Flare Network is an EVM-compatible blockchain that enables users to bridge assets between multiple networks. The Flare crypto project promotes cross-chain communication using decentralized technologies like the Flare Time Series Oracle, F-assets, and the State Connector. Users pay for these services using the native Flare token (FLR). Furthermore, the Songbird network is Flare’s canary network that allows developers to test features and updates before implementing them on Flare. Also, the SGB token is the native cryptocurrency of the Songbird network. It works alongside the FLR token and plays a crucial role in the decentralized governance of the broader Flare Network blockchain. So, if you’re wondering, “what is Flare Network?” or “when is the Flare Network launch date?” – read on!
In this article, we’ll dive deep into the Flare Network blockchain. We’ll answer common questions, such as, “what is Flare Network?” and “when is the Flare Network launch date?”. Also, we’ll discuss the Flare token (FLR) distribution and explore some of the innovative technologies available in the Flare crypto network, including F-Assets, the State Connector, and the Flare Time Series Oracle (FTSO). Additionally, we’ll explore the Songbird network, the SGB token, and its role in governance.
What is Flare Network?
What is Flare Network? Flare Network is a layer-1 Ethereum Virtual Machine (EVM)-compatible blockchain. It was designed to promote interoperability and interconnectivity throughout the Web3 ecosystem by allowing users to bridge crypto assets between networks. The project boasts two core protocols; the State Connector and the Flare Time Series Oracle (FTSO). Also, it uses the EVM to run Turing-complete smart contracts and provide smart contract functionalities for the XRP token and other non-programmable tokens.
Furthermore, the Flare crypto project uses a modified version of the novel “Avalanche” consensus mechanism with a Federated Byzantine Agreement (FBA) like the one used by the XRPL and Stellar. Instead of using Proof-of-Stake (PoS) like many other smart contract platforms, Flare’s consensus allows the native FLR token to be available for non-staking activities. Accordingly, the network’s security doesn’t hinge on the number of native tokens staked like many PoS chains. According to the team, this model creates more use cases for the FLR token and gives users a higher degree of flexibility when participating in consensus without jeopardizing the network’s security.
What is the FLR Token?
So, what is the FLR token? The Flare token (FLR) is the native token of the Flare crypto ecosystem. It was previously known as the Spark token. However, the token was renamed following an October 2022 announcement. Like many other native tokens, the FLR token is used to interact with smart contracts and pay transaction fees. Also, users can wrap FLR into WFLR, which allows the asset to be used for oracle delegation and as collateral in various decentralized finance (DeFi) protocols.
As the Spark token, FLR also facilitated oracle data provision and trustless token wrapping on different networks via the Spark Dependent Application (SPA). However, these features became obsolete following the creation of F-assets.
When is the Flare Network Launch Date?
So, when is the Flare Network launch date, and what does it mean for the community? The project launched on July 14, 2022, in private observation mode. The Flare Network launch date for the public observation phase was September 30 of the same year. The project was founded in 2019. After two years of anticipation, the Flare Network airdrop took place at 23:59 UTC on January 9, 2022.
The Flare Network Airdrop
The Flare Network airdrop saw 15% of the new Flare token (FLR) distributed to XRP holders. However, the airdrop preceded a significant price correction that wiped over 70% off the token’s market cap in around two days. Also, the snapshot taken from XRP wallet balances was taken two years prior, which caused disappointment among many holders.
Nonetheless, the Flare Network airdrop distributed 4.279B FLR tokens to millions of wallet addresses and leading centralized exchanges like Binance, Kraken, and OKX. It was one of the most significant token distributions to date and made headlines across mainstream media platforms.
The remaining 85% of FLR tokens will enter circulation over 36 months. The details of this distribution will be subject to a governance vote. Furthermore, the Flare Network airdrop marks the launch of the State Connector and Flare Time Series Oracle, which developers can now access using the FLR token.
Was the Flare Network Launch Date Successful?
The Flare Network launch was eagerly anticipated throughout the community. The airdrop to XRP holders was implemented in phases to prevent a massive sell-off. However, the FLR token price fell by around 70% two days after the launch. Trail of Bits, the prominent blockchain auditing firm, performed an audit of the Flare blockchain before the launch. Although Trail of Bits found no issues and the launch went according to plan, the steps taken to prevent a sell-off on the Flare Network launch date were unable to prevent the FLR token price from falling sharply.
Flare Network Blockchain Architecture
The first iteration of the project launched in 2020 with the goal of supporting cross-chain token and smart contract connectivity. Flare Network was initially created to enhance the functionality of the XRP Ledger (XRPL). However, the project has grown to integrate cross-chain smart contract functionality with various blockchains. The new idea for the platform focuses on decentralized cross-chain bridging and trustless interoperability. Below, we look at the key technologies that underpin the Flare Network blockchain.
Flare Time Series Oracle (FTSO)
The Flare Time Series Oracle (FTSO) is a decentralized, layer-1 oracle running on Flare. The FTSO plugs real-time data, like token prices, events, and transaction data, into the various decentralized applications (dapps) throughout the Flare crypto ecosystem. Also, it can gather data from multiple blockchain networks and the internet.
