Flare launches Layer 1 Oracle Network

by Arthur · January 10, 2023

Dubai, UAE, 10 January 2023, Chainwire

Flare, the blockchain for building applications that use data from other chains and the internet, has completed its long-awaited token airdrop at 23:59 UTC on January 9. The airdrop saw 4,279B Flare (FLR) tokens distributed to millions of recipients, including users on Binance, OKX, Kraken, Bithumb, UpBit, Kucoin, BitBank and more, in one of the largest distributions in crypto history.

The airdrop is a significant milestone for Flare as developers can now start taking advantage of Flare’s EVM and native data collection protocols, State Connector and Flare Time Series Oracle. These native protocols, secured by the network, provide decentralized access to high-integrity data from other blockchains and the Internet, enabling the creation of new use cases and monetization models.

Hugo Philion, CEO and co-founder of Flare said,

“For the blockchain industry to flourish, we need more useful decentralized applications. Flare tackles this through data, not just prices, but transaction details, Web2 events, etc., allowing developers to build applications that provide more utility to a larger group of users.”

Hugo continues, “Flare’s goal is to enable developers to build applications that have secure access to more data. This can enable new use cases to be built, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. It also enables a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications such as DeFi protocols.”

Flares State Connector protocols enable information to be used securely, scalable and trustless with smart contracts on Flare. This offers the most powerful class of data on the network and makes it possible to build more cross-chain solutions. The State Connector derives its security from combining a decentralized set of attestors with a binary forking protocol, which enables a malicious majority of data providers to be challenged. Unlike a proof of stake-based system where data providers are obliged to deposit value, the security of the State Connector is not limited by the amount deposited into the system. This means that the State Connector is invariant in its security to the size of a transaction, this offers a secure system capable of handling large values.
The Flare Time Series Oracle (FTSO) uses the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. FTSO is a highly decentralized data feed oracle, with nearly 100 independent data providers incentivized to deliver reliable data every three minutes.

The flare token distribution represents the first 15% of the full public token distribution, with the remainder to be distributed on a monthly basis over 36 months. The method of allocation of the remaining 85% of the token supply depends on the outcome of a community vote on Proposal for the improvement of torch 01 (FIP.01).

About Flare
Flares is the Layer 1 oracle network that allows developers to build applications that are interoperable with blockchains and the Internet. By providing decentralized access to data with high integrity, Flare enables new use cases and monetization models.

Flares State Connector protocols enable information, both from other blockchains and the internet, to be used securely, scalable and trustless with smart contracts on Flare.

The Flare Time Series Oracle delivers highly decentralized price and data feeds to dapps on Flare, without relying on centralized providers.

Build on Flare with more data than ever before, or build with Flare to serve more ecosystems.

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