Flare: The Future of Cross-Chain Interoperability and Decentralized Data Access

Flare: Everything You Need to Know

Flare is a new blockchain network that aims to make blockchain more useful by giving developers decentralized access to high-integrity data from other chains and the internet. This enables new use cases and monetization models, while allowing dapps to serve multiple chains through a single deployment. In this article, we will explore what Flare is, how it works, who is the team behind it, and what are the use cases for this cryptocurrency.

What is Flare?

Flare is an EVM-based layer 1 blockchain network that uses the Federated Byzantine Agreement (FBA) consensus protocol. Flare is designed to be scalable, secure, and interoperable with other networks. Flare has developed two native interoperability protocols that facilitate on-chain, decentralized acquisition of blockchain, time series, and Web2 API data. These protocols are secured by the network itself, with decentralized, independent data providers incentivized to deliver accurate data. Flare also supports smart contracts and decentralized applications (dapps) that can leverage the data acquired by the network.

Flare has its own native token, FLR, which is used for payments, transaction fees, staking in validator nodes, and governance. FLR can also be wrapped into an ERC-20 variant, WFLR, which can be delegated to data providers, used in governance, or used in other EVM-compatible dapps and smart contracts on Flare.

How does Flare work?

Flare operates on two main components: the State Connector and the Flare Time Series Oracle (FTSO).

The State Connector is a protocol that securely acquires event information from other blockchains and the internet to be used in smart contracts on Flare. It acquires this data securely, scalably, and in a decentralized manner, with a set of independent attestation providers needing to reach consensus on the validity of an event before the information can be made available to dapps on the network. For example, the State Connector can acquire the balance of an account on another chain, the outcome of a sports match, or the weather data from a Web2 API.

The FTSO is a protocol that utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. By providing reliable access to cryptocurrency prices, detailed transaction information from other chains, and Web2 event data, Flare enables developers to build applications that can provide more utility to a larger group of users. For example, the FTSO can provide the price of XRP/USD, the transaction hash of a Bitcoin transfer, or the number of active users on a social media platform.

Who is the team behind Flare?

Flare was founded by Hugo Philion and Sean Rowan in 2017. Hugo Philion is the CEO and co-founder of Flare Networks. He has over 10 years of experience in finance and technology, having worked at J.P. Morgan and Barclays Capital. Sean Rowan is the CTO and co-founder of Flare Networks. He has over 15 years of experience in software engineering and architecture, having worked at Google and Bloomberg.

Flare also has a team of engineers, researchers, designers, and community managers who are working on developing and improving the network. Flare has received funding from several investors and partners, including Ripple’s Xpring fund, Digital Currency Group (DCG), Kenetic Capital, CoinFund, LD Capital, cFund, Borderless Capital, Arrington XRP Capital, NGC Ventures, DeFi Capital, Wave Financial Group, among others.

What are the use cases for Flare?

Flare aims to enable new use cases and monetization models for assets that do not have native smart contract functionality or access to decentralized finance (DeFi). By integrating these assets with Flare’s interoperability protocols, developers can create dapps that can serve multiple chains through a single deployment. Some of the use cases for Flare include:

Cross-chain lending and borrowing: Users can lend or borrow assets from different chains using smart contracts on Flare. For example, a user can lend XRP on Flare and receive interest in FLR or another asset.

Cross-chain derivatives: Users can create or trade derivatives contracts based on assets from different chains using smart contracts on Flare. For example, a user can create a futures contract on Bitcoin’s price using FLR as collateral.

Cross-chain gaming: Users can create or play games that involve assets from different chains using smart contracts on Flare. For example, a user can create a game that rewards players with XRP or another asset based on their performance.

Cross-chain NFTs: Users can create or trade non-fungible tokens (NFTs) that represent assets from different chains using smart contracts on Flare. For example, a user can create an NFT that represents a rare item from a game on another chain and sell it on Flare.

Flare is also compatible with existing EVM-based dapps and smart contracts, which means that developers can easily port their applications to Flare and benefit from its scalability, security, and interoperability features.

Conclusion

Flare is a new blockchain network that aims to make blockchain more useful by giving developers decentralized access to high-integrity data from other chains and the internet. Flare supports smart contracts and dapps that can leverage the data acquired by the network. Flare also enables new use cases and monetization models for assets that do not have native smart contract functionality or access to DeFi. Flare has its own native token, FLR, which is used for payments, transaction fees, staking, and governance. Flare is backed by a team of experienced engineers, researchers, and investors who are working on developing and improving the network. Flare is expected to launch its mainnet in 2023.