The FTSO allows dapp developers to bring real-world data on-chain without relying on centralized services. It has a decentralized network of around 100 data providers delivering high-quality data to the Flare blockchain in a trustless manner. Moreover, the FTSO aims to create new monetization models for data providers in conjunction with Flare’s State Connector and FLR token incentives.
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State Connector
Flare’s State Connector is a smart contract running on the Flare blockchain. Network participants from other blockchains can query the State Connector securely and without intermediaries, opening up new possibilities for interoperability between networks. It achieves this using independent attestation providers that collect and verify data before publishing it on the Flare blockchain. Resultantly, the Flare crypto network creates new use cases for cross-chain communication.
Furthermore, State Connector attestors interact with a binary forking protocol that enables the network to challenge any malicious majority. This is the system that secures the Flare blockchain instead of a traditional consensus mechanism like PoS.
F-Assets
F-assets is a trustless collateral framework for minting tokens on Flare Network from other chains. To mint F-assets, users must lock up FLR tokens at a 250% collateralization ratio to the assets they wish to mint. For example, minting 10,000 XRP tokens on Flare would require the equivalent value of 25,000 XRP as collateral in FLR tokens. These FLR tokens are entered into pools that incentivize participants to maintain F-asset collateral. Also, minting incurs a 5% fee, which is paid out to those who maintain the collateral pools.
Furthermore, F-assets enable developers to connect smart contracts with non-Turing complete blockchains like the XRPL and Litecoin. This novel mechanism aims to bring further utility to the Web3 ecosystem and allows developer communities to break the barriers between protocols.
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Songbird Network: The Flare Crypto Canary Network
The Songbird network is the testing ground for Flare. It is an EVM-compatible interoperable blockchain with a similar relationship to Flare as that of the Kusama canary network and Polkadot. Also, the Songbird network allows the development team to test key features and updates before executing them on the Flare blockchain, including the FTSO, State Connector, and F-assets.
The SGB Token
The SGB token is the native asset of the Songbird network and plays an essential role in governing the Flare crypto ecosystem and testing elements of the evolving governance architecture. Flare Network uses a decentralized governance model that allows the SGB token holders to vote on proposals and make changes to the Songbird network, the Flare blockchain, and the broader Flare crypto ecosystem.
The Flare Foundation is a non-profit organization that oversees protocol governance during the early phases of the project before community governance is rolled out. Currently, the Flare Foundation is the only entity able to propose improvements to the Songbird network. However, SGB token holders can propose changes to Flare. Also, governance proposals that take effect on Flare are automatically implemented on the Songbird network. Also, all on-chain governance occurs on the Flare blockchain, even when it applies to Songbird.
Furthermore, the SGB token is the primary unit of account for interacting with smart contracts on the Songbird network. Developers who wish to test their dapps on Songbird will need to hold the SGB token to pay transaction fees. Additionally, SGB token holders can delegate assets to a data provider and earn a share of the revenue they generate.
SGB Token and Songbird Network Governance
All SGB token holders can participate in governance by voting on Songbird Test Proposals (STPs). One SGB token grants holders one vote, and a majority is enough for an STP to be approved. Currently, STPs are the only type of governance proposal available. However, community proposals are a priority in the future phases of the roadmap. Moreover, SGB token holders must wrap their tokens into WSGB tokens before voting on governance proposals.
Why Use the Flare Crypto Platform?
The project’s recent updates aim to encourage interoperability without centralized parties. Token bridges and wrapping services often rely on intermediaries and custodians. These intermediaries create vulnerabilities that make it easy for hackers to exploit. The Flare crypto platform addresses this by allowing dapps to communicate and share value between networks in a secure environment.
Despite the sell-off after the Flare Network launch date, the platform continues to incentivize developers via the Flare Ecosystem Grant Program. The platform is EVM-compatible, so Ethereum smart contract developers can easily migrate their dapps to Flare. Additionally, the Flare blockchain has a sister network called Songbird that serves as a testing network, forming a similar relationship to that of Polkadot and Kusama.
The Flare Crypto Network and the FLR Token: Summary
Flare Network allows developers to build dapps that access multiple blockchains, creating new opportunities for interoperability. Also, the network allows users to bridge non-smart contract assets between blockchains in a decentralized manner. Furthermore, the FTSO provides developers with high-integrity data without relying on centralized entities. Plus, using the FTSO with the State Connector allows developers to build dapps that connect blockchain ecosystems without friction.
Moreover, the Songbird network provides testing facilities to enhance the Flare governance model and optimize it during its development, while the SGB token allows community members to vote on proposals and plays a crucial role in the Flare crypto ecosystem.
Now that you’re familiar with Flare, the Flare token, the Songbird network, and the SGB token, why not explore the platform’s interoperable technologies? Also, the next time someone asks you, “what is Flare Network?” feel free to refer them to this article!
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