Flare

Flare (FLR) - The Blockchain for Data

Flare is an innovative EVM-based Layer 1 blockchain designed to empower developers in creating applications that seamlessly interact with both other blockchains and the internet. By providing decentralized access to high-integrity data, Flare opens the door to novel use cases and monetization models that were previously unattainable.

Unique Features of Flare

Flare stands out due to its native interoperability protocols, namely the State Connector and the Flare Time Series Oracle (FTSO). These protocols are secured by the network itself, enabling reliable and decentralized delivery of data from a diverse range of off-chain sources.

The Flare Time Series Oracle offers highly-decentralized price and data feeds to decentralized applications (dapps) on Flare, eliminating the need for centralized data providers. Furthermore, the State Connector facilitates the secure, scalable, and trustless use of information from other blockchains and the internet within Flare’s smart contracts.

By integrating this decentralized data infrastructure directly into the blockchain, Flare minimizes risk and enhances security. The system is powered by numerous independent data providers who are incentivized to query, acquire, and process data, thereby fostering the development of interoperable dapps with vast potential for innovation.

Utility of the FLR Token

The FLR token serves multiple purposes within the Flare ecosystem. It is utilized for payments, transaction fees, and staking in validator nodes to prevent spam attacks. Additionally, FLR can be wrapped into an ERC-20 variant known as WFLR. WFLR tokens have diverse functions, including delegation to FTSO data providers and participation in governance, without excluding their use in other EVM-compatible dapps and smart contracts on Flare.

Wrapped FLR (WFLR) can be minted by depositing native FLR tokens into a smart contract, allowing users to access a broader range of functionalities and engage more deeply with the Flare ecosystem.

Building on Flare

Flare provides a robust platform for developers to build applications that expand the utility of blockchain technology. With its enshrined data acquisition protocols, Flare enables trustless interactions with external data, empowering developers to create innovative solutions that leverage both on-chain and off-chain data.