Flare Network is a revolutionary blockchain technology with the first external data consensus protocol. Dapps on the Flare network can acquire and use data from several other blockchains and other data sources with confidence in a decentralized way, finding solutions for Oracle and other database software.
Flare is the world’s first tuning complete byzantine agreement network. A Federated Byzantine Agreement (FBA) is a type of Byzantine fault tolerance in which each Byzantine general is in charge of their own blockchain. Because of its high throughput, network scalability, and low transaction costs, a Federated Byzantine Agreement (FBA) is used. Stellar and Ripple are two well-known cryptocurrencies that use the Federated Byzantine Agreement (FBA). Despite the fact that Ripple pioneered the FBA consensus mechanism, Stellar was the first cryptocurrency to successfully implement a safe and secure Federated Byzantine Agreement (FBA).
Flare Network is a decentralized Network that is integrated with the Ethereum Virtual Machine (EVM). The Flare Network integrates with the Ethereum Virtual Machine (EVM) and can be used to create bridges in the network. This entails secure decentralized bridging, full cross-chain composability (assets and information can freely flow between all chains), and seamless decentralized integration of Web2 data and Web3 decentralized apps.
What’s a Turing Machine
A Turing machine is a theoretical machine. If a computer or programming language can implement a Turing machine, it is said to be Turing complete. A Turing machine is a mathematical algorithm that, in theory, with the resources or inputs can accomplish or solve any computation no matter how complex the calculation is. Alan Turing, a mathematician, theoretically developed the Turing complete machine. Ethereum is a Turing complete blockchain because of its ability to run smart contracts automatedly.
Flare Network Solutions
- Extending the capabilities of digital assets to enable the usage of smart contracts without trust. Smart contracts cannot be used for up to 75% of the value on public blockchains. Flare will change this by allowing assets such as XRP to be used within the Flare network and benefit from smart contract capability; this opens up a whole new range of applications for the token, such as decentralized finance (DeFi).
- Flare Network aims to resolve the inevitable scaling issues with the current smart contract blockchain networks. The majority of new networks use proof-of-stake(PoS) or its variance, these protocols derive network safety from their native token. For example, when Ethereum switches to proof-of-stake(PoS) or Ethereum 2.0 the security of the network will be entirely dependent on the validators who stake their token. This means that by extension, the security will be dependent on the token and the amount of the value staked. Flares Network consensus protocol doesn’t require this and provides alternative uses for the native token.
Spark Token (FLR)
SPARK (FLR) is Flare Network native token, this serves as collateral for the trustless issuance of assets from non-Turing complete chains. Below are utilities for the SPARK token:
- Flare Network native token SPARK serves as collateral within decentralized applications.
- Flare Network native token SPARK provides data to an on-chain oracle.
- “Spark” is used to participate in Flare Network protocol governance
These three components aim to enable an Ecosystem of applications that relies on SPARK called Spark Dependent Applications (SDA).
What is FXRP?
Upon the launch of Flare Network, built on top of Flare Network is a protocol to safely enable the trustless issuance, usage, and redemption, of XRP. This protocol is called FXRP. XRP safely and trustlessly becomes FXRP, on Flare, secured by Flare’s native token, SPARK is used as collateral. XRP now effectively exists on a Turing complete network and once there, trustless interoperability with other networks is feasible. FXRP is simply the first F-asset available on the Flare network, as the Flare network grows, other assets will benefit from the enhancement the network can bring, i.e F-BTC, F-XLM, F=LTC, and so on. Flare network will eventually bring smart contract functionality to many of the digital assets which are currently absent.
Flare Network Governance and Voting
Flare network is governed entirely by SPARK token holders through voting. Certain decisions can be made in an automated manner, such as changing the transaction cost, changing the collateral ratio, changing the creation fee, network consensus parameters, and adding new F-Assets.
The Flare Network Foundation is a non-profit organization incorporated, and it is responsible for 5 key areas:
- Grants
- Investments
- Research and Development
- Education
- Publicity and Partnerships
This foundation is highly transparent and generates two reports per year on its activities and expenditure. The Foundation is only intended only to take direction from the SPARK holders and not to set the agenda themselves.
SPARK Issuance and Distribution
- Total Supply: 100,000,000,000 FLR.
- 45 Billion to be airdropped to XRP holders with the remainder going to the Flare Network Foundation.
- 15% airdropped on the launch of Flare Network.
- The remaining 85% is to be distributed each month for a period of 25 to 34 months.
Summary
In summary, the flare network is a distributed network that integrates with the Ethereum Virtual Machine (EVM). Flare Network uses a consensus protocol called Avalanche, which has been adopted to work with Federated Byzantine Agreement (FBA). The native token of the Flare Network is SPARK and can be used for collateral with dApps, providing data to on-chain oracles and participation in protocol governance. F-Assets such as F-XRP can be minted to bring smart contract functionality to the underlying asset.
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