Flare (FLR) is a Layer 1 blockchain system built with two interoperability protocols, State Connector and Flare Time Series Oracle. Accordingly, the goal of this system is to support scalability for networks that do not support smart contracts.
If you want to learn more detailed information about Flare (FLR), take a moment now to follow upcoming content from AZCoin.
What is Flare (FLR)?
Flare is an interoperable Layer 1 blockchain system based on the Ethereum Virtual Machine (EVM). In addition, Flare is also built and developed from two interaction protocols: State Connector and Flare Time Series Oracle.
Accordingly, the integrated EVM will allow Flare to convert smart contracts into data forms that computers can read. This allows the network to run smart contracts written in Turing-complete programming language.
A special feature of Flare is that it uses the Avalanche consensus protocol that has been adapted to be compatible with the Federated Byzantine Agreement (FBA). This is a consensus mechanism that does not rely on economic mechanisms such as Proof of Stake (PoS) to maintain security but focuses more on expanding the network.
Does Flare have any products that stand out?
Flare’s outstanding and core products include:
- Flare X: The app allows users to trade currencies and earn passive income by providing liquidity, allowing users to stake tokens and earn profits from it.
- FlareWrap: A solution to cut excessive transactions and fees, allowing users to simplify connections to the network, and significantly limiting the exchange of too many currencies.
- FlareFarm: The platform allows users to profit from the FlareFarm model, like staking XPR and some available tokens.
- FlareMine: FlareMine is a mining mechanism that allows users to participate in FLR mining by providing computing power to the network, allowing earned tokens to be turned into FLR fully automatically.
- FlareLoans: A feature that allows users to borrow assets but requires 120% collateral. If the loan is not paid on time, it will be used as a substitute.
- FlareMutual: Protection application for projects based on Flare Network by ensuring that security risks that may arise are limited.
Besides, if you have time, we would like to suggest you check out other interesting content such as FLOW Coin, GALA Coin, Wormhole,…
Information about Flare’s development team, partners and investors
Development team
The main and most prominent members shaping the project’s success include:
- Hugo Philton: Co-founder and CEO of the project, famous as a commodity derivatives portfolio manager, responsible for managing two large funds worth 1 billion USD.
- Sean Rowan: Co-founder and CTO of the project, officially involved in the Blockchain field since 2015 when designing vehicle communication protocols.
- Nairi Usher: Co-founder and Chief Scientist of the project, collaborating with Siemens on quantum algorithm applications.
Partners and investors
Regarding partners and investors, the Flare project receives a lot of support from big names such as DCG, Wave Financial, Kenetic Capital, CFund, Genesis,…
What is FLR Coin?
FLR Coin is the main cryptocurrency used in the Flare ecosystem for activities such as paying transaction fees, and staking to nodes,…
Specifications
- Token Name: Flare
- Ticker: FLR
- Token Type: Utility
- Blockchain: Flare Network
- Circulating Supply: 10.980.432.172
- Total Supply: 100.619.991.514
Allocation rate
Currently, FLR Coins are being allocated as follows:
- Delegation Incentives – 24.2%
- Cross Chain Incentives – 20%
- Flare Networks Limited – 12,5%
- Flare VC Fund – 10%
- Flare Foundation – 9,8%
- Founding Team – 7%
- Backers – 5.7%
- Airdrop – 4.3%
- Future Team – 3%
- Advisors – 2%
- Rest of the Team – 1,.5%
FLR Coin Use Case
FLR Coins are used for the following tasks:
- Payment transactions, limit spam.
- Staking earns profits.
- Rewards for users when participating in authentication.
- Supports participating in the protocol.
- Exchange, buy and sell on trading floors.
- As collateral to make loans.
Where can FLR Coin be traded?
Investors who want to exchange, buy, sell, and own LR Coin can easily find it because this coin has been listed on many exchanges.
The best crypto exchanges that we can recommend to you right now are KuCoin, Coinbase, Kraken, Bithumb, Bitstamp,…
Conclusion
Finally, we have come together to learn the most easy-to-understand content about Flare Coin. Hope you enjoy this content. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
