Question 1

What is Flare Network? (FLR)

Accepted Answer

Flare is a layer 1 network that centers on blockchain interoperability—the ability for different blockchains to communicate with one another. It is designed to bring smart contract capabilities to other blockchain projects that lack them, such as the XRP Ledger.

Flare Network operates on two main protocols: the State Connector and the Flare Time Series Oracle (FTSO). The State Connector enables the use of external blockchain data on the Flare Network, while the FTSO serves as a reliable source of off-chain data for network use. Additionally, Flare runs the Ethereum Virtual Machine (EVM) for its smart contract development, allowing Ethereum developers to build on Flare with ease.

The native token of Flare Network, FLR, plays multiple roles. It incentivizes the adoption and decentralization of the FTSO, secures the network, and facilitates participation in network governance.

Question 2

How was Flare Network Developed?

Accepted Answer

Flare was established by Hugo Philion (CEO), Sean Rowan (Chief Product Officer, former CTO), and Naïri Usher (Chief Scientist). All founders have strong educational backgrounds in fields like machine learning and quantum computing from University College London (UCL).

The team initially introduced the network and its then-named Spark token in their August 2020 whitepaper. The primary intent was to offer smart contract functionality to blockchains that lacked it, particularly Ripple's XRP Ledger. In 2019, Flare received a substantial initial investment from Xpring, Ripple Labs' investment arm. Subsequently, in 2021, they raised $11.3 million from various venture capital firms and individual investors.

In December 2022, an updated whitepaper (Flare v2.0) was published, officially renaming the Spark token to FLR and refining multiple aspects of the project.

Question 3

How does Flare Network Work?

Accepted Answer

Flare Network is a layer 1, Proof-of-Stake (PoS) blockchain that uses the Ethereum Virtual Machine (EVM) to support smart contracts and host decentralized applications (dapps). Its interoperability goals are achieved through two primary protocols: the State Connector and the Flare Time Series Oracle.

The State Connector enables the network to offer blockchain interoperability by reliably recreating the state of a connected blockchain on Flare. It uses a request-commit-reveal (RCR) protocol for information verification and a branching protocol to ensure the decentralized acquisition of data.

The Flare Time Series Oracle (FTSO) addresses the challenge of interacting with off-chain data. It is an assembly of data providers that offer on-chain information. Data providers must stake FLR tokens to participate and may face penalties for malicious actions. Other users can delegate their FLR to trustworthy data providers. Rewards are earned based on data accuracy.

Flare's canary network, Songbird, is a fully functional blockchain designed to develop new features for Flare. It was launched in 2021 with its governance system and native token, SGB.

The FLR token is used for incentivizing FTSO use, acting as collateral in third-party dapps, participating in governance, securing the network through staking, and paying transaction fees. Out of the total 100 billion FLR, 58% is allocated to the community, 19% to the development team, advisors, and backers, and 22.5% reserved for companies/funds associated with Flare.

