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Flare (FLR): What It Is and How the Flare Network Works

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by Giorgi Kostiuk

4 hours ago

Flare is a modern blockchain network that enables interoperability in the Web3 ecosystem, using its token FLR.

What is Flare (FLR)?

Flare (FLR) is a Layer 1 blockchain network compatible with the Ethereum Virtual Machine (EVM), designed to support interoperability within Web3. The FLR token plays a central role in the ecosystem by facilitating smart contract execution and governance.

Flare's Protocols and Technologies

Flare utilizes two primary protocols: the State Connector and the Flare Time Series Oracle (FTSO). The State Connector allows the network to securely acquire data from external blockchains and the internet, while the FTSO provides decentralized, real-time price data for smart contracts.

The Future of Flare Network

Flare is focused on creating a foundation for blockchain interoperability, supporting the development of decentralized applications and protocols. Innovations like F-Assets and LayerCake demonstrate its capabilities in integrating assets from other networks and enhancing security in interactions.

In conclusion, Flare represents an important step toward closer blockchain interactions and expanding opportunities for developers in the world of Web3.

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