Recently released layer 1 oracle platform Flare, based on the Ethereum Virtual Machine (EVM), gives programmers a new way to create interoperable decentralized applications (DApps). The platform aims to unite various blockchain networks and enable information exchange between them, creating new opportunities for DApp development.
In place of conventional proof-of-work mechanisms, the platform makes use of a new consensus mechanism called the Federated Byzantine Agreement (FBA). Multiple chains can reach consensus thanks to the FBA mechanism, resulting in a more diverse and decentralised ecosystem. Flare’s oracle services will also give DApps a safe and dependable way to access off-chain data, which is essential for many projects involving non-fungible tokens (NFT) and decentralised finance (DeFi). In addition, Flare’s XRP-FFI (Federated Fuel Incentive) will let XRP holders get paid for staking and supplying the network with liquidity.
The ability to create interoperable smart contracts is one of the main benefits of Flare’s oracle services. This creates new opportunities for DApp development by enabling developers to create smart contracts that can communicate with various blockchain networks.
Flare Going That Way
On January 9, Flare launched its token airdrop, giving 4.27 billion FLR tokens to millions of users on various cryptocurrency exchanges. Given that developers can now begin using Flare’s EVM and data acquisition protocols, the airdrop itself represented a special turning point.
The initial token distribution distributed 15% of the total public token allocation, with the remaining slated for monthly release over a 36-month period. Through Flare Improvement Proposal 01, the community will decide how to distribute the remaining token supply.
The Flare team has already made partnerships with significant players in the market known, including Chainlink and Band Protocol, who will use Flare technology going forward.