In essence, Flare is a layer 1 blockchain committed to blockchain interoperability. It uses its main protocols—the State Connector and the FTSO—to provide accurate cross-chain information. The FLR token secures the network, incentivizes FTSO use, and facilitates network governance.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	FLR-USD FLR-USD	coinbase	AA	0.006368USD	2.10%	75,274,407.00FLR	2,922	0.006237USD	0.006390USD
2	FLR-USDT FLRUSDT	bybit	A	0.006370USDT	2.15%	66,807,221.30FLR	4,311	0.006236USDT	0.006395USDT
3	FLR-USD FLRUSD	kraken	AA	0.006370USD	2.25%	28,653,011.54FLR	1,103	0.006230USD	0.006390USD
4	FLR-USDT FLR-USDT	okex	A	0.006364USDT	2.00%	28,092,404.22FLR	2,311	0.006239USDT	0.006395USDT
5	FLR-USDT FLR_USDT	gateio	A	0.006368USDT	2.00%	16,742,326.60FLR	1,644	0.006243USDT	0.006395USDT
6	FLR-USDT FLR-USDT	kucoin	BB	0.006360USDT	1.92%	9,840,579.52FLR	605	0.006240USDT	0.006390USDT
7	FLR-EUR FLREUR	kraken	AA	0.005550EUR	1.65%	3,665,715.56FLR	65	0.005460EUR	0.005550EUR
8	FLR-USD FLR_USD	cryptodotcom	AA	0.006360USD	1.96%	2,551,450.00FLR	746	0.006238USD	0.006383USD
9	FLR-EUR flreur	bitstamp	AA	0.005529EUR	1.80%	260,285.00FLR	9	0.005432EUR	0.005542EUR
10	FLR-USDC FLR-USDC	kucoin	BB	0.006350USDC	2.09%	220,408.45FLR	62	0.006220USDC	0.006370USDC
11	FLR-USDC FLR-USDC	okex	A	0.006367USDC	1.73%	189,783.09FLR	31	0.006259USDC	0.006384USDC
12	FLR-EUR FLR-EUR	okex	A	0.005550EUR	2.78%	72,260.55FLR	37	0.005400EUR	0.005550EUR
13	FLR-USD flrusd	bitstamp	AA	0.006286USD	-0.22%	72,256.00FLR	4	0.006300USD	0.006328USD
14	FLR-USD FLR-USD	okex	A	0.006327USD	1.17%	29,532.21FLR	4	0.006254USD	0.006343USD
15	FLR-USD FLRUSD	cexio	BB	0.006283USD	-0.23%	8,443.60FLR	2	0.006298USD	0.006298USD
16	FLR-USDT FLRUSDT	cexio	BB	0.006285USDT	0.72%	3,999.60FLR	1	0.006240USDT	0.006285USDT
17	FLR-EUR FLREUR	cexio	BB	0.005483EUR	1.07%	3,777.40FLR	1	0.005424EUR	0.005483EUR
18	FLR-USDT flr_usdt	xtpub	-	0.006360USDT	1.92%	37,969,420.00FLR	2,108	0.006240USDT	0.006390USDT
19	FLR-USDT FLRUSDT	mexc	C	0.006368USDT	2.00%	9,202,822.80FLR	3,259	0.006243USDT	0.006390USDT
20	FLR-USDT FLR-USDT	bingx	D	0.006372USDT	2.10%	8,323,736.75FLR	6,871	0.006241USDT	0.006393USDT
21	FLR-USDT FLRUSDT	bitrue	D	0.006369USDT	1.56%	6,898,804.86FLR	3,803	0.006271USDT	0.006398USDT
22	FLR-JPY flr_jpy	bitbank	C	0.9930JPY	2.48%	5,680,986.02FLR	391	0.9690JPY	0.9950JPY
23	FLR-KRW FLR_KRW	bithumbkorea	-	8.76KRW	3.09%	5,639,348.01FLR	452	8.50KRW	8.76KRW
24	FLR-USDT flr_usdt	lbank	C	0.006368USDT	1.24%	6,331,018.07FLR	3,648	0.006290USDT	0.006383USDT
25	FLR-USDT FLR_USDT	bydfi	-	0.006370USDT	2.08%	4,989,194.77FLR	3,033	0.006240USDT	0.006390USDT
26	FLR-USDT flr_usdt	digifinex	D	0.006366USDT	2.04%	4,713,071.43FLR	1,159	0.006239USDT	0.006398USDT
27	FLR-EUR FLREUR	bit2me	B	0.005550EUR	1.65%	3,665,715.56FLR	65	0.005460EUR	0.005550EUR
28	FLR-TRY FLRTRY	btcturk	E	0.3103TRY	2.41%	2,793,833.39FLR	165	0.3030TRY	0.3103TRY
29	FLR-EUR FLR-EUR	bitvavo	B	0.005541EUR	2.55%	2,584,069.36FLR	85	0.005403EUR	0.005568EUR
30	FLR-USDT FLR_USDT	bitmart	B	0.006308USDT	0.00%	0FLR	0	0.006308USDT	0.006308USDT
31	FLR-USDT FLRUSDT	btcturk	E	0.006390USDT	1.11%	364,045.75FLR	10	0.006320USDT	0.006390USDT
32	FLR-USDC FLRUSDC	hyperliquid	-	0.006380USDC	2.31%	314,127.83FLR	59	0.006236USDC	0.006755USDC
33	FLR-USDT FLRUSDT	coinex	C	0.006348USDT	1.71%	141,225.30FLR	1,474	0.006241USDT	0.006358USDT
34	FLR-AUD FLR-AUD	btcmarkets	C	0.009400AUD	3.30%	112,598.79FLR	7	0.009100AUD	0.009400AUD
35	FLR-KRW flr_krw	korbit	C	8.79KRW	-0.10%	91,722.81FLR	10	8.79KRW	9.09KRW
36	FLR-BTC FLRBTC	coinex	C	0.0₇8264BTC	0.42%	37,150.39FLR	1,449	0.0₇8230BTC	0.0₇8275BTC
37	FLR-USDT FLRUSDT	hitbtc	E	0.006681USDT	0.00%	0FLR	0	0.006681USDT	0.006681USDT
38	FLR-BRL FLR-BRL	mercadobtc	C	0.03574BRL	11.69%	7,061.37FLR	11	0.03200BRL	0.03589BRL
39	FLR-XRP FLRXRP	bitrue	D	0.004900XRP	0.00%	4,265.31FLR	1	0.004900XRP	0.004900XRP
40	FLR-IDR flridr	indodax	E	113.00IDR	1.80%	4,127.36FLR	12	111.00IDR	118.00IDR
41	FLR-PLN FLR-PLN	zonda	-	0.01400PLN	0.00%	0FLR	0	0.01400PLN	0.01400PLN
42	FLR-USDC FLR-USDC	zonda	-	0.005290USDC	0.00%	0FLR	0	0.005290USDC	0.005290USDC
43	FLR-BRL flrbrl	foxbit	-	0.03287BRL	1.49%	760.57FLR	1	0.03238BRL	0.03287BRL
44	FLR-USDT flrusdt	huobipro	C	0.006281USDT	0.00%	0FLR	0	0.006281USDT	0.006281USDT
45	FLR-USDT FLR_USDT	poloniex	C	0.006060USDT	0.00%	0FLR	0	0.006060USDT	0.006060USDT