives as well as the ecosystem support program.

19.2% got allocated to the flare team, advisors, and early backers. 22.5% got allocated to Flare entities for product development as well as investment.

The Future of Flare Networks

Flare Network has been clearly designed to be an advanced network that features cross-chain interoperability. With this in mind, it is clear that the network will facilitate a fully-decentralized, cross-chain future, and the protocol that the network provides lets developers create numerous types of interoperability solutions.

Flare Network has developed some products for its interoperability at the current point in time, including F-Assets and Layer Cake.

F-assets are the way through which the network can trustless issue assets from their native chain onto the Flare blockchain using a collateral system. Layer Cake, on the other hand, is an advance in the overall security, speed, and scalability of bridging between different smart contracts within the network. It's multilateral, which means that the user can bridge directly between any two chains within the Layer Cake network.

It is likely that in the future, we will see a lot more compatible Flare networks, and product developers will leverage this interoperability.

Trading Flare (FLR) With Atomic Wallet

Atomic Wallet is a non-custodial decentralized wallet which means that each user is able to own their backup phrase and private keys and maintain full control over their cryptocurrencies.

Anyone who wants to begin investing in or trading the Flare Network Token (FLR) can do so through the usage of Atomic Wallet. They can manage Flare, Ethereum, XRP, Litecoin, and XLM, as well as over 300 different coins and tokens.

The wallet can be accessed on the desktop through a web browser or on mobile devices through the procedure of downloading an application. Afterward, users can simply buy and swap straight from their Flare wallet.

Moving Forward With The Flare Network

It is clear that the Flare Network has a bright future ahead of it, as it is one of the latest blockchain-based projects that aim to tackle an issue that has been unresolved efficiently within the blockchain space, interoperability.

Those who want to jump into the project early can utilize all of the advantages and overall network utility on offer by the FLR native token.

Frequently Asked Questions (FAQs)

What Makes Flare Network Special?

The Flare Network is purpose-built to provide smart contract capabilities to networks that do not have them and enable a much higher level of cross-chain interoperability, which can aid in the use cases surrounding Decentralized Finance (DeFi).

What is the Flare (FLR) token used for?

The Flare token (FLR) is the native token of the Flare ecosystem and is used for interacting with smart contracts as well as for the payment of transaction fees.

What are the FLR Tokenomics?

FLR is an inflationary token, and FTSO can pay out newly minted FRL tokens. Based on the original distribution plan, the annual inflation rate for the cryptocurrency is set at 10% each year for all FLR tokens.

Where Can I Buy the FLR Token?

FLR can be bought across numerous supported cryptocurrency exchanges or wallets. Atomic Wallet enables users the ability to buy the Flare (FLR) token.

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