What is Flare Network? Flare is an EVM-compatible Layer 1 blockchain that provides developers with data sources from other chains and the internet with guaranteed data security and integrity. So what’s special about the Layer 1 Flare block chain? Let’s find out with Weakhand through the article below.
To better understand Flare Network, people can refer to some of the articles below:
- What is Blockchain Layer 1? The Importance of Layer1 in the Crypto Market.
- What is Ethereum? All About Ethereum.
- What is NEAR Protocol (NEAR)? Near Protocol Cryptocurrency Overview
Overview of Flare Network
What is Flare Network?
Flare is an EVM-compatible Layer 1 blockchain that provides developers with data sources from other chains and the internet with guaranteed security and data integrity. Flare is developed based on EVM, so any application programmed in Solidity language and running on other EVM chains can run on Flare.
What problem does Blockchain Layer1 Flare solve?
What is Flare Network?
One of the current limitations is the limited data source, which makes it difficult for developers to build dapps that play a role in life. This is why the majority of current DeFi applications are financial speculation and not things related to the real world.
So Flare’s goal is to provide a completely decentralized data source, not controlled by any third party. With diverse data sources from other blockchains and the internet, Flare will help developers have more resources to build dApps that need a lot of data to serve such as Social networks, gaming, music…
Flare’s unique point
Flare has two data collection protocols, both native to Flare, so developers do not need to rely on other third parties for oracle solutions.
- The Flare Time Series Oracle (FTSO): provides data strings to dApps on Flare. Currently, FTSO provides exchange rates for asset pairs and updates every 3 minutes.
- The State Connectors: allows Flare to securely and reliably reach consensus on activities that take place outside the network, such as transactions between two blockchains or the content of APIs on the Internet.
These protocols provide developers access to high-integrity data from other blockchains and the internet. That’s why Flare is called the blockchain for data.
Development Roadmap
Update…
Core Team
Core Team Flare Network
Hugo Philion: Co-Founder & CEO
- He graduated First Class with Honors at Cass Business School, class 2007-2010
- In 2017-2018, he received a Master’s degree in Science from UCL (University College London).
Sean Rowan: Co-Founder & Chief Product Officer
- 2012-2016 he graduated with a bachelor’s degree in electrical and computer science from Trinity College Dublin
- 2016-2017 he received a Master’s degree in Science and Machine learning at UCL.
- In September 2017, he and many collaborators founded Flare Network.
- From May 2018 to April 2023, he worked as CTO at Flare Network, and currently he is both Co-Founder and CPO at Flare Network.
Dr. Naïri Usher: Co-Founder & Chief Scientist
- She studied at the International School of Geneva.
- From September 2012 to September 2016, she became a PhD in quantum computing at UCL.
- From June 2017 to June 2018, after receiving her PhD, she stayed at school to continue researching quantum computers for 1 year and 1 month.
- By June 2018, she accompanied 2 Co-Founder and worked as Chief Scientist at Flare Network.
Investor
Up to now, Flare has gone through 4 rounds of capital raising with the amount raised being $11.3M USD.
- November 6, 2019 Flare Network called for investment from Xspring for an undisclosed amount.
- November 10, 2020 At the Seed round, Flare’s team called on Aves Liar to invest an undisclosed amount.
- June 8, 2021 Flare Network is funded by 17 investors led by Kinetic Capital and the amount in this round is $11.3M USD.
- June 29, 2021 At the Pre Seed round, Flare Network’s development team continued to be funded by an anonymous investment fund with an undisclosed amount.
Tokenomics
Overview information about FLR token
- Token name: Flare.
- Code: FLR.
- Blockchain: Flare Network.
- Contracts: Update…
- Total supply: 101,494,677,344
Token Allocations
Token Allocation False Network
- 24.2%: Delegation Incentives.
- 4.3%: Airdrop.
- 9.8%: Flare Foundation.
- 10%: Flare VC Fund.
- 12.5%: Flare Networks Limited.
- 7%: Founding Team.
- 1.5%: Rest of the Team.
- 3%: Future Team.
- 2%: Advisors.
- 5.7%: Backers.
- 20%: Cross Chain Incentives.
Token Release
Flare (FLR) officially released tokens on January 10, 2023.
Token Release Flare Network
Token Usecase
- Make transaction fees
- Make rewards for users when staking.
- As a reward for users when authenticating to the Flare network.
- Supports participation in protocol governance.
- As collateral on dAPPs built on Flare Blockchain.
Exchanges
Currently, people can trade Flare tokens at CEX exchanges such as OKX, Bitget, Kucoin, BingX. CoinBase…
Project information channel
- Website: https://flare.network/
- Twitter: https://twitter.com/FlareNetworks
- Telegram:
Summary
Although Flare’s idea is quite good, the project has not yet created a buzz when put into practice. Let’s see next time what ideas the Flare Network team has to help the project go far and be applied. into more in reality. Weakhand’s team will update everyone with the latest information about the project